Energy tech company investing $40 million for St. Rose industrial facility

The energy technology company Arq will develop an industrial facility in St. Rose that will create a hydrocarbon fuel blend for power generation and marine industries, the company’s proprietary Arc Fuel product.

The company will invest up to $40 million at the St. Rose site, which is owned by International Matex Tank Terminals (IMTT). The site will receive an intermediate wet-cake material produced from discarded mined material and convert it to a cleaner blending component for oil products.

It will result in the creation of 12 new direct jobs with an average salary of $52,000, plus benefits. It’s estimated it will create 31 new indirect jobs as well, according to Louisiana Economic Development projections.

The project will entail a thermal drying facility, blending and product-handling equipment, transportation infrastructure and storage tanks.

According to Louisiana Economic Development estimates, the net returns resulting from taxes paid by the company will result in an impact of over $1 million locally and $1 million to the state over the next 10 years.

“The region can expect near-term benefits resulting from construction jobs, spending and tax revenue turning over in the local economy,” said LED public information officer Joe Coussan, who added Arq’s decision to invest in St. Charles Parish is a testament to the region’s skilled workforce and strategic transportation infrastructure.

The facility will be built on a 5-acre tract owned by IMTT. The facility will receive intermediate product from its site in Corbin, Kentucky, for final drying, blending and shipment to customers. Primary use of the product will be for residual fuel oil in the utility market and bunker fuel for commercial ships and barges.

Based in London with U.S. headquarters in Kentucky, Arq is an energy technology company that recycles mining waste into its proprietary fuel. The fuel’s lower greenhouse-gas profile will help industries meet evolving regulatory demands. Arq’s process creates a nearly pure hydrocarbon product and does not require the extraction of any new natural resources from the earth.

“Arq’s St. Rose facility is an important investment and milestone in our company’s ambitions to make a transformative impact in the energy industry,” Arq CEO Julian McIntyre said. “The Arq Fuel we produce at St. Rose and blend into liquid fuels is responsibly sourced transition fuel, which is providing a lower-cost bridge to a cleaner future.”

LED began discussing a potential project with Arq in January 2019. Arq evaluated multiple sites across the U.S. Gulf Coast before selecting the site in St. Rose.

Arq is expected to utilize the state’s quality jobs and industrial tax exemption programs.

Coussan said the pace of construction and opening is subject to COVID-19 developments, but said Arq indicates it will commence construction before the second quarter of this year, with a target goal of opening the facility for business before the end of the year.

Arq will begin hiring for available positions starting in the fourth quarter of this year.

 

About Ryan Arena 2202 Articles
Sports Editor

Be the first to comment

Leave a Reply

Your email address will not be published.


*