Although ZeaChem recently began producing a plant-based biofuel at its Boardman facility, the company still plans layoffs.
ZeaChem had already secured more than grants from the federal government…but needed short-term financing to operate before that federal money kicked in.
The Colorado-based company wasn’t able to line up a short-term loan. In a statement, ZeaChem said that forced it to scale back its operations. But the company says it is hopeful it can raise enough money to restart production.
Read more at OPB.