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MS Special Session Produces Incentives for Biofuels Development

September 01, 2010

Lawmakers called into special session on Friday approved a $75 million incentive package for a Texas-based energy company to build five biofuel facilities in the state expected to generate 1,000 new jobs through a total $500 million investment. The package approved by lawmakers also includes $4 million for a workforce training fund through the state's institutions of higher education and up to $2 million for biomass research at Alcorn State University and Mississippi State University.

The state assistance package totals $81 million, which includes $51 million in new bonds and $30 million available from a previous state-level authorization.

Texas-based KiOR, Inc. will receive $75 million to build five commercial-scale renewable crude oil production facilities in the state, three of which will be built over the next five years. Another $4 million is allocated to the Mississippi Development Authority Workforce Training Fund and $2 million is available for research on biomass usage in the production of renewable crude oil at the previously mentioned universities.

The company plans to utilize Mississippi's abundant supply of woody biomass to produce commercial volumes of Re-Crude, a high-quality crude oil that can be refined into conventional fuel products such as gasoline and diesel, according to a press release.

The measure, HB 8, awaits the anticipated signature of Gov. Haley Barbour.

Learn More About Building Support from Legislators for Tech-based Economic Development at SSTI Conference

Pressure on state budgets is at a historic high, and ultimately, it's going to be state legislators that will make the decisions on how limited resources are allocated. Whether you are part of a state program, funded by local government, or are at a university, state funding is going to have an impact on your program's operations. This session will provide the opportunity to get candid assessment from two legislators on what is needed to build support for tech-based economic development in this tough environment and what they see as the road ahead. Learn more about the session.

Maine, Mississippi, Texasbio