Development of Electro-Fuels Processing Plant in Corpus Christi
CORPUS CHRISTI (News Release) – City Council approved a Chapter 380 agreement with Net Zero Carbon One, LLC in the total amount not to exceed $500,000 for the development of an electro-fuels processing plant located near 5238 Union Street.
The company will invest $25 million in construction and create 25 high-paying jobs. This Chapter 380 agreement would provide a rebate to the project equivalent to 100% of their city ad valorem maintenance and operation property taxes in the first year and 50% of those property taxes in years two through five. This amount is capped at $500,000.
Net Zero Carbon One, LLC is a technology-based electro-fuel innovator with a mission to decarbonize the transportation sector and help mitigate the catastrophic effects of climate change.
These groundbreaking electro fuels are an ultra-low carbon fuel alternative to existing liquid jet and diesel fuels for planes, ships, and truck fleets with no costly infrastructure changes.
This plant will produce a net zero carbon diesel fuel for existing diesel engines and will put the City on the map as a green center for this type of technology.
"This is an exciting opportunity for the region to be leaders in the green energy space. The project would be the first of its kind for the nation, converting captured carbon and hydrogen from industrial facilities to cleaner synthetic fuels. Net Zero will bring 25 jobs to the area as well as the impact of the jobs and capital expenditure of the facility's construction," said Mike Culbertson, Interim CEO of the Corpus Christi Regional Economic Development Corporation.
