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BioEconomy Solutions wins investment for renewable diesel facility in South Carolina

BioEconomy Solutions, a technology leader in sustainable agricultural crops for biofuels, animal feed and food products, has been awarded an investment by Carolina Opportunity Funds, which is expected to support its planned renewable diesel facility in South Carolina, US.

The investment is the first to be awarded under Carolina Opportunity Funds’ IMPACT Carolina Fund, which is designed to provide seed and early-stage financing to Qualified Opportunity Zone Businesses located in North and South Carolina.

BioEconomy Solutions’ renewable diesel facility will be located in a Qualified Opportunity Zone, located in Georgetown in South Carolina. The new facility will create 200 full-time jobs, in addition to an estimated 100 supply chain support jobs.

In addition to an offtake agreement already signed with a party in the UK, the company has created three vertical markets for its bio-friendly crops, demonstrating significant growth potential.

“BioEconomy’s decision to locate an advanced biodiesel processing plant within an economically disadvantaged Opportunity Zone represents the spirit of the Opportunity Zone Initiative,” said Hannah Kirby, managing partner of Carolina Opportunity Funds. “The vast majority of Opportunity Zones within the Carolinas are in rural communities and the BioEconomy Solutions project will provide measurable economic growth to the region. Not only do investments in Qualified Opportunity Zones provide tax incentives, companies like BioEconomy Solutions are on the cusp of a new wave of agribusiness technologies that will drive the future growth of the industry.”

Carolina Opportunity Funds has also identified a company using artificial intelligence advancements in vertical faming, as well as industrial hemp biomass to textile manufacturing company, to receive funds.