BioNitrogen Holdings Corp., a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced that it has received the feasibility study for biomass feedstock supply to the initial BioNitrogen plant in Florida from BioResource Management, Inc. The feasibility study estimates a potential annual feedstock savings of around $1 million, more than an 11% savings on initial estimates.
"This biomass feasibility study estimates a significant annual savings to the plant for our feedstock supply cost,” said Bryan Kornegay, Jr., President and CFO. “We will now be able to receive more than two times our plant needs in the haul zone at a much lower price than originally forecasted."
"We are pleased with the BioResource team and their ability to deliver a quality product on time,” said Ernie Iznaga, VP of Operations. “The feasibility study validates our internal analysis and provides additional support to our funding sources about the biomass feedstock availability for the plant."
Biomass feedstock feasibility studies are a key requirement leading up to tax-free bond financing to ensure that plant sites will be sustained by local biomass supplies.