An Indiana company backed by a Boardman investor plans to divert waste from a landfill there and turn it into diesel fuel, synthetic motor oil and recycled building materials.
They will invest more than $1 billion, including money targeted for a transfer station in the Youngstown area, officials with Nature's Fuel announced.
Executives from Nature's Fuel stood in front of the Krinos Group offices in Boardman Friday and said they plan to build a $500 million facility somewhere in eastern Ohio or western Pennsylvania with a target near Campbell.
The plant would take various kinds of construction and other waste and convert it into diesel and motor oils.
Executives said the facility would create about 800 construction jobs for the area and another 600 positions once the plant is operable.
The company, based in Fort Wayne, made a flurry of announcements of such trash-to-fuel operations, including the one in the Mahoning Valley.
Chief Executive Officer and Chairman Bill Sinish said the Huntington County, Ind., operation will include a sorting and processing building materials at the landfill, plus transfer stations in several cities.
The key financier, George Krinos of Krinos Group, also was on hand at a press conference in Indiana Thursday.
He declined to disclose the source of the money or the terms of financing. Krinos said the financing mechanism upon which this massive investment in Huntington depends is "proprietary." He said he is "unable to discuss details," because disclosing too much could run afoul of Securities and Exchange Commission restrictions. He said he is preparing to take his company public and is shooting for a listing on the NASDAQ exchange by the end of the year.
"We have to be very cautious," he said.
Krinos said he's only been pursuing the finance model behind Nature's Fuel for about 1 1/1 to 2 years, including the time it took to develop it. He insists on a high standard of economic patriotism in the investments.
"We will only finance an American company that will open up in America and employ American citizens," he said.
That does, however, leave him plenty of opportunities for investing. He told the crowd in Huntington that he's lined up about $2.5 billion investments that will create "up toward 40,000 new jobs, directly and indirectly."
Krinos said he's seeking more investors for the projects.
Nature's Fuel executives said they want to obtain financial incentives from the state or local government, but would be willing to move forward without assistance.
Besides the sales of material refined and recovered from the trash stream, another source of revenue at the company's Huntington operation would be tipping fees for trash disposed there.
Tribune Chronicle news partner WYTV 33 News contributed to this story.
Bob Caylor writes for the (Fort Wayne, Ind.) News-Sentinel.