August 25, 2010

Genesis Ethanol I Micro Ethanol Plant To Be Auctioned



Maas Companies of Rochester, Minn. will liquidate the Genesis Ethanol I, two to four million gallon-per-year micro ethanol plant located outside of Sioux Falls in Parker, South Dakota via sealed bid auction ending at 5 p.m. central daylight time on Friday, Sept. 24. A winning bid may be awarded at that time or the top five bidders may continue a limited live auction Friday, Oct. 8 at 11 a.m. central daylight time.

Tyler Maas, sales and marketing director for Mass Companies stated, “The sealed bid sale offers this plant to a new buyer at a significant savings over the approximate $6 million dollars that was invested to design and build the facility. It is a perfect opportunity for an end user to operate it on its current site with some modifications, or for a new start up company with new technology to perfect it on a pilot scale at a new location.”

Genesis Ethanol I was a prototype micro ethanol plant started in 2008 with several innovative concepts. Genesis purchased corn locally and sold its distiller grain by products locally, thereby greatly reducing transportation costs and delivering a consistent product. In addition, the facility was designed with energy saving components unique to its design in an effort to reduce energy costs. Initially the plant was to be the first in a series of similar plants throughout the region.

The plant was built with typical automation and monitoring and multiple security cameras placed strategically on-site. Summit Green Energy, the builder and managing partner, intended to capitalize on economies of scale by running multiple plants within the region. Although the micro ethanol plant began operations, it was not able to sustain momentum with overwhelming external factors affecting the industry and operational issues.

Potential buyers will be given the option of submitting bids to operate the plant in place with the successful negotiation of a new land lease with the current land owner, or the buyer may elect to dismantle and re-locate the plant.

Source : Press Release

No comments:

Post a Comment

Post a Comment