Company plans more than 100 jobs in KoP

September 27, 2011 3:06:30 PM PDT
A new business in King Of Prussia will create jobs for hundreds in Pennsylvania.

Governor Tom Corbett was on hand to celebrate the soon-to-be-open technical and business center for Renmatix in King of Prussia. The company produces sugars that can be used to make global renewable fuels.

Renmatix CEO Mike Hamilton said the company did consider other states.

"We chose to be here because the material science talent is here. The biomass is also very attractive, long term, that the governor referred to as far as making our sugar," Hamilton said.

Here's a simplified version of what the company does in their Georgia facility. They convert wood waste or non-edible parts of crops into sugars. Renmatix would then sell those sugars to partners to make motor fuels or other products.

Renmatix board member John Doerr said one of the goals is to be less reliant on foreign oil.

"When we have access to affordable sugars we're going to be in an economy where manufactured goods and transportation are going to be more sustainable," said Doerr.

The company expects to create 150 jobs over three years. However, Governor Tom Corbett said there are important implications of the placement of the company in Pennsylvania and the future of economic growth in the state.

"When a company like this settles here creates jobs, the next question is what related industries, what new companies come into an area," said Gov. Corbett.

This facility is expected to open by Thanksgiving.

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