Golden Valley-based “green chemistry” company Segetis aims to build a $105 million facility in northeastern Minnesota.
The company is seeking $21.2 million in financing for the plant from the Iron Range Resources & Rehabilitation board, The Minneapolis/St. Paul Business Journal reports.
The board plans to vote on Segetis’ request Tuesday, the Mesabi Daily News reports.
Segetis will invest about $74 million into the project, while a Minnesota Department of Employment and Economic Development grant program would chip in $7.1 million.
The Minneapolis/St. Paul Business Journal reports the facility would be in Hoyt Lakes, where the company plans to make chemicals out of corn sugar.
Segetis says it plans to later switch to wood biomass.
The company website says its name is Latin, meaning “of the crop field.”