BioNitrogen signs agreements with BioResource Management
BioNitrogen Holdings Corp., a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced that it signed biomass supply agreements with BioResource Management for its initial plant in Florida. These agreements are the direct result of a favorable biomass feasibility study on the initial plant in Florida recently completed by BRM.
BioNitrogen signed a 25-year agreement with BRM to provide biomass feasibility studies for future plants as well as consulting services regarding design optimization of the biomass delivery process and wood yard configuration.
The company also signed a 25-year agreement with BRM to provide biomass supply services to the initial BioNitrogen plant in Florida. The agreement specifies the delivery of approximately 350,000 tons of biomass annually. BRM will manage the biomass supply chain, delivery logistics, scheduling, quality and billing services.
"These agreements are an important part of the foundation we are putting in place to ensure the plant has a robust biomass supply chain. BRM has the experience and reputation we need to manage this critical part of our supply chain," said Ernie Iznaga, VP of Operations. “BRM was also instrumental in working with AMEC to optimize the design of the wood yard, further optimizing the plant design.”
“The 25-year biomass feedstock supply agreement on the plant input is a complement to the 25-year offtake agreement already in place on the urea output with United Suppliers. This is a significant credit-enhancing step for funding of the plants,” said Bryan Kornegay, Jr., President and CFO of BioNitrogen.
"We're excited to be working with BioNitrogen on its plans in Florida, Louisiana and elsewhere," said Richard Schroeder, President and Founder of BioResource Management. “We've been working closely with the company’s management team to ensure we understand their expectations, and we are committed to providing biomass supply services that will meet their needs.”
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