ODESSA, Texas — The Odessa Development Corporation (ODC) provided Nacero with $2 million in 2022 to break ground on a multi-billion-dollar plant. However, the project never materialized, and now, Nacero will keep the funds despite not starting construction.
Initially, the project was set to be a first-of-its-kind carbon capture plant, but later shifted to using advanced technology to convert renewable natural gas into eco-friendly jet fuel. In April, Nacero informed the ODC that the project's timeline had extended to up to 10 years due to difficulties securing funding.
Nacero offered to return the money if requested, but after consulting with attorneys, the ODC decided against pursuing repayment. The attorneys determined Nacero had met initial requirements related to engineering plans, leading to their recommendation to let the company keep the funds.
"They're asking that we not pursue, not get the money back because of the process they had done," said ODC President James Kirk.
Former ODC Board President Kris Crow previously advocated for reclaiming the funds, arguing that Nacero failed to meet the agreement's terms and timeline.
Despite the setbacks, Kirk mentioned that if Nacero secures funding for the project, the ODC could still collaborate with them in the future.
