DENVER — The Colorado Economic Development Commission on Thursday approved a tax-incentive package aimed at coaxing an unnamed clean-energy recycling company to build a waste-to-energy plant in Weld County.
The company, referred to in Colorado Office of Economic Development and International Trade documents as Project Molecule, uses a process called pyrolysis to “convert tires and rubber to diesel fuel, recycled carbon black and clean steel.”
It is the commission’s practice not to identify companies OEDIT is recruiting until incentives are accepted.
Project Molecule’s “technology will convert any type of recyclable and non-recyclable plastic material and uses a closed loop system with near zero emissions, creating a new source of energy and resource recovery with a low carbon footprint,” according to OEDIT.
The Weld County plant, which is expected to have an operating life of 25 years, will use inputs from tire manufacturers, mining companies and municipal landfills. The outputs would be sold to refineries, government agencies and tire manufacturers.
“Weld County (officials are) aware of this and they’re excited about the prospect of them coming,” OEDIT senior business development manager Mike Landes said during Thursday’s EDC meeting. “We’ve been in communication with (Northern Colorado economic development group) Upstate Colorado — they’re in on it and ready to support it.”
Should Project Molecule move forward with its Colorado plant, the company expects to create 90 net new jobs at an average annual wage of $63,340, according to OEDIT.
In exchange for the creation of these jobs, the EDC has offered $663,383 in performance-based tax incentives over an eight year period.
Neither the company nor OEDIT specified the projected capital investment Project Molecule’s Weld County plant would require, but members of the EDC called it “significant.”
In addition to Weld County, Project Molecule, which currently has no workers in Colorado, is considering Mississippi for its new plant.