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British Company Buying Unused Virginia Bio-Fuel Plant

Thu, 03/21/2013 - 5:54am

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HOPEWELL, Va. (AP) — A British company is buying a bio-fuel plant in Hopewell that never opened after it was completed in 2010.

WWBT-TV reported (http://bit.ly/13c2b89 ) Wednesday that Future Fuels LLP will buy the facility from Osage Bio Energy, which cited unfavorable market conditions for the false start for the barley-to-ethanol facility. The purchase is in the preliminary stages, and details are not available.

Hopewell City Council member Christina Luman-Bailey describes the buyer as "excited and highly motivated." She says the plant will bring an estimated $2.2 million in annual tax revenue to the city, which also expects to collect $1.6 million in overdue taxes.

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Information from: WWBT-TV, http://www.wwbt.com/

 

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