West Palm Beach Firm to Build Two $300 Million Plants
The West Palm Beach-based cleantech firm, BioNitrogen has been issued two $300 million tax-exempt bonds by the state to construct two plants that will be utilized to convert South Florida’s tree-trimming waste into urea fertilizer.
Construction of both plants will begin later this year with one being built in Taylor County and the other in Hendry County.
According to BioNitrogen board member Bryan Kornegay, “We're building small plants close to where our feedstock is produced and where farmers use the urea." Kornegay also explains that South Florida is a “wood basket” and produces enough wood waste to generate over 180,000 tons of urea fertilizer yearly.
While BioNitrogen will be incredibly beneficial to the environment, recycling what was once burned or buried wood waste, BioNitrogen will also benefit the economy, creating jobs in rural Taylor and Hendry counties.
With a market cap of $17.4 million, BioNitrogen plans to eventually expand across the United States and Canada. The company is already scoping out new locations in states such as Louisiana, Mississippi, Ohio and Pennsylvania.