Another Tax Payer Funded Green Energy Boondoggle...

So, Mississippi loans out $75,000,000 it does not have to KiOR so it can make green energy and employ citizens of the state. Guess what happens next?

This all started to come to light last January. It is now hitting its stride.

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Kior Inc. (KIOR), a biofuel producer backed by billionaires Vinod Khosla and Bill Gates, said it needs additional capital to continue operating past September.

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Without additional funding, the company will be unable to fund its operations and meets its obligations past approximately September 30, 2014,” according to a filing today with the U.S. Securities and Exchange Commission.

Production at Kior’s commercial-scale cellulosic biofuel plant in Columbus, Mississippi, has been halted since January. The company “must raise substantial additional capital to fund the restart of the Columbus facility and the development and construction of its next commercial production facility,” according to the filing. The factory opened in 2012 as the first in the U.S. of commercial scale to convert wood waste and non-food crops into gasoline and fuel. It never reached full capacity.

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Kior said last month it may sell itself after missing a debt payment of $1.88 million to the state of Mississippi, which in 2010 loaned the Pasadena, Texas-based company $75 million for the plant in Columbus. The state, which still was owed $69.4 million, agreed to a forbearance period as Kior hired Guggenheim Securities LLC to explore its options.

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