BioNitrogen signs letter of intent to build $65m Texas ferts plant

02 April 2012 13:36  [Source: ICIS news]

LONDON (ICIS)--BioNitrogen has signed a letter of intent to construct a $65m (€49m) fertilizer plant at the Levelland Industrial Rail Park in Texas, the US-based urea plant technology firm said on Monday.

BioNitrogen develops technology for converting renewable biomass waste into high-nitrogen urea and urea fertilizer. The technology would be used at the plant, which will be designed for a capacity of 124,200 tonnes/year, it said.

It will be the second fertilizer plant the group builds in Texas.

The letter of intent was signed with the Levelland Economic Development Corporation (LEDC).

Miami-headquartered BioNitrogen said that during the coming weeks, it will work with the LEDC to finalise all due diligence requirements including the review of the business plan, technical feasibility, market analysis, financing models and operations and compliance with all state and federal regulatory requirements.

($1 = €0.75)

By: Franco Capaldo
+44 (0)20 8652 3214

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