FRANKFORT, Ky. — New Braidy Industries CEO Todd Modrowski along with other senior members of the aluminum plant testified in front of the Senate Appropriation and Revenue Committee about the $1.7 billion project. 

 Lawmakers pressed them on the status of the project which used $15 million of taxpayer dollars to bring a plant to Ashland in Eastern Kentucky.

Modrowski assured members they are working diligently to bring the project to fruition but capital is still needed. Modrowski said the company has $65 million on hand requiring them to get another $500 million to break ground on the new facility; however, he remains confident the company will have the money by the 4th quarter.

“We are confident as we sit here today,” Modrowski said. “Rest assured we will not rest until we have that.”

Modrowski told lawmakers an additional $200 million has been committed but is contingent on the company raising $500 million. Senate A&R Committee Chairman Sen. Chris McDaniel, R-Taylor Mill questioned the company about the timeline if they obtain the capital.

“Assuming over the next eight months or so you raise half a billion dollars will you be turning dirt before the end of 2020, not just small quantities, mass excavation, starting leap foundations, putting concrete in the ground, etc. will you be doing those activities before the end of 2020,” he questioned.

Modrowski assured McDaniel that was what they were focusing on refusing to answer what a plan b would be if they are unable to raise the funds needed.

“We try to stay away from the hypotheticals we are focused, laser-focused every day we wake up to make sure this facility gets built,” Modrowski said. “We don’t think about a plan b it’s not a part of our vocabulary, we are focused on the getting this build.”

The amount of capital still needed to break ground by 2020 caused concerns for Senate Minority Leader Morgan McGarvey, D-Louisville, as well as lack of power to the site where the plant is slated to be built.

“What I liked is that they are focused on getting this project build again we all want this to succeed, you have got 138 legislators, I don’t know if one that is rooting for them to fail,” McGarvey said. “But they have big hurdles, we knew they had big hurdles before they came here today, they have to get power, they have to start building the facility, they told us today they got to raise an additional half a billion dollars in capital and that $200 million they do have is contingent on raising that $500 million, that’s a heavy lift for any company much less one that’s had the trouble that Braidy has had over the last couple years.”

McDaniel left the committee hearing feeling cautiously optimistic about the project.

“They expressed a lot of optimism we have nothing to go on but what they are telling us but it’s clear that there is a new level of transparency that we have not seen from Braidy Industries before today,” he said. “So I’m optimistic that will continue but certainly we sent them back with a lot of questions that we still have about their operation and are looking forward to their responses.”

Sen. Robin Webb. D-Grayson remains optimistic the plant will be built in her district as promised and expressed some discontent with the scrutiny it is receiving.

“I appreciate the attention this project is getting, I appreciate the attention my area is getting but certainly we are undergoing a lot of scrutiny here, we are not in Louisville, we are not in Lexington we are not in the golden triangle, we are stuck up there in Northeast Kentucky and I just hope that any project with a level of investment gets the same type of accountability and scrutiny we do because I think our area is well suited for this,” she said.

Braidy Industries is said to bring 8,247 jobs to Eastern Kentucky and 18,025 additional jobs to all over Kentucky.

Braidy Industries Chairman Charles Price did not attend the hearing but sent committee members a letter in his absence.