Sweetwater Energy – IRRRB says yes to Sweetwater
Hibbing Daily Tribune – The Iron Range Resources & Rehabilitation Board (IRRRB) has put down $18 million in chips on what agency officials admit is an economic development project with risk.
Agency board members hope to parlay that financial commitment to a biotechnology startup company from Rochester, N.Y., into 110 jobs by the end of 2018, certainly no later than 2020, according to Sweetwater Energy Inc. CEO and Chair of the Board Arunas A. Chesonis.
The plant will be located near the Laurentian Energy wood yard in Mountain Iron.
The $18 million direct loan from the IRRRB triggers a total of $26 million in public money for the $53 million venture — an additional $7 million from the 21st Century Fund administered for Range natural resources-based projects and $1 million from a Department of Employment & Economic Development fund.