KiOR–a Texas-based biofuels company with a plant in Columbus, Miss., which received a $75 million interest-free loan from the state–appears to be putting its plans for a facility in Natchez on hold. Instead, it is considering to build a second plant in Columbus first, the Natchez Democrat reports.
The Natchez plant was supposed to be three times the size of the current Columbus plant. Adams County has already awarded a $522,673 contract as part of a plan to build a levee that would protect the future site of KiOR’s Natchez facility from the Mississippi River. The county has estimated the cost of that levee at about $5 million.
Former Governor Haley Barbour brought the KiOR proposal to the Legislature in 2010. The company promised to create five plants and 1,000 jobs in Mississippi.
Earlier this month, KiOR had reported a second quarter 2013 net loss of $38.5 million. Losses for the first quarter of 2013 were $31.3 million, and $23 million for the second quarter of 2012.
KiOR went public in June 2011 at around $15 per share. Stock has plummeted and is now $2.79 per share.
>> See Bigger Pie Forum’s KiOR fact sheet
>> Read Bigger Pie Forum’s previous coverage of KiOR