Thermogen loses another large investment
Another firm has withdrawn its multi-million dollar investment from Thermogen Industries, which plans to launch a $140 million wood pellet plant in Millinocket.
Princeton, N.J.-based CCG Community Partners confirmed with the Bangor Daily News that it had withdrawn its $10 million investment from Thermogen in May — around the same time Portland-based CEI Capital Management withdrew its $20 million investment.
In a statement to the newspaper, CCG’s managing director Paul Hoffman said “timing associated with [Thermogen’s] development as well as other factors” led to the decision.
Alexandra Ritchie, a spokeswoman for Cate Street Capital, the New Hampshire investment firm that started Thermogen, told the BDN that CCG’s decision is not indicative of the project, adding that “these sort of occurrences are par for the course with development activities of this scale, and the Thermogen project remains committed to seeing its development efforts through to fruition and to bringing economic benefit to the Katahdin region.”
CCG’s withdrawal was revealed hours after it was announced that the investment firm was planning to invest $30.3 million through its subsidiaries in an Athens-based biomass facility that is tied to the Maine Woods Pellet Company. The Finance Authority of Maine has certified the subsidiaries’ applications for the Maine New Markets Capital Investment Program, which means they are eligible to receive $12 million in state tax credits for their investments.
Great Northern Paper Co., another company started by Cate Street in 2011 to buy mills in East Millinocket and Millinocket, continues to be behind in tax payment plan to Millinocket, according to the BDN. An auctioneer hired to sell off paper equipment for GNP delivered a $133,500 payment to the town last Friday, with two deadlines missed and $566,500 still due.
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