A chemical plant in Crosby, Texas is in danger of catching fire or exploding following a loss of primary and backup power due to flooding from Harvey, according to a report Wednesday.

The peroxides used at that plant have started to heat up after the site lost its primary source of power and backup generators. Without electricity to power refrigeration, the chemicals are in danger of degrading which could cause a fire or explosion.

"The materials could now explode and cause a subsequent, intense fire," Rich Rowe, Arkema's president and CEO told the Texas Tribune on Wednesday. "The high water and lack of power leave us with no way to prevent it."

Rowe said that it is impossible to get the refrigerator systems running again until the water levels go down and that the company is monitoring the temperature of each refrigeration container.

The plant reportedly cleared out all employees on Tuesday, and hundreds of people living within 1.5 miles of the site. Rowe claimed the evacuation was "conservative" and that the effects of an explosion would be likely be contained to the actual site.