Tyton N.C Biofuels, which produces biofuels from tobacco, has purchased the former Clean Burn Fuels ethanol plant in Raeford.
The company, part of Danville, Virginia-based Tyton BioEnergy Systems, is reportedly buying the plant for less than $15 million (€11 million).
Tyton BioEnergy has reportedly developed a proprietary tobacco extraction process that allows the company to produce highly-efficient biofuels.
The facility, which opened in spring 2010 and closed production after nine months, was built for $100 million.
The Governor's Office is expected to announce the deal shortly.
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