IEDA Board approves projects from 10 companies, including VERBIO Nevada

In Iowa, the Iowa Economic Development Authority Board approved awards for seven established companies and three startups, including VERBIO Nevada, a biorefinery owned by VERBIO North America, a subsidiary of VERBIO Vereinigte BioEnergie AG, a major German producer of ethanol, biodiesel and renewable natural gas.

The company plans to purchase equipment to integrate ethanol production alongside the renewable gas production within the existing facility, which reduces the carbon footprint and enhances its position within low carbon fuel standard markets. The project represents an $80 million capital investment. It is also expected to create 48 jobs, of which 33 are incented at a qualifying wage of $27.07. The board awarded the project tax benefits through HQJ.