COLUMBUS, MS - KiOR, which converts wood and other cellulosic fibers into gasoline, said in an SEC filing it is unable to make a $1.8 million loan payment to a state agency that funded it, and has retained advisors to develop strategies, including possible sale.
KiOR developed a proprietary technology to convert wood chips and other biomass into fuels for use in vehicles on the road today.
While KiOR cellulosic fuels were intended to ease dependence on foreign oil, advances in oil extraction such as fracking have reduced the urgency of those concerns.
Based in Pasadena, TX, KiOR, Inc. cancelled its earnings call in the Spring, and its stock has drop to under 30 cents. In the SEC filing, subsidiary Kior Columbus said the Mississippi Development Authority has given it until October 31 to resolve the $1,875,000 laon payment that was due June 30.
KiOR also told the SEC it has engaged Guggenheim Securities advise it on financing and strategic alternatives, including a possible merger, restructuring or sale of the Company. In the latest quarter KiOR lost $30 million; it has lost almost $605 million since it was founded in 2007.
Related articles on cellulosic biofuels:
|Biomass Research Gains Ground: $42 million granted
By Karen Koenig | Posted: May 31, 2011 - 12:00 AM
The U.S. Departments of Agriculture (USDA) and Energy (DOE) have earmarked $42 million to help fund eight research projects in bioenergy and biobased products, including the harvest, transport and preprocessing of biomass feedstocks
|Wood Biofuel Center Opens
By Bill Esler | Posted: September 27, 2011 - 8:34 AM Wood biofuel developer Renmatix will open a new headquarters plant in King of Prussia, PA today. Pennsylvania Governor Tom Corbett will speak during the grand opening.
|Super Yeast Turns Pine to Car Fuel
By Bill Esler | Posted: November 19, 2011 - 10:07 AM Pine wood pretreated with heat and chemicals can be converted to ethanol using a super yeast, says researchers at the University of Georgia.
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