DuPont Will Repay $10.5 Million in State Incentives, under Approved Settlement
by Donnelle Eller (Des Moines Register) DuPont will give Iowa a big check — $10.5 million — after closing and selling the world’s largest cellulosic ethanol plant in Nevada.
Iowa economic development leaders approved a settlement Friday that calls for DuPont to repay all but about $3.7 million it received in incentives in 2011.
DuPont had begun making ethanol from corn cobs, stalks and other crop residue — considered the next generation of the renewable fuel — before closing the plant last year.
The company laid off 90 workers.
Last week, DuPont announced it’s selling the plant to Verbio North America, the Michigan-based subsidiary of Verbio Vereinigte BioEnergie AG, a German company.
Verbio proposes investing $35 million so it can make renewable natural gas from corn stover at the plant, a first for the state.
The Iowa Economic Development Authority board agreed Friday to provide the company $1.78 million in tax credits.
Verbio proposes creating 44 jobs that pay close to $52,000 annually.
State leaders said the DuPont settlement is a win. READ MORE
