There have been rumors flying around the industry in recent days regarding ZeaChem. Anything from “laying off 27 staff and shutting down operations in Boardman” to “the plant is going to get parted out and sold.”
Let’s set the record straight. This, from ZeaChem’s Director, Public Affairs, Carrie Atiyeh:
“ZeaChem recently had to scale back plant operations in Boardman and let go a number of our valued employees because we were not able to secure a bridge-loan intended to carry ZeaChem into its next funding round. As a result of this unforeseen delay, we could not avoid scaling back our operations, which we intend to be a short-term event. We are having very productive conversations with investors and are quickly making progress in the right direction.
“After recent successful production of cellulosic ethanol – an achievement for which our great employees are to thank – there is no question as to ZeaChem’s value as a refiner and an investment. To that end, our main concern and top priority is to expedite additional capital investment in order to get our employees back to work, and continue to make progress toward commercialization and profitability.
“Operations have been temporarily minimized at the Boardman plant – it is not being sold. We have recently proven our technology end-to-end with our first cellulosic ethanol production and are confident about quickly raising additional funds and re-starting production.”
More background on the story from the Digest
Category: Producer News