Greater Ohio Ethanol plant to open as Ohio ethanol production boom peaks; future project pipeline dries up

In Ohio, the 55 Mgy Greater Ohio Ethanol plant is scheduled to commence operations in Lima this month, using corn as a feedstock. The Ohio Corn Growers Association said that a total of seven ethanol plants are expected to start up this year in the state. However, the state Department of Development said that the number of ethanol development projects in the pipeline had dropped more than 80 percent since 2006. The 50 Mgy Mercer Energy plant is still expected to commence construction near Celina this summer, but no other new projects are still in the active construction pipeline.

Three new biofuels plants have already opened in Ohio this year, both producing corn-based ethanol.

The 110 Mgy corn ethanol plant owned by The Andersons and Marathon Oil in Greenville commenced production in January. The joint venture will produce 350,000 tons of distillers grains in addition to ethanol.
Coshocton Ethanol commenced operations in January, after completion of a two-year construction period. The 55 Mgy corn ethanol plant will utilize 20 million bushel of corn and create 41 direct jobs. The company is a subsidiary of Altra Biofuels. A lawsuit filed by Coshocton County Citizens for A Safe Community opposing the new ethanol plant had been dismissed right before the opening. The suit alleged that federal and state grant and loans were obtained based on inaccurate application data.

Just before the opening of Coshocton Ethanol, POET opened its 65 Mgy corn ethanol plant in Leipsic. The $105 million project was Ohio’s first ethanol plant and is located in the Iron Highway Industrial Park which is served by multiple rail freight companies.

Also, Rex Stores has purchased a $36.5 million convertible promissory note in Levelland/Hockley County Ethanol. The note can be converted to equity according to SEC documents filed last week.
Meanwhile, investors in the proposed 60 Mgy GreenLion Bio-Fuels plant in Streator, OH are moving to recover a portion of their money as insiders indicate that the delay may become a cancellation due to unfavorable ethanol economics. Investors have been offered 72 cents on the dollar; the plant’s construction efforts were halted last summer amidst market uncertainties

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