The bio-refinery projects at the Port of Alexandria, Port of Natchitoches and another as yet undisclosed site in Louisiana will require the company to invest $168 million.
The projects will create a total of 72 direct jobs with average annual wages of $59,600, plus benefits.
Louisiana Economic Development (LED) additionally estimates that the projects will support the creation of another 422 indirect jobs, leading to overall job creation possibilities of almost 500 new jobs.
The Cool Planet projects will also support another 750 construction jobs while the refineries are being built.
Apart from the three refineries, Cool Planet plans to establish a regional office in the City of Alexandria. This commercial project will require the company to spend around $500,000 for infrastructure improvements.
Cool Planet Energy Systems CEO Howard Janzen said they chose Louisiana as the location of their first commercial refinery for multiple reasons, including a business-friendly attitude towards innovative companies such as Cool Planet. He also cited the availability of renewable feedstock supply as one of the factors.
LED began negotiating with the company last year in September. Incentives offered to Cool Planet include a $750,000 grant under the Economic Development Award Program for offsetting infrastructure costs.
The company will have access to LED FastStart for recruitment support and workforce training. They will also be eligible for additional incentives under the Louisiana Quality Jobs and Industrial Tax Exemption programs.
Natchitoches Parish President Rick Nowlin said they were excited that Cool Planet was not only creating new jobs for the local economy, but also doing it in manner that was environmentally responsible.
Cool Planet will be harvesting forest byproducts and wood waste for making gasoline at these refineries, each of which will have a production capacity of 10 million gallons of high-octane pressure gasoline compatible for use in vehicles.
The gasoline will be federally certified as renewable cellulosic gasoline made from wood chips that are sustainably harvested. The wood residue (tree bark, thinnings, branches and tops of trees) Cool Planet will use creates additional value for timber management companies and forest owners in Louisiana.
As a byproduct, the refineries will produce biochar that can go back into the soil and help maintain nutrients and water levels. This whole process reduces greenhouse gas (GHG) emissions by 150 percent as compared to regular gasoline.
Cool Planet has plans to develop 400 such refineries across the United States over the next decade. The company is funded by investors including Google Ventures, BP, and North Bridge Venture Partners, among others.