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Owner plans to open Hopewell bio-fuel plant

Monday - 12/23/2013, 5:30pm  ET

HOPEWELL, Va. (AP) -- The owner of a bio-fuel plant in Hopewell plans to open the facility instead of dismantling it.

Vireol Bio-Industries had planned to ship the plant's equipment to its plant in England.

The plan to open the plant instead of shipping it overseas was unofficially announced last week at a meeting of area industrialists.

Technical director Ged Russell tells The Progress-Index (http://bit.ly/1fUXS3P ) that the plan changed when funding for the company's plans overseas was delayed.

The plant will produce ethanol from corn and other grains.

The plant is expected to be operational sometime in 2014. But its operation will depend on the price of grains and availability.

Osage Bio Energy completed the plant in 2010 but never opened it. Vireol's investor, Future Capital Partners, later bought the plant for $13 million.

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Information from: The Progress-Index, http://www.progress-index.com


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