Irish agribusiness group ClonBio is to invest $500 million (€457 million) in a US biorefinery in a move expected to support more than 1,000 jobs.
ClonBio earns revenues of about €400 million a year making proteins, animal feed, biofuel, ethanol and alcohol from grain in Europe and the US, and renewable gas at a plant in Co Kildare.
In a statement on Monday, it said it was planning a “dramatic increase” in its investment in a “formerly mothballed biorefinery” it acquired in Jefferson, Wisconsin in mid-2022.
The planned half-billion dollar cumulative investment will support more than 1,000 local jobs and support grain farmer incomes and the state economy “for decades to come”, the group said.
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The announcement was just one of a number made during Enterprise Ireland’s programme of business events in the US for St Patrick’s Day.
ClonBio contracted to purchase a mothballed ethanol plant in Wisconsin several months prior to the passage of US president Joe Biden’s Inflation Reduction Act.
Over the last 18 months, it has invested $100 million in the acquisition and upgrading of the plant, which is now the largest grain processing facility in Wisconsin.
In light of the various incentives contained in the new law, ClonBio is planning to “rapidly accelerate” an additional $400 million investment programme over the coming years rather than over the course of the decade, as originally planned.
As part of the same Enterprise Ireland programme, Irish ESG management company Climeaction and sports-tech company Output Sports have announced expansions of their US operations.
Leo Clancy, CEO of Enterprise Ireland, said: “Irish companies are scaling internationally at an accelerated pace, establishing new presences, and making significant investments and acquisitions in international markets, to serve their growing international customer base.
“Their growth internationally, strengthens their business, delivering job creation in Ireland and boosts Ireland’s economy. Irish businesses account for two-thirds of Irish jobs, and we are focused on further strengthening this position. They are the economic cornerstones in communities across Ireland.”
At SXSW Austin, Texas, this week, Enterprise Ireland will also showcase Irish companies in film, technology, future mobility, and the commercial creative sector, at Ireland House at SXSW, which is a Department of Foreign Affairs and cross-government agency initiative.
Elsewhere, Irish sports tech enterprise Sportskey announced its new US Midwest presence, based in Chicago. SportsKey develops sports facility management, scheduling, and online booking software.
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