BioNitrogen Corp., a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced that it has acquired approximately 600 acres of land in Hardee County, Florida, for $9.7 million. The total acreage includes the 40 acres of land BioNitrogen acquired previously in September 2012. Payment for the land is comprised of an $8 million mortgage note and $1.7 million in common stock warrants.
This parcel is the only large, contiguous parcel in the area with direct access to a railroad via a new rail spur and has access to deep water ports in the Tampa area less than 70 miles away. The property is also located near an underutilized highway, which also has access to Tampa’s ports.
Work will begin immediately on accumulating biomass and on rezoning and permitting the additional land for the company’s expansion plans. The seller of the land, E.L. Davis, Jr., was the owner of the initial 40-acre parcel.
“We are very excited to have secured this important property,” said Bryan Kornegay Jr., CFO of BioNitrogen. “This contiguous 600-acre parcel is the only one of its kind in the area and provides ample land for biomass accumulation, plant construction and expansion of plants and value added businesses such as urea coating and blending.”
Construction on the site is slated to commence in early 2013. The proposed initial plant will be able to produce 15 tons of urea fertilizer hourly, totaling 360 short tons daily or 124,200 tons annually.