Keith Pauley says he misspoke when he said “RMG will provide funding for the entire construction of this project” on Tuesday, according to a story in Wednesday’s Daily Mail. Pauley is President and CEO of Mid-Atlantic Technology, Research & Innovation Center (MATRIC).  He informed the South Charleston Economic Development Committee on Tuesday that Aither, a spin-off of MATRIC,  had lined up $500 million in financing from Pittsburgh, Pa. based Renewable Manufacturing Gateway, known as RMG to build a cracker plant.

Aither’s planned cracker will use a catalytic technology rather than steam technology to convert ethane to ethylene, a building block of plastics and chemicals.  Pauley claims that the construction of a catalytic plant is expected to cost about 1/3 the cost of a $1.5 billion steam cracker plant.  New Martinsville and Institute are under consideration as future plant sites.

RMG President Steve Adelkoff told the Daily Mail on Tuesday, “We’ve been negotiating with Aither to assist in raising capital. We also have some of our own capital to invest but not nearly the $500 million it takes to build one of these plants.”

Per the Daily Mail, Aither already has the support of the West Virginia Jobs Investment Trust in the form of a $250,000 convertible debenture (a loan that is convertible to stock.)   The nonprofit West Virginia High Tech Consortium also has invested $200,000 in a convertible debenture with Aither through it’s Innova branch.