Press Release (ePRNews.com) - MARQUETTE, Mich. - Jul 29, 2017 - SynSel Energy, Inc. of Elmhurst, IL is partnering with a US-based financier and Lost Bowl Development, LLC of Ontonagon, MI to develop a $300 Million biorefinery in Ontonagon, MI. The plant will use state-of-the-art, environmentally-responsible technology to produce clean second-generation biofuels from the area’s abundant wood waste and forest residue. SynSel CEO, Tim Tawoda stated, “The plant is fully-funded, and SynSel is currently securing the project deposit fund required to release pre-construction and construction funds. The plant is slated to be fully operational by 2020.”
The plant will be located on the site of the former Smurfit-Stone Paper Mill in Ontonagon, owned by Lost Bowl Development, LLC. In addition to temporary construction jobs, the plant will employ 100 permanent workers and precipitate an estimated 150 permanent jobs in the surrounding community. Mr. Pat Tucker, President of Lost Bowl Development stated, “”The Smurfit-Stone Paper Mill closed in 2010 and was just one more economic setback for Ontonagon after the copper mine and shipyard closures. The SynSel biorefinery is a huge step in reversing the unemployment trends in Ontonagon and the Upper Peninsula, in general. We are honored to be partnering with SynSel and their financer to help revitalize this community with good-paying jobs insulated against the boom-and-bust cycles of the legacy mining industry.”
Tucker further stated, “The fuel produced by SynSel can be drop-in ready and is able to directly displace petroleum-based fuels without engine modification or degradation in performance. We will be producing a combination of synthetic gasoline, diesel, and aviation fuel for sale in the commodity markets and to the Department of Defense. We are nearing final discussions with a number of investors for the project deposit, and we anticipate this decision to be finalized over the next several months.”
SynSel CEO, Tim Tawoda concluded, “A SynSel plant is going to appeal to the consumer that would otherwise opt for an electric vehicle due to the impact on climate change. Also, unless the cost of petro fuel increases by a magnitude of 6, the SynSel plant is going to appeal to the consumer looking for the best value for his dollar – a vehicle with an internal combustion engine. The SynSel Biofuel Revolution has begun. We are eager to engage with state, county, and community leaders and stakeholders at the appropriate time.”
SynSel Energy, Inc.