Syntroleum Corporation has announced that Dynamic Fuels LLC has received final approval from the Louisiana State Bond Commission for $100 million in tax exempt Gulf Opportunity Zone Bonds to fund the building of the company’s first renewable synthetic fuels facility in Geismar, Louisiana.
The $100 million allocation is the maximum amount that can be granted for a project under policy guidelines adopted by the State Bond Commission earlier this year. This completes the approval process.
Dynamic Fuels LLC is a 50:50 venture between Syntroleum Corporation and Tyson Foods, Inc. to convert low-grade inedible fats and greases into renewable synthetic diesel, jet and military fuel.
The availability of the tax exempt GO Zone bonds is the result of the Gulf Opportunity Zone Act of 2005, which is designed to help rebuild economies devastated by hurricanes Katrina and Rita. The Dynamic Fuels venture is expected to generate approximately 250 short-term construction jobs and 65 highly skilled permanent jobs.