Thermogen seeking $30M loan for biocoal plant
Courtesy Thermogen Industries
An artist's impression of Thermogen's future biocoal plant in Millinocket.
Thermogen Industries One LLC has applied for a $30 million bond from the Finance Authority of Maine to build a torrefied wood — or biocoal — machine at its site in Millinocket.
The Bangor Daily News reported the company applied for the bond Tuesday and review of the application should take two or three months.
The company originally planned to begin construction on its first machine in Millinocket by late 2012 but pushed that construction date back to April of this year. Construction on the first machine has yet to begin.
The company, which is owned by Cate Street Capital, says it plans to build five machines at its site in Millinocket and has plans for another two or three machines at a site in Eastport.
Cate Street also owns Great Northern Paper Co. and its paper mill in East Millinocket.
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