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发帖数: 18007 | 1 As KiOR's troubles have mounted and threatened to throw the company into
bankruptcy, some of the company's executives have continued to see their
wages climb. Fred Cannon, the company's chief executive officer since July
2010, has seen his compensation increase from $4.2 million in 2011 to $6.6
million in 2013, mostly through stock awards. John Kasbaum, senior vice
president, received $1.2 million in total compensation in 2013 compared $628
,548 two years earlier.
#The company now faces an SEC investigation and two class-action lawsuits in
Texas that allege it made false and misleading statements about
profitability and progress in ramping up operations.
#"Specifically, despite constant setbacks, mechanical and design problems,
and missed milestones, Defendants continued to falsely reassure investors
that the Company remained on track to achieve commercially meaningful
biofuel production levels at the Columbus Facility during the timeframes
promised," the complaints states.
#The company had estimated to produce sales of 500,000 to 1 million gallons
of synthetic crude before the end of 2012. For this to occur, KiOR needed to
produce more than 9,400 gallons of product per day every day over the
course of the following 53 (days).
#A bright spot came in March 2014 when KiOR shipped its first batch of
cellulosic biofuel, which prompted Condoleezza Rice, former U.S.
secretary of state and then-KiOR board member, to say the company "is
changing the American energy equation by innovating and commercializing an
entirely new generation of hydrocarbon-based diesel and gasoline fuel."
#KiOR is the latest failure in the state's mixed bag of experiences with
clean-tech industries. A year after Barbour sold Mississippi on KiOR, he
announced incentive packages for California-based Calisolar, a silicon
manufacturing plant to Columbus and HCL CleanTech to Olive Branch. CleanTech
also planned to open a commercial facility and a research-and-development
center in Grenada and three large-scale commercial plants in Booneville,
Hattiesburg and Natchez. CleanTech converts biomass materials to biofuels.
The new developments would bring a total of 1,800 jobs to the state and
relied on another $75 million loan from MDA.
"Calisolar and
HCL CleanTech are examples of how Mississippi has become a top site for high
-tech, high-skilled manufacturing," Barbour said at the time. "I hope the
special session will be short and productive as we continue the business of
creating new, higher-paying jobs for Mississippians."
#Calisolar, which makes silicon used in solar panels, ran into trouble as
prices for solar arrays fell and had to layoff workers at its Sunnyvale,
Calf.. plant and shelve plans for a $600 million expansion into Mississippi. | p********7
发帖数: 18007 | 2 Kior closed at 37 cents today in New York and has tumbled almost 98 percent
since its 2011 initial public offering at $15. | p********7
发帖数: 18007 | 3 Jul 15, 2014. KiOR Inc (NASDAQ:KIOR), on Friday, the company saw a decrease
of5.56% in its prices, and closed at $0.34. | p********7
发帖数: 18007 | 4 Tuesday, August 2, 2011
Imagine a cheaper gasoline that can be produced domestically and is
environmentally friendly.
A pipe dream?
Maybe not if a Pasadena-based company’s business plan pans out.
KiOR, (pronounced KEY-ORE) has spent the last three years perfecting a
technology that enables the company to convert low cost biomass like wood
chips or algae into hydrocarbon-based renewable crude oil that is then
refined into gasoline or diesel.
“Kior was built on the vision that we can reduce our dependence on
petroleum by harnessing alternative sources of fuel without having to
rebuild the nation’s fuel infrastructure,” Fred Cannon, KiOR’s President
and CEO says in a statement on the firm’s website. “At Kior we are
commercializing a technology that can create an environmentally friendly
crude oil substitute from a wide variety of biomass, everything from
agriculture waste and residue such as sugar cane bagasse to wood chips.”
According to the company the process has been tested successfully at KiOR’s
labs and Pilot Plant, located on Bay Park Road in Pasadena. The plant is a
hive of activity underneath a pair of huge concrete silos that can be seen
from nearby La Porte, but considerably smaller than a refinery.
“Pasadena has been KiOR’s headquarters since shortly after its founding in
2007. At the demonstration scale facility, which has been running in
Pasadena since the first quarter of 2010, the company is producing 15
barrels of its renewable crude per day. KiOR also has a pilot plant at its
headquarters, which has operated successfully for over 9,000 hours,” a
company spokesman said in an email to The Citizen. “At its first commercial
scale facility in Columbus, Miss., KiOR plans to produce 11 million gallons
of renewable fuel per year. The company is also planning to begin
construction on another commercial scale facility – three times larger than
the Columbus plant – in the second half of 2012.” |
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