Green Plains Announces Fagen as Exclusive Construction Partner for Ultra-High Protein Buildout
June 17, 2021
OMAHA, Neb., June 17, 2021 (GLOBE NEWSWIRE) -- 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. Contacts
Investors: Phil Boggs | Senior Vice President, Investor Relations | 402.884.8700 | firstname.lastname@example.org
Media: Devin Mogler | VP Government Affairs | 202.389.2670 | email@example.com