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FAME Approves Financing For Maine Torrefied Wood Facility
10/17/2013 04:22 PM ET  

Maine Gov. Paul LePage says the Finance Authority of Maine has approved a $25 million loan guarantee for a torrefied wood plant that Thermogen Industries is planning in Millinocket.

The Finance Authority of Maine has approved a $25 million loan guarantee for a so-called "torrefied wood" plant in Millinocket.

Gov. Paul LePage says FAME approved the loan guarantee for Thermogen Industries under the Major Business Expansion Bond Program - the first time the program has been used to help finance a major project, he says.

Thermogen Industries is part of Cate Street Capital, which owns the former Great Northern Paper Mill in the Penobscot County town.

Torrefied wood - or biocoal - is made from wood waste. It burns hotter than typical wood pellets and has been touted as a substitute for coal.

Thermogen plans to invest $70 million in the project, LePage says, which is expected to create 36 direct jobs and another 184 jobs indirectly. Doug Ray, of the Department of Community and Economic Development says the Millinocket plant could be operating as soon as next summer or fall.

More jobs are expected to be created as the company ramps up production, Ray says. Thermogen is also planning a second torrefied wood facility in Eastport.



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