BioNitrogen approved by Fla. to issue tax free bonds
BioNitrogen Corp., a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, has announced that it has received approval from the Florida governor to issue up to $175 million of tax exempt bonds. The bond offering is slated for completion in early 2013.
"The completion of the bond issuance process is another significant milestone for BioNitrogen," said Bryan Kornegay, Jr., president and chief financial officer of BioNitrogen. "The governor's action now clears the political path for issuing the bonds. In the interim, we are working to get the remaining air and water permits completed for construction and coordinating with KBR's Delaware-based operations, which is a KBR center of excellence for Bio Based Chemicals and Fuels, to initiate plant design."
Construction on the site is slated to commence in early 2013. The proposed initial plant will be able to produce 15 tons of urea fertilizer hourly, totaling 360 short tons daily or 124,200 tons annually.