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Edgewood Renewables receives an incentive to establish a biofuels refinery in North Las Vegas.
Nevada Governor Joe Lombardo approved a $11.7 million tax reduction for Edgewood Renewables as an incentive for establishing a biofuel refinery.
This project, endorsed by the Governor’s Office of Economic Development, was announced on January 25 by Lombardo in collaboration with the state entity. The Governor’s Office of Economic Development was established with the mission to bolster economic development in Nevada, and this biofuel initiative is a significant step in that direction.
Edgewood Renewables’ CEO, Steve Harrington, expressed excitement about locating the refinery, fuel center, and terminal in North Las Vegas, Nevada. He highlighted that this strategic location would provide access to key markets, and with the assistance of local workforce, continued collaborative growth is anticipated. One of the goals of this partnership is to create 60 jobs with an average wage of $40.71 per hour.
According to data published by Transport Topics, Edgewood Renewables is progressing with plans for a railway facility and a production plant in the city, aiming to produce 9,000 barrels of sustainable fuels daily. Additionally, Edgewood Renewables is expected to invest $96.5 million in equipment during the first two years of operation and generate $21.6 million in new tax revenues over the 10-year tax abatement period.
In October, North Las Vegas collaborated with U.S. Energy to facilitate the company’s arrival in the city. Under a long-term agreement, U.S. Energy will operate the biofuel center, while Edgewood Renewables will be responsible for building the facilities in a former fuel terminal. This strategic step marks a significant milestone in the joint development of these entities in the renewable energy sector.
Nevada stands out as a favorable location for new businesses due to incentives provided by the Governor’s Office of Economic Development (GOED). These incentives range from sales tax reductions for equipment acquisition, sales/use tax deferrals, to tax benefits for real estate recycling, intellectual property development cost assistance, and grants for employee training.
To qualify, businesses must operate in Nevada for at least five years and meet at least two of the following criteria: offer jobs with state average wages, make significant capital investments, or create primary jobs. Additionally, approval requires companies to provide health insurance to employees and cover at least 65% of insurance premium costs.
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