NAPLES, Florida, May 8, 2019 /PRNewswire/ -- Following extensive site-search work across the United States, (SPGX) portfolio company Cormo USA Inc, in combination with the Indiana Economic Development Corporation, has announced Cormo USA's first factory will be located in the state of Indiana.
Under the agreement with the State of Indiana, Cormo USA Inc is eligible for $3.5m in incentives, as well as potential additional local incentives from Rush County, Indiana, to create 250 new manufacturing jobs in the state by the end of the year 2023.
The new facility, which the company plans to break ground on this summer, will process maize straw from up to 150,000 acres of corn fields each year into a 100 percent sustainable peat moss substitute (TEFA) for agricultural uses and into foam products (BABS) for material science uses. This patented process has been utilized at the company's pilot plant in France since 2016.
Sustainable Projects Group Inc. launched Cormo USA Inc. as a joint venture with Switzerland based Cormo AG in late 2018 and holds a 35% stake in the project.
Sustainable Projects Group together with Cormo USA will hold an Investor Update Call to outline its expansion strategy at the end of June, sharing more details about the exciting prospects and developments in the state of Indiana.
Please refer to following link for the full press release published by the Indiana Economic Development Corporation: http://bit.ly/2VOnZHj
About Sustainable Projects Group Inc.
SPGX is positioned to become a world-leading project incubation and development company through value-based investments and collaborative partnerships with global leaders across the sustainable and social-responsibility sectors.
SP Group has initiated its goals by pursuing investment and partnerships with some of the most diversified and integrated companies active in the market.
About Cormo USA Inc.
Cormo USA Inc is a joint venture partnership between Switzerland based Cormo AG and Florida based Sustainable Projects Group Inc. The company specializes in the sustainable recycling of corn harvest field waste into sustainable, value added products such as peat moss substitutes and filter materials. For more information about Cormo USA, visit www.cormousa.com.
On behalf of Sustainable Projects Group Inc.
Chief Executive Officer
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Sustainable Projects Group Inc.
225 Banyan Blvd, Suite 220
Naples, FL 34102
SOURCE Sustainable Projects Group Inc.