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BioNitrogen CEO: on track to break ground by year’s end

  • April 24th, 2015

Taylor County, Florida | Perry News – Herald
From Perry-Herald News, April 17-18, 2015
BioNitrogen remains on schedule and is close to reaching several production milestones in its efforts to construct a $300 million urea fertilizer plant in Taylor County, according to company officials.
CEO Carlos A. Contreras told the Perry News-Herald Thursday that BioNitrogen has reached an agreement with a company for program management services and funding for the plant here.
Although he said he couldn’t disclose the name of the company until the agreement is finalized, he stated, “We felt it was the right time to bring in some deep experience in engineering, construction and funding.”
BioNitrogen plans to utilize patented technology to convert biomass into urea fertilizer at a series of plants, including the one in Taylor County. The proposed plant is projected to create 52-55 manufacturing jobs in the county with an average starting salary of $38,000 plus benefits. Contreras noted that local officials have continued to be “very supportive. They have given us outstanding support. We couldn’t be more pleased.”

He added that the project is on track to meet its stated goal of breaking ground by the end of the year. “We hope it will be sooner than that. Maybe not breaking ground, but placing orders for the equipment. “We’re going to have the green light very shortly.” When asked about the $5 million loan guaranteed by the City of Perry for work on the Perry site, Contreras said they hope to have the “financial closing sometime in the summer.
“This is a great project and it’s going to be a big win for my shareholders and employees and for the people of Taylor County and the state of Florida,” he said.
In other company news, Contreras said BioNitrogen recently received its biomass feasibility study, which had “very favorable results for our cost and supply projections.”

Additionally, the company has completed its air permit analysis for the Florida Department of Environmental Protection and expects to file for the permit from the state agency as early as next week. Also nearing completion is BioNitrogen’s multi-year audit for the U.S. Securities and Exchange Commission required to begin the process of moving its stock from pink sheets to a
higher exchange, Contreras said. “We’re doing great,” he said.

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