Verbio Nevada, a biorefinery owned by Verbio North America, plans to expand operations through an $80 million capital investment. The State of Iowa awarded Verbio Nevada project tax incentives through HQJ.
The company plans to invest in a fully integrated renewable natural gas and ethanol production facility. This will reduce the carbon footprint of the facility and enhance the company's position within the low carbon fuel standard markets. The project is expected to create 48 jobs, of which 33 are incented at a qualifying wage of $27.07 per hour.
"We are tremendously excited that Verbio continues to invest in Nevada and Story County," said John Hall, Executive Director of the Nevada Economic Development Council. "When Verbio first purchased the defunct Dupont facility in 2018 we knew the company had aggressive growth plans and we appreciate their ongoing commitment to growth and our community."
In addition to receiving assistance from the Iowa Economic Development Authority, Story County has submitted a RISE application to the Iowa Department of Transportation to assist with paving a one-mile stretch of 220th Street from 580th to 590th in Story County. The additional road extension will serve the new truck traffic expected at the new Verbio site. Furthermore, the City of Nevada approved a resolution of intent in support of its request for tax abatement.
"We are extremely pleased with the continuing support we have received from State and local officials," said Greg Faith, President of Verbio Nevada, LLC. “It’s a very exciting time for our company, made possible in part through our partnerships with the Nevada Economic Development Council, headed by John Hall and the Iowa Economic Development Authority team, led by Debi Durham. It is great place and for us the right place to grow our business."
Verbio North America is a subsidiary of Verbio Vereinigte BioEnergie AG, a major German producer of ethanol, biodiesel and renewable natural gas. Verbio North America purchased the Dupont facility in 2018 and have been under construction since. The company plans to activate Phase I, their cellulosic natural gas production, in September.
For More Information:
John Hall, Executive Director of the Nevada Economic Development Council | 515.232.2310 | email@example.com.