A startup company plans to lease part of a former paper mill in northern Maine for a facility that converts low grade biomass into a product used by farmers to improve soil quality.

The Portland company, Standard Biocarbon Corp., intends to set up shop at the former Great Northern Paper mill in East Millinocket.

The Bangor Daily News reports the company signed a letter of intent with the town to occupy about 25,000 square feet of the former mill.

Great Northern Paper closed in 2014. Standard Biocarbon would be the first new tenant to move into the site.

LOOK: See the iconic cars that debuted the year you were born