The approvals will allow an annual capacity in excess of 100 million gallons although the first stage is targeted for 33-50 million gallons.
Pulling from talent in Wilmington, Kreido will use the local workforce to build and staff its plant, creating approximately 22 jobs.
Ben Binninger, CEO of Kreido, said: This is an important milestone toward commercializing our advanced technology and demonstrating its cost, feedstock and environmental advantages. We are now in a position to complete our terminal and storage tank agreement with Vopak.
We will start site work on the facility as soon as we have obtained the approximately $25 million of necessary financing to complete the site work, transfer the plant modules from Houston and initiate plant operations. We are targeting to be in a position to start site work within the next few months.
