Iron Range Resources and Rehabilitation approves $21.1 million for Segetis

In Minnesota, the Iron Range Resources and Rehabilitation Board (IRRRB) approved $21.2 million in funding to renewable biochemical company Segetis, Inc. at today’s board meeting in St. Paul. Segetis plans to construct a commercial-scale plant at the Laskin Energy Park in Hoyt Lakes, Minn.

Segetis produces high performance, sustainable materials, reducing the world’s dependence on fossil fuel-based petrochemicals. Their bio-based technology platform is used in flexible plastic products, cleaning products, and a variety of other consumer goods. Total project investment is $105 million, 70% of which will be funded by the company. The Segetis project is forecasted to have an annual $55 million economic impact on the region, supporting over 545 jobs, according to an independent study from the University of Minnesota Extension Center for Community Vitality.