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Another Tax Payer Funded Green Energy Boondoggle...
Posted on 9/17/14 at 2:18 pm
Posted on 9/17/14 at 2:18 pm
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.
LINK
This all started to come to light last January. It is now hitting its stride.
quote:
Kior Inc. (KIOR), a biofuel producer backed by billionaires Vinod Khosla and Bill Gates, said it needs additional capital to continue operating past September.
quote:
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.
quote:
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.
LINK
Posted on 9/17/14 at 2:22 pm to DeltaDoc
quote:
Production at Kior’s commercial-scale cellulosic biofuel plant in Columbus, Mississippi, has been halted since January.
WTF? Why are their doors still open???
Posted on 9/17/14 at 3:07 pm to Meauxjeaux
Was the loan secured by BHO?
Posted on 9/17/14 at 3:28 pm to goatmilker
quote:
Was the loan secured by BHO?
I think it was secured by the MS Legislature and the Republican Governor at the time. Not sure if this was a Barbour or Bryant issue.
Posted on 9/17/14 at 4:00 pm to DeltaDoc
(no message)
This post was edited on 1/21/21 at 11:44 am
Posted on 9/17/14 at 4:04 pm to Wee Ice Mon
I have been to this plant. The technology behind the project is very cool but it is ahead of its time by a few years. Wood chips to bio-fuel is an interesting concept but just not very cost-effective right now.
Posted on 9/17/14 at 4:08 pm to Wee Ice Mon
quote:
I actually bought some stock in this train wreck. I thought Chevron was positioned to buy the company at one point....but now Kior is just a mountain of debt. Basically a total loss.
Not the first time the Mississippi legislature has gotten involved in this type of mess. There was the infamous Beef Plant issue a few years back that resulted in some prominent people going to jail.
Posted on 9/17/14 at 4:48 pm to DeltaDoc
Yea I've been there and know quite a bit about what is going on. This company is going to fold any day now unfortunately. We are scrambling to do what we can right now to recover assets invested but it is looking like a longshot
Posted on 9/17/14 at 5:42 pm to DeltaDoc
Everyone will know when these green energy projects become truly viable. Know how?
They won't need any government handouts because investors will be standing in line and begging to invest.
They won't need any government handouts because investors will be standing in line and begging to invest.
Posted on 9/17/14 at 5:57 pm to DeltaDoc
Louisiana would like to help but we just gave the developer of the ObamaCare website 26 million.
Posted on 9/17/14 at 5:59 pm to Kickadawgitfeelsgood
quote:
Louisiana would like to help but we just gave the developer of the ObamaCare website 26 million.
wait, what?
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