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Ethanol plant to have $100M local impact |
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Tuesday, 14 October 2008 |
SCBIZ Daily Staff
COLUMBIA -- The Columbia-based East Coast Ethanol facility planned for Chester County would have a $100 million impact on the local economy, the company said in a statement.
East Coast Ethanol will make an announcement about its plans at 10 a.m. Tuesday at the Chester County War Memorial Building, at 145 Main St. in Chester.
The company plans to spend $230 million to build the corn-based ethanol plant, which would employ around 40 people.
East Coast Ethanol became effective with the Securities and Exchange Commission last week and is soliciting investors at $15,000 a share. The company will not be listed on a national exchange.
The Chester County plant is one of four that East Coast Ethanol intends to build for a total of $850 million. The other facilities will be located in Florida, Georgia and North Carolina. That figure includes funds from investors as well as from credit, which the company acknowledges could be difficult to obtain in the current financial climate.
In a prospectus filed with the SEC, East Coast Ethanol said it expects $126 million in combined incentives from the four states. South Carolina’s share is unknown, and an incentive agreement hasn’t been signed.
Each plant would produce 110 million gallons of ethanol annually. The company expects to begin construction in January, and the building process is scheduled to take 18 to 22 months.
The plan is to ship ethanol via rail and truck throughout the Southeast and, if demand grows, use the Port of Charleston to export its product.
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