In Texas, KiOR said in an SEC statement that it has hired Guggenheim Securities to advise on possibly selling the company after it failed to make a $1.88 million loan payment on June 30. The state of Mississippi has agreed to a loan forbearance on the $75 million loan it received—and still owes $69.4 million […]
In Mississippi, KiOR has been granted another four months to raise money and resume repaying its $69.4 million debt to the state rather than be forced into bankruptcy with Mississippi seizing its Columbus refinery. The state negotiated a short-term forbearance agreement with KiOR under which the company will pay Mississippi $250,000, and the state will […]
In Mississippi, KiOR has begun laying off employees at its plant in Columbus, saying it is instead focusing on R&D. So far, 18 employees have been laid off, leaving 55 currently on site but more layoffs are expected to come over the next two months.
KiOR update: “We do not believe we can restart the Columbus facility on an economically viable basis at this time.”
The following is excerpted from KiOR’s most recent 10-Q quarterly report, as filed with the SEC. “We have substantial doubts about our ability to continue as a going concern. To continue as a going concern, we must secure additional capital to provide us with additional liquidity. On March 31, 2014, we entered into a Senior […]
In Texas, Vinod Khosla has agreed to fund KiOR in $5 million per month installments for up to $25 million while the company works to secure further financing and keep its doors open. The company’s stock reacted positively on the news and edged towards $1 a share.
Is it just coincidence that KiOR’s stock is down sharply as Aemetis has been on a tear? Just a lucky break for ethanol based on attractive “crush spreads”? Or something important about the strategy and how it has played out? The Digest looks at the companies and the results. On a clear morning last […]
KiOR announces $347M loss for 2013: “We have substantial doubts about our ability to continue as a going concern.”
Delayed 2013 results includes going concern statement. Future Khosla financing contingent on milestones. Default looms as soon as April. Financing after August unclear. In Texas, KiOR announced a $347.5M net loss for 2013, and issued a “going concern” statement that focused on its ability to raise future capital to sustain operations and build its next […]
Company description: KiOR is a next-generation renewable fuels company that has developed a proprietary technology platform to convert sustainable non-food biomass into cellulosic gasoline, diesel and fuel oil. Using standard refinery equipment, KiOR’s products are compatible with the existing fuel infrastructure. KiOR strives to ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and […]
Hydrotreating, catalytic cracking, pyrolysis, metathesis, supercritical, and catalytic reforming. It’s the big new wave heading for biofuels and biobased chemicals at scale. The secret word in the bioeconomy for 2014 starts with a C. Carbon? Chemicals? Cellulosic? Close, but guess again. Yep, it’s cracking. That is, breaking down the biobased feedstock with heat, pressure and […]
In Washington, the EPA has announced that it will reconsider the 2013 cellulosic biofuels quotas as new information came forward from the American Petroleum Institute and American Fuel & Petrochemical Manufacturers. “We believe that KiOR’s Aug. 8, 2013, announcement of reduced anticipated production in 2013, which your petition noted, justifies reconsideration of the 2013 cellulosic […]