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,
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, email@example.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,