Carolina Opportunity Funds Chooses BioEconomy Solutions
Inaugural Investment for IMPACT Carolina QOZ Fund
HILLSBOROUGH, N.C., February 19, 2020 (Newswire.com) - Carolina Opportunity Funds is pleased to announce that BioEconomy Solutions, a technology leader in sustainable agricultural crops for biofuels, animal feed, and food products such as Tiger Nut flour, as the first investment from the company’s IMPACT Carolina Fund, a Qualified Opportunity Fund designed to provide seed and early-stage financing to Qualified Opportunity Zone Businesses located in North and South Carolina.
BioEconomy Solutions has completed a 10-year agribusiness contract to produce renewable energy crops for the European biofuel market. The company’s planned renewable diesel plant will be located within a Qualified Opportunity Zone located in Georgetown, South Carolina. The new facility will create 200 full-time jobs and is estimated to create another 100 supply chain support jobs. In addition to an “off take” biofuel agreement with the UK, the company has created three vertical markets for its bio-friendly crops demonstrating significant growth potential.
“BioEconomy’s decision to locate an advanced biodiesel processing plant within an economically disadvantaged Opportunity Zone represents the spirit of the Opportunity Zone Initiative,” said Hannah Kirby, Managing Partner of Carolina Opportunity Funds. “The vast majority of Opportunity Zones within the Carolinas are in rural communities and the BioEconomy Solutions project will provide measurable economic growth to the region. Not only do investments in Qualified Opportunity Zones provide tax incentives, companies like BioEconomy Solutions are on the cusp of a new wave of agribusiness technologies that will drive the future growth of the industry.”
The IMPACT Carolina QOZ Fund is investing in companies that are deploying disruptive technologies to develop and grow new Qualified Opportunity Zone businesses throughout the Carolinas. The Funds has also identified a company utilizing AI advancements in vertical farming as well as an industrial hemp biomass to textile manufacturing company in North Carolina.
About Carolina Opportunity Funds
Carolina Opportunity Funds manages multi-round Qualified Opportunity Funds that provide seed through series A financing to Qualified Opportunity Zone Businesses through its IMPACT Carolina QOZ Fund and equity capital for QOZ real estate projects through its METRO Carolina QOZ Fund. The firm’s principal, Hannah Kirby, is a serial entrepreneur with a belief in the power of capital investment to transform communities. We’re backing Opportunity Zone projects in tertiary markets within North and South Carolina that would otherwise be overlooked by developers and businesses.
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Source: Carolina Opportunity Funds