Plans for a Texas-based company to locate a $75 million plant in Somerset appear to be in limbo over efforts to secure funding for the project.
Somerset officials announced a preliminary agreement with Houston-based Extiel in February 2017. Economic development leaders said the new state-of-the-art Somerset Energy Center was a main factor in attracting the 75-million-dollar project to Pulaski County.
Extiel would use its unique technology to convert natural gas into ultra-clean synthetic fuel products, waxes and industrial hydrogen.
Now, the Commonwealth Journal is reporting that Somerset officials had a conference call with the company last week and Extiel said between $80 million and $100 million dollars has to be raised before the plant becomes a reality.
City leaders said they’re cautiously optimistic that the plant will be built on a 23-acre site near Somerset Rail Park. The project, if it’s realized, is expected to create 60 new jobs over four years.