Virdia Gets Funding to Turn Wood Into Sugars for Biofuel Makers
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Virdia Inc., a closely held biotechnology company, is planning its first commercial plant in Mississippi to convert wood into sugars that can used to produce transportation fuel, nutritional products and specialty chemicals.
The state agreed to provide a $75 million loan and $155 million in tax incentives, Redwood City, California-based Virdia said today in a statement. The company hasn’t decided on the location for the plant, which is expected to go into production in 2014. The total cost will exceed the state backing.