AgroRenew says it is suspending plans to build an $83M manufacturing plant in Knox County.
The company says that although it remains fully committed to the project, unforeseen circumstances, continued delays in processing equipment deliveries, and growing financial constraints on out-of-country deliverables have introduced challenges to the construction timeline and the current viability of the project.
The plant would have turned watermelon waste into biodegradable plastics.
AgroRenew has transferred the land for the project on Elkhorn Road back to the Knox County Development Corporation.
Along with the land transfer, the company has committed to repaying the grant dollars provided as part of the economic development incentive.
And it has also committed to supporting any local investors by purchasing their investment back.
The company says it continues to work with partners on the use of the formulations and technology developed.
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