BioNitrogen Corp., a developer of technology for converting renewable biomass waste into high-nitrogen urea and urea fertilizer, announced on Feb. 22 that is has secured a forty-nine acre parcel of land to construct its inaugural plant in Lubbock, Texas.
BioNitrogen expects to complete the land purchase after concluding an Environmental Site Assessment (ESA). The Company has already engaged X8 Engineering whom anticipates completion of the ESA no later than March 12, 2012.
The cost of the plant will be $65 million.
The technology will transform residual agricultural waste and other biomass materials into high-quality bulk urea (a white, crystalline solid containing 46% nitrogen), which are principally used in the agricultural industry as a crop fertilizer, and sold to both agricultural wholesalers and retailers.
The modular plant has a design capacity capable of manufacturing up to 15 tons of urea fertilizer per hour for a total annual production of up to approximately 124,200 tons per plant.
The Company estimates that the annual economic potential associated with the proposed Lubbock Plant could be as much as $77 million. Texas was chosen as it is close to the company's engineering and construction office also located in Lubbock.
"Given the inextricable link between food consumption, production and fertilizer demand and supply balances for the next 40 years, the importance of our inaugural plant in the U.S. cannot be overstated for both our national and international future customers and shareholders. Over the past month since our announcement to commercialize the company, we have received almost daily inquires of interest from around the world wanting to examine strategic partnerships and associated investment opportunities relating to our patent-pending nitrogen-based urea and fertilizer production facilities," Dr. Terry R. Collins, CEO of BioNitrogen.
