Synthica Energy Closes on Joint Development Property
CALHOUN — One of two land deals bringing new industrial facilities to the Northwest Georgia Regional Industrial Park closed this week, while a second remains in its due diligence phase.
Jointly owned by Floyd and Gordon counties, the park’s property sits in an area roughly southeast of Ga. 53, between Calhoun Highway and West Hermitage Road, near the Ball Corporation facility.
With plans for a new natural gas production facility, Synthica Energy began its purchase of a 10.4-acre parcel last November with what was originally a 60-day sale agreement in a process that has since seen delays.
“It took a little time, but it has come together,” authority chair Jesse Vaughn said.
Wednesday’s closing will net the authority $415,229.50, an amount that will go in part towards settling expenses Floyd County has incurred, and also help to settle the joint authority’s books with funds left over.
Originally, the Ohio-based company had proposed an initial $38,250,000 local investment with a potential for 15 jobs that pay an average of $43 hourly. However, that number may now be closer to $68 million with 19 jobs or more.
“I think it’s going to be a good project for us,” Rome Floyd Development Authority President and CEO Missy Kendrick said.
As previously reported, the Floyd County facility will apply an anaerobic digestion process to organic industrial byproducts to produce renewable natural gas that will be used by industrial customers. Regional manufacturers will provide the industrial byproducts that would otherwise go into landfills.
The natural gas created is injected into the existing natural gas pipeline system and distributed throughout the network. Synthica’s stated mission is to reduce landfill organics, increase recycling, and create an accessible solution to dispose of food and organic waste while benefiting both producers and their communities.
The company has facilities in development across the country. The Kentucky plant, Synthica Lebanon Junction, uses organic waste from bourbon distilleries and other businesses in the food and beverage industry.
Currently, the company is looking for the best option for pipeline connectivity, with two running through the area, as well as other future expansion opportunities.
“They are also looking at purchasing some additional property that is privately owned that is adjacent to the property that they are buying from us,” Kendrick said.
The other land deal in the works with the authority is with Alabama-based Power and Rubber Supply, a company looking to buy another 10.4 acres at $35,000 an acre. The deal was approved in July.
That deal is still in process, and could close as early as January, but could also see a request for an extension.
“They are still in the due diligence process,” Kendrick said. “I did speak with their engineer, and they are still digging holes and turning dirt.”
According to the manufacturer’s website, Power Rubber and Supply distributes and services industrial hoses, bearings, power transmission and rubber products.
The company plans to invest $4.2 million in the new facility and expects to begin construction by early 2024. That facility will employ 16 to 20 people. In addition to its headquarters and conveyor belt division in Tuscaloosa, Alabama, PRS also has operations in Alabaster and Mobile, Alabama.