MERCER COUNTY, W.Va. – Tim Hawks, a managing partner with a company called TNT Biofuels says the business has plans to place 25 hydrogen producing coal plants in Mercer and McDowell counties.
Company leaders say coal in this area differs from coal found in other areas which allows the coal to be heated to more than 1,200 degrees to create hydrogen that can be turned into electricity and sold.
“We’re going to take on a daily basis, 1,400 tons of coal per day. That will make enough hydrogen to generate for sale about 30 to 35 megawatts of power,” said Hawks. “We generate our own electricity for the process at the same time.”
Hawks says right now the company is in the process of gathering capital to make the project happen. In total he expects 10 billion dollars to be invested into the area over an 8 to 10 year period. The company plans to build a number of the plants off of Exit 9 in Princeton and off of Exit 1 in Bluefield.
“We’re looking to break ground in April or May. As soon as the weather turns good here to start moving dirt and doing the site work. We hope to be under a roof in 2025, by November of 2025,” said Hawks.
Hawks says the plants are expected to employ around 3,000 people once they’re complete. He expects wages to be around $60,000 on the low end.
To supply the need for workers, Hawks says the company will be working with Bluefield State University to offer scholarships to a number of students enrolled in the school’s two year engineering and technology program.
“It gives us the opportunity to go into the community in McDowell and Mercer County and Tazewell and Giles county. Our neighbor counties in the commonwealth and recruit students into those engineering programs whether it’s a four year degree or a two year degree,” said Keith Olson, vice president of development for Bluefield State University.
A senior adviser for TNT Biofuels, Reid Erickson says clean energy is a hot topic in the investment world right now. They’re hoping to pair their plans with investors looking to invest into this area which is an opportunity zone.
These zones provide tax advantages to investors who have made a profit but want to roll money into another investment, allowing investors to pay less taxes.
“If they leave the investment in an opportunity zone for up to ten years then they don‘t pay any capital gains taxes on any profits generated out of their investment,” said Erickson. “It’s a way to avoid your capital gains tax which is an incentive for investors to move their money into more rural types like this is here in mercer county.”
Hawks says they expect the hydrogen plants to last 20 to 30 years but with the right investments into equipment and technology he believes they could last as long as 75 years.
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