Biofuel company moving HQ to suburban Philly

PATRICK WALTERS - Associated Press
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Gov. Tom Corbett, left, and venture capitalist John Doerr meet following a presentation at the Renmatix's planned new headquarters and research center, Tuesday, Sept. 27, 2011, in King of Prussia, Pa. About 150 jobs are expected to be created in suburban Philadelphia as the biofuels company plans to move its headquarters from Georgia. Renmatix is working to turn biomass products such as wood and waste into fuel. (AP Photo/Matt Rourke)

KING OF PRUSSIA, Pa. (AP) — Gov. Tom Corbett traveled to suburban Philadelphia on Tuesday to welcome a biomass energy company that plans to move its headquarters from Georgia and create 150 jobs over the next three years as it tries to develop ways to turn products such as wood and waste into fuel.

Venture capitalist John Doerr moderated a discussion of alternative energy inside the warehouse building that Renmatix — which has another facility in Kennesaw, Ga. — will be calling home.

The company is developing ways to access the fermentable sugars that are the foundation of biofuels. The effort, along with other alternative energy efforts, are all part of helping the country become less dependent on foreign oil, Doerr said.

"Sugar is the next crude, the new crude," Doerr said. "Done right, this can revitalize the American economy."

The company's move, the development of natural gas drilling in the state and new wind and solar energy projects show that Pennsylvania is becoming a center of energy development, said Corbett, a first-term Republican.

Renmatix's processes, which use water to access sugars from biofuels, are an innovative part of finding new ways to create energy, Corbett said.

If Renmatix creates the number of jobs anticipated, the company will receive a total of $1.9 million in loans, tax credits and grants for the project, said Steve Kratz, a spokesman for the Department of Community and Economic Development.