Sweetwater Energy Inc. has received a commitment for $26 million in low-interest long-term loans from the state of Minnesota to build a $53 million biochemical production facility. Company leaders are eyeing a similar site for the Rochester area.
The facility near Mountain Iron in northeastern Minnesota is to use local timber to produce industrial alcohol and activated carbon.
To secure the funding, Sweetwater needs to raise the remaining $26 million for the project.
Arunas Chesonis, chairman and CEO, said the state aid will help bring in additional private equity funds and commercial debt, which Sweetwater is in the process of securing. He is confident the money would be raised to complete the project.
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