Biofuels Project Sinks
The Red Rock Biofuels project in southern Oregon appears headed for foreclosure according to notices published in the Lake County Examiner newspaper in late December after the company failed to make principal and interest payments on some $300 million in debt. The notice set a February 4 payment deadline with a property auction scheduled for February 9. Originally scheduled for completion in 2017, the plant was going to use biomass from regional forests to produce sustainable aviation fuel (SAF) and was boosted by a $75 million Dept. of Defense grant and fuel commitments from FedEx and Southwest Airlines, plus state and local incentives and infrastructure improvements.
Cost overruns, process re-engineering, COVID-related delays and bankruptcy of a key supplier all affected the project. Construction had begun and there’s lots of equipment and machinery on site. Officials say there have been no public efforts to find a buyer to complete, repurpose or move the refinery.
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Can Closure Trend Help Open Forest Bioeconomy Opportunity?
Perhaps he’s the hardest working man in show business, but soon after keynote speaking at the Wood Bioenergy Conference & Expo in Atlanta, here was American Loggers Council (ALC) Executive Director Scott Dane on Fox News Business with Stuart Varney citing an ALC report showing that during the past 15 months, roughly 50 forest products facilities around the country have announced closures, curtailments or reductions that have eliminated 10,000 jobs.
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