SWANTON, VT - A major biodiesel plant in Vermont, operated by Biocardel, has closed for business. The company cited financial difficulties arising from the expiration of the federal tax credit, the Times Argus reported.
The Vermont Economic Development Authority is now trying to recover $645,000 it provided to the facility in low-interest loans in 2006, officials told the newspaper.
Company representatives said the plant was on the verge of ramping up production last December when the tax credit ended.
Biocardel has said it has no plans to reopen the plant in the future.