Minnesota’s controversial MinnErgy corn ethanol project scuttles public stock offering; aims for private placement

In Minnesota, the controversial MinnErgy corn ethanol plant in Eyota returned to the headlines with the news that the public stock offering had been cancelled after raising only $1.57 million of the company’s $89 million goal. Company executives returned all funds to investors and said that the company would proceed with a private placement to raise money for the $133 million plant.

The project inspired strong local resident opposition, and local opponent Jeff Broberg said in a statement “It is gratifying to know that investors have shunned MinnErgy’s ethanol proposal as a high-risk investment and an unsustainable venture.”

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