October 27, 2005
US company to start ethanol production plant in Michigan
US company New Energy Capital would start an ethanol production plant in Albion, Michigan State. The facility was expected to be completed in September next year.
The plant would have an annual capacity of 55 million gallons and produce ethanol from corn grown by local farmers. It would also produce distillers grains, a high quality feed supplement suitable for the region's growing dairy industry.
Dan Reicher, president of New Energy Capital, expressed satisfaction with the investment at a time when crude oil prices were high.
Ethanol from the plant would be mixed with gasoline for use in the transportation sector.
US agribusiness The Andersons would manage the plant, which would also be adjacent to a grain terminal owned by the company. The aggregate investment for the facility was estimated at about US$86 million.
Three other equity investors also joined The Andersons and New Energy Capital.
