State pitches ethanol firm
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Published: November 5, 2007
MONTPELIER – A firm working to develop ethanol fuel from renewable materials such as wood and switch grass has been given initial approval for $1.6 million in job creation incentives to build a research and development facility in Vermont.
The Vermont Economic Progress Council reviewed an application from Mascoma Corp. and gave initial approval under the Vermont Employment Growth Incentive program, making the company eligible to receive $1.7 million in job creation incentives if it locates in the state.
"Vermont wants to be a global leader in green energy and engineering, and produce good-paying jobs," said Karen L. Marshall, chairwoman of the Vermont Economic Progress Council. "Mascoma is an innovative company that is on the cutting edge of technology to replace gasoline with a cleaner, renewable alternative."
Mascoma Corp., headquartered in Cambridge, Mass., has research and development facilities in Lebanon, N.H.
The company conducts research on enzymes, organisms, production technologies and processes that break down cellulosic raw materials and convert them to ethanol.
The company has outgrown their research and development facilities and will relocate to larger facilities either in New Hampshire or Vermont.
"We are very pleased with the Vermont Economic Progress Council's decision," said James Flatt, Mascoma's senior vice president of research and development. "We continue to evaluate our options, both in Vermont and New Hampshire, and appreciate the incentive that Vermont has offered Mascoma. It will be helpful as we decide where to expand our lab facilities."
If the company decides to relocate in Vermont, site and employment plans would be finalized and Mascoma would file a final application with VEPC.
The Council also gave final approval to two applications that received initial approval earlier this year. Green Mountain Coffee Roasters was approved for up to $1.8 million for an expansion in Essex and Waterbury that was initially approved in May. NEHP, Inc. was approved for up to $182,396 for an expansion in Williston that received initial approval in February.
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