Cobalt Technologies, a biofuel plant that produces biobutanol from wood scraps, is planning to build a full-scale plant within the next two years to mass produce its fuel. California Governor Arnold Schwarzenegger hopes that the company will establish in California to create much needed jobs and promote California’s efforts in a green future. Schwarzenegger is enticing green-tech companies like Cobalt to invest in California by proposing exemptions from paying sales taxes on company equipment and a $500 million dollar program that will assist companies in starting up. Such offers are crucial factors for these companies because their net profits barely keep them afloat. Cobalt is significant to California because it will create an estimated 1,300 full-time jobs and greatly benefit the state’s growing unemployed population. The implications from this article suggest a delicate back and fourth balance between green-tech companies, their scarce revenue, and state made amenities to entice companies to invest and benefit the state.
California Governor entices a new biofuel plant for resident jobs