» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 131 | NO. 237 | Tuesday, November 29, 2016

Cargill, Calysta Partner to Build New Facility on Presidents Island

By Patrick Lantrip

Print | Front Page | Email this story | Email reporter | Comments ()

Cargill’s 69-acre property on Presidents Island, which has remained dormant for nearly two years, will be the home of a new manufacturing facility that will create 75 jobs.

The new joint venture between Cargill, Calysta Inc. and third-party investors plans to convert the former corn mill into the world’s largest gas fermentation facility, Tennessee Department of Economic and Community Development Commissioner Randy Boyd announced Tuesday, Nov. 29.

“Calysta is very pleased to be joining in this new venture with Cargill in Memphis to open the first U.S. manufacturing plant for FeedKind protein,” Calysta president and CEO Alan Shaw said in a release. “We look forward to partnering with the city of Memphis and the state of Tennessee to bring the next generation of sustainable aquaculture products to market.”

FeedKind is a non-animal source of protein produced from microbes that are naturally found in soil. During the gas fermentation process, which is similar to making yeast, the microbes produce a sustainable, high-protein alternative feed ingredient for fish, livestock and pet nutritional products.

In 2014, Cargill announced it was closing its corn milling facility due to underutilization and its location away from the Corn Belt. The Daily News reported later that year that only about 50 of the 440 workers employed at the corn plant would remain in Memphis at a smaller location.

At the time, Cargill was Memphis Light, Gas and Water Division’s largest single water customer. The closure resulted in $1.8 million in lost revenue at MLGW and an eventual 22 percent water rate hike to offset the losses.

But now the new partnership between Cargill and Menlo Park, California-based Calysta hopes to breathe new life into the area with the construction of a state-of-the-art facility.

“Cargill has been a part of the Memphis community for 40 years,” Brian Silvey, Cargill’s global vice president of Bioindustrial, said in the same release. “With the strong support of the state of Tennessee, Shelby County and city of Memphis, we are pleased that the venture chose to locate the facility in Memphis.”

Construction on the new facility is expected to be completed by the end of 2018, but hiring will begin in mid-2017.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
FORECLOSURE NOTICES 0 23 2,484
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429
BUSINESS LICENSES 30 47 5,350
UTILITY CONNECTIONS 0 29 6,302
MARRIAGE LICENSES 19 52 3,563