As per the agreement, KiOR will build three of the five facilities over the next five years. By 2015, the project is expected to create more than 1,000 direct and indirect jobs and an estimated $500m worth of investment.
The company plans to utilize Mississippi’s abundant supply of woody biomass to produce commercial volumes of Re-Crude, a high-quality crude oil that can be refined into conventional fuel products, including gasoline and diesel, and deploy in the country’s existing transportation fuels infrastructure.
KiOR president and CEO Fred Cannon said that the partnership with the State of Mississippi will help the company to rapidly scale its technology while creating quality jobs and spurring economic development in the State.
“We’re excited about making a meaningful and near-term contribution to easing our country’s dependence on foreign oil, reducing greenhouse gas emissions and providing a boost to rural economies,” Cannon said.
Mississippi governor Haley Barbour said that KiOR’s revolutionary technology will allow the company to use Mississippi’s abundant, renewable natural resources to produce a crude oil substitute that will help meet our nation’s energy needs while reducing our dependence on foreign oil.
