Verso mill to generate electricity, new revenue
The Verso Paper Corp. mill in Bucksport is weeks away from generating electricity and a new stream of revenue it hopes will offset the company's recent losses.
The Bangor Daily News reported that the mill is looking to a new boiler upgrade and turbine to generate electricity fueled by burning biomass, which includes sawdust, wood chips, tree bark and other paper-making byproducts.
The company estimates it can generate as much as 165 megawatts with the new turbine, which will be fed into the regional power grid, creating a new source of revenue.
Bill Cohen, Verso Paper spokesman, said the upgrade will triple the amount of biomass burned, creating more than 50 new jobs in the company's harvesting sector.
In the first quarter of 2012, the company reported a loss in adjusted net income of $39 million, the BDN reported.
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