Sioux River Ethanol, LLC announces plans for plant The Board of Directors of Sioux River Ethanol, LLC has announced plans to build a 45 million gallon per year ethanol plant, near Hudson.
The plant will be designed and constructed by Broin Companies of Sioux Falls, with construction beginning in early summer of this year. Completion is expected in the summer of 2004. Broin Mangement LLC has been contracted to manage the plant.
The new plant will utilize 15.8 million bushels of corn that will be converted to ethanol and 135,000 tons of dried distillers grains, which will be marketed both locally and by rail throughout the United States. The plant will employ approximately 38 people in quality positions with a $1.5 million annual payroll and anticipated expenses of approximately $55 million annually.
Sioux River Ethanol, LLC has been formed as a South Dakota Limited Liability Company and will be conducting an equity drive for this public offering, starting with meetings on March 6. Only South Dakota residents will be able to invest and the number of subscribers eligible to invest in Sioux River Ethanol, LLC will be limited to a maximum of 500. The new plant and anticipated start up, has a budget of $60.65 million and has a minimum equity target of $23.5 million.
The following informational meetings for interested investors have been set:
March 6 � 10 a.m. Hiawatha Club, Canton;
March 6 � 7 p.m. Ramkota Inn, Sioux Falls;
March 7 ��10 a.m. Pro Sports Bar, Vermillion;
March 11 � 10 a.m. Holiday Inn, Mitchell;
March 11 � 7 p.m. Minerva's, Yankton;
March 13 � 10 a.m. VFW Club, Beresford;
March 13 � 7 p.m. Ramkota Inn, Watertown;
March 14 � 10 a.m. Buckaroo Steak House, Hudson.