Green Plains Announces Fagen as Exclusive Construction Partner for Ultra-High Protein Buildout
June 17 2021 - 4:05PM
Green Plains Inc. (NASDAQ:GPRE) today announced it has selected
Fagen, Inc. as the general contractor to construct and install
Fluid Quip Technologies’ MSC™ system for its biorefining platform.
This technology represents the cornerstone of Green Plains’
transformation into a leading global ag tech company focused on
sustainable, value added products. This exclusive partnership
complements Green Plains’ technology with a world class
construction company, advancing the execution of its 2024
transformation plan. Furthermore, this partnership will facilitate
marketing of the MSC™ technology solution to potential partners
across the industry.
“Selecting Fagen to complete the construction of MSC technology
across our platform is another pivotal milestone in delivering on
our 2024 objectives,” said Todd Becker, president and chief
executive officer of Green Plains. “Fagen is the premier
engineering and construction firm in the biorefining space with an
unrivaled history as a high quality, reliable construction partner
capable of large scale, duplicative and complex project management.
When combined with the innovative technology from Fluid Quip, we
believe we have created a world class partnership to deliver on the
expansion of Ultra-High Protein across our platform by 2024.”
Construction on the Obion, Mount Vernon and Central City
locations will begin over the next several weeks with each facility
being completed over a 9 – 12 month time frame. Construction at the
Madison and Superior locations is expected to begin later this year
and the four remaining facilities are anticipated to begin
construction in 2022. Upon completion, Green Plains’ anticipated
annual Ultra-High Protein production capacity will be approximately
600,000 tons with protein concentrations of 50% or greater.
Renewable corn oil capacity is also expected to increase by 50% as
a result of the MSC™ technology.
“We are excited to work with Green Plains and Fluid Quip on
implementing their leading technology portfolio in Ultra-High
Protein, renewable corn oil and clean sugar, helping them create
the biorefinery platform of the future,” said Evan Fagen, chief
operating officer of Fagen. “This exclusive partnership enhances
execution of these projects across their platform and opens the
door to additional industry partnership opportunities, allowing
Fagen to once again play a vital role in meeting surging global
demand for renewable ingredients to feed and fuel a growing
world.”
“As more of our biorefineries come online with Ultra-High
Protein in 2022, we believe we will reach an inflection point
driven by expanded high protein production capacity and increased
renewable corn oil yields,” added Becker. “We believe that by
engaging a trusted general contractor and construction expert to
reliably build out the remaining locations, we will drive added
value and certainty of successful achievement of our 2024 financial
goals. As each new site comes online, we will increase
redundancies, allowing for our innovation engine to start to
accelerate around higher protein concentrations and better
nutritional outcomes while taking advantage of the growing demand
for renewable corn oil.”
About Green Plains Inc.Green Plains Inc.
(NASDAQ:GPRE) is a leading biorefining company focused on the
development and utilization of fermentation, agricultural and
biological technologies in the processing of annually renewable
crops into sustainable value-added ingredients. This includes the
production of cleaner low carbon biofuels, renewable feedstocks for
advanced biofuels and high purity alcohols for use in cleaners and
disinfectants. Green Plains is an innovative producer of Ultra-High
Protein and novel ingredients for animal and aquaculture diets to
help satisfy a growing global appetite for sustainable protein. The
Company also owns a 48.9% limited partner interest and a 2.0%
general partner interest in Green Plains Partners LP. For more
information, visit www.gpreinc.com.
About Fagen, Inc.Fagen, Inc. is a premier, full
service EPC contractor headquartered in Granite Falls, Minnesota.
Established in 1988, our family owned company was founded on the
principal of making our clients successful. In all that we do, we
continually instill the importance of safety, quality and customer
satisfaction throughout the entire framework of our company. Fagen,
Inc. has constructed 60% of the ethanol production capacity in the
United States, as well as multiple biodiesel, wind and power
projects. The unmatched standard for safety, quality, and service
has led Fagen, Inc. to be consistently listed in the Top 400
Contractors by Engineering News Record. To learn more about Fagen,
Inc., visit www.fageninc.com.
Green Plains Inc.
ContactsInvestors: Phil Boggs | Senior
Vice President, Investor Relations | 402.884.8700 |
phil.boggs@gpreinc.comMedia: Devin Mogler | VP
Government Affairs | 202.389.2670 | devin.mogler@gpreinc.com
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