A California green energy maker is looking for a dance partner for its proposed White River jet fuel plant.
In its year-end summary of activities, Rentech said its strategy on the energy front is to cut spending for project development and R & D, and, instead, focus on finding partners who can do that, or provide related technologies.
In White River's case, the plan for its Olympiad project is to search for partners and funding sources in a “financing package that would limit Rentech's investment in the project.”
The company said it has stopped development of large scale projects that required major capital spending in order to meet deadlines for government funding.
Last May, the Los Angeles-headquartered biofuel and energy company was the recipient of a whopping 1.1 million cubic metres annual allotment of Crown fibre through the provincial wood competition to make a low-carbon jet fuel refinery.
The Olympiad project was reported to create 83 plant jobs and more than 300 indirect jobs, mostly in harvesting, when it begins production in 2015.
At the time, company president Hunt Ramsbottom said the estimated price tag for the operation was “north of $500 million.”
In its fourth quarter, the publicly-traded company reported a consolidated net loss of $59.1 million.
“We are significantly reducing our operating and projects as we evaluate opportunities to grow our businesses through conservative capital development,” said Ramsbottom in a Dec. 19 statement.
The company owns and develops technologies in the making of synthetic fuels, renewable power and hydrogen.
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