Minneapolis, MN, April 24, 2014 --(PR.com
)-- Segetis, Inc, announces Minnesota’s Iron Range Resource and Rehabilitation Board (IRRRB) voted unanimously to approve $21.2 million in funding for Segetis to construct a commercial-scale plant at the Laskin Energy Park in Hoyt Lakes, MN.
Segetis is a leader in creating high performance, sustainable materials reducing the world’s dependence on fossil fuel based petrochemicals. Segetis uses proprietary technology to convert biomass to Levulinic Acid and its derivatives for use in wide market applications including plastics and home cleaning products.
“We are delighted with the support from the State of Minnesota and particularly the IRRRB,” said Atul Thakrar, Segetis President and CEO. “This is the foundational funding for our project which will catalyze a biochemical industry cluster in the Iron Range.”
Andrew Skinner, Segetis VP of Operations, has been working with the IRRRB team for several months in the process of developing this proposal. “This first commercial project is significant to the future growth of Segetis. It will bring sustainable economic benefits to the Iron Range through job creation and use of Minnesota’s renewable resources.”
Segetis creates high performance, sustainable materials, reducing the world's dependence on fossil fuel based petrochemicals. Our Levulinic Acid based technology platform is positioned for significant global adoption with renewable alternatives that address toxicity issues in everyday items. With our flexible production technology, we have the ability to leverage a wide array of biomass feedstocks to meet the increasing demand for these high performance, healthier, biobased materials.
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