March 6, 2012
By David Manly
Mar. 6, 2012 - A California company, Viridia, has secured financing in Mississippi to begin building sugar processing plants to create biofuels.
According to an article in Forbes, Viridia has secured millions of dollars worth of financing and equity to build its plants, which are planned to be completed within the next two years.
The first plant will have the capacity to produce 150,000 tons of sugars per year, said Philippe Lavielle, Virdia’s CEO in the article. The company will need to raise more capital to build the plant; Lavielle declined to disclose the total cost. It plans to eventually build a plant that can produce 500,000 tons of sugars per year.
This technology could prove extremely beneficial, as it would take some of the heat off of farmers, who are aggrivated about the ever-increasing use of crops for biofuels, not consumption.
Read the full article on Forbes.