Green fuel firm Ensus has plans to build a second plant - with Teesside named as a likely site.
Bosses at the firm were "looking at the options" for future growth as work gets underway on its first £250m bioethanol plant at Wilton.
Alwyn Hughes, chief executive of Ensus, said while no decisions had been made the ambition was "to grow the business." A second plant could be built on Teesside or in another location, such as Northern Europe - although the company's headquarters would remain on Teesside.
"Teesside is a great location and we're not ruling it out," he said.
Mr Hughes said the firm had looked at several sites for its first plant.
"I started my career with ICI on Teesside 20 years ago and it's nice to come back home after finding there was nowhere better than this to built this plant," he added.
Construction at the Ensus 1 plant, which will employ 100 people when it becomes operational, has begun.
Environment Minister David Miliband visited the plant to mark the move at the weekend.
He also met with bosses from PD Ports for a briefing on its plans, including the building of a £300m deep sea container terminal which could bring 5,500 jobs.
Bosses from PD Ports also visited London to meet the Department for Transport.
The DfT has said an objection from Hutchinson Ports, owners of South-East rivals Felixstowe and Harwich, would mean the Teesside project would have to go to a public inquiry that could set it back by 12 months.