Great River nabs 51% of Blue Flint Ethanol for $18.5M

In Utah, Headwaters Inc., an energy and building products company, announced it has sold its 51 percent stake in an Underwood, North Dakota ethanol biorefinery to Great River Energy for $18.5 million in cash.

Before the deal, Great River Energy had owned a 49 percent stake in the Blue Flint Ethanol LLC biorefinery. Headwaters stated it will use the proceeds to strengthen its balance sheet and reinvest in its business.

The company produces building products for residential and commercial construction, as well as home remodeling. Its materials segment recycles fly ash, an additive in concrete products. The company’s coal cleaning business converts coal into liquid fuels.

Great River is a nonprofit cooperative that provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin. It is the second largest electric power supplier in Minnesota.