The newest South Dakota ethanol investment opportunity is being offered by Glacial Lakes Energy (GLE), of Watertown, S.D., which plans to develop and construct two new South Dakota ethanol plants and add 50 million gallons of capacity to their current facility. GLE will be hosting public equity meetings in South Dakota beginning Aug. 22 to sell up to $95 million of its common stock at $2 per share.
GLE intends to use the proceeds of the offering to finance the construction of the following:
· a new 100 million gallon per year (mgy) ethanol plant near Aberdeen, S.D., called Aberdeen Energy;
· a new 50 mgy plant near Vermillion, S.D., called Missouri Valley Renewable Energy; and
· the expansion of its Watertown facility to a 100 mgy plant
Subject to financing, dirt work is set for this fall on the Aberdeen plant with Fagen, Inc. mobilizing for construction in early 2007. The plant is expected to be under construction for an estimated 14-18 months with start up in early-to-mid 2008. Dirt work is also scheduled to begin this fall on the Vermillion site with start up expected by early 2008. GLE, which is wholly owned by the Glacial Lakes Corn Processors (GLCP) cooperative, will be the owner and manager in the new plants.
Minimum investment in this ethanol plant grouping is $10,000. A deposit of 20 percent of the total investment will be due the day of purchase. The offering is only available to South Dakota residents and all investors must meet other established eligibility requirements. Priority will be given to existing GLCP members and Aberdeen and Vermillion/Missouri Valley area residents, subject in all cases to GLCP’s right to accept or reject any subscription in whole or in part for any reason. To raise the necessary equity capital, GLE will hold the following informational meetings:
Date Location Time
Aug. 22: Watertwon, Event Center 1 p.m.
Aug. 23: Ipswich, High School Gym 6 p.m.
Aug. 24: Vermillion, High School Gym 4 p.m.
Potential investors will be provided a prospectus about this GLE stock offering at the meetings. For more information, contact GLE at 605-882-8480.
GLCP is a 900-plus member cooperative based in Watertown that owns and operates a 50 mgy ethanol plant in Watertown through its wholly-owned subsidiary Glacial Lakes Energy, LLC. GLE also has a 20.9 percent ownership in Granite Falls Energy and an 8.4 percent interest in Redfield Energy and serves as the managing partner in those two plants.