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KiOR Biofuel Investors Settle for $4.5Mn (Ind. Report)
KiOR,Vinod Khosla
Date: 2017-06-12
Following on our January 30th, 2015 coverage, a federal court in Houston has approved a $4.5 million settlement for the 23,000 private shareholders of the bankrupt, Mississippi woody biomass-to-biofuel maker KiOR, and a lawsuit by the state of Mississippi seeking to recover a much larger amount continues.

Former KiOR CEO Fred Cannon, lead investor Vinod Khosla and former Chief Financial Officer John Karnes are to pay the money under the settlement. Lawyers are to receive $1.5 million of the $4.5 million, plus expenses. The state claims KiOR Khosla and others knew KiOR had limited chances for success but defrauded Mississippi into loaning $75 million. Components from the $230 million plant to two other renewable fuel companies for a paltry $2.7 million.

Separately, Mississippi Attorney General is suing Cannon, Khosla and others in state court in Jackson, demanding repayment of $77 million, plus interest. Mississippi loaned $75 money to KiOR, which built a biofuel plant in Columbus. (Source: Clarion Ledger, AP, Others, 10 June, 2017) Contact: Khosla Ventures, (650) 376-8500, www.khoslaventures.com

More Low-Carbon Energy News Vinod Khosla,  KiOR,  Cellulosic,  Biofuel,  


Bankrupt KiOR Site Clearance Set for Year End (Ind. Report)
KiOR,Georgia Renewable Power,Renewable Energy Group
Date: 2016-10-12
Following on our May 16th coverage, the Lowndes County Port Authority in Columbus, Mississippi, is reporting that the purchasers of the ill-fated KiOR cellulosic biofuel plant in Columbus now hope to have the 22-acre site cleaned by the year end. The two companies have isseed several previous demolotion deadlines.

When KiOR collapsed in 2014, Georgia Renewable Power grabbed 75 pct of KiOR's equipment for $2.1 million while Renewable Energy Group paid $1.6 million for the balance of KiOR's physical assets. (Source: Lowndes County Port Authority, 9 Oct., 2016) Contact: Renewable Energy Group, Inc., Daniel J. Oh, President, CEO, Anthony Hulen, (703) 822-1972, anthony.hulen@regi.com, www.regi.com; Georgia Renewable Power, www.georgiapower.com; Lowndes County Port Authority, (667)329-5886, www.lowndescountyport.org

More Low-Carbon Energy News Georgia Renewable Power,  KiOR,  Cellulosic,  Biofuel,  Renewable Energy Group,  

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