DuPont OKs $10.5M payment for shuttered Iowa ethanol plant
NEVADA, Iowa (AP) — DuPont has agreed to repay Iowa $10.5 million in incentives it received.
The news of the settlement come a year after the company announced it was seeking a buyer for its 30-million gallon, $400 million cellulosic ethanol plant in central Iowa.
The Des Moines Register reports that the settlement repays all but about $3.7 million it received in incentives in 2011 for the plant in Nevada, Iowa.
The plant made ethanol from corn cobs, stalks and other crop residue before closing the plant last year and laying off 90 workers.
DuPont says it’s selling the plant to Verbio North America of Michigan, which plans to invest $35 million to make renewable natural gas from corn stover at the plant, a first for the state.
The Iowa Economic Development Authority board agreed Friday to provide $1.78 million in tax credits to Verbio, which plans to create 44 high-wage jobs.
Information from: The Des Moines Register, http://www.desmoinesregister.com