Basehor, Kansas [RenewableEnergyAccess.com] Ethanex Energy, Inc announced that it has entered into a letter of intent to acquire an ethanol plant located in Sutherland, Nebraska from Midwest Renewable Energy, LLC for $220 million.
The facility currently produces 26 million gallons of ethanol per year (MGY) and is currently undergoing a two-phase expansion. Each phase is planned to add an additional 42.5 MGY of production capacity to the plant, which would bring the plant’s total capacity to 111 MGY upon completion.
“This acquisition will transform our company. It will provide Ethanex with immediate production and revenue at a cost that we believe is below that of building a new facility,” said Al Knapp, President and Chief Executive Officer of Ethanex.