On Thursday, Glacial Lakes Energy (GLE), LLC, in conjunction with Missouri Valley Renewable Energy (MVRE), LLC announced that they have merge red their companies together; MVRE has become part of GLE in order to build an ethanol plant near Vermillion.
GLE is a 50 mgy ethanol plant near Watertown which has been operational since August of 2002. MVRE is an organization which formed this March to pursue opportunities in renewable energy in southeast South Dakota.
Equity drives are tentatively set for later this summer to secure the necessary funds to construct the facility by Vermillion.
Dirt work will begin this fall with plant construction beginning early spring 2007. GLE and MVRE have secured the land option and results from a feasibility study are due back in July.
Craig Johnson, chairman of MVRE, stated that he is very pleased that MVRE is joining up with Glacial Lakes Energy to form a larger, stronger company.
"Glacial Lakes Energy has a proven track record and is a leader in the industry," said Johnson. "MVRE will benefit from GLE's resources, experienced team, and leadership in the ethanol world."
Tom Branhan, CEO of Glacial Lakes Energy, LLC, welcomes MVRE as they become part of the GLE family.
"MVRE will strengthen the alliance and provide additional value to new and current share holders as well as the communities the plants are located in," said Branhan.
GLE is currently working on several other projects including expanding their current facility in Watertown to a 100 mgy plant and a 50 mgy plant near Redfield is under construction. GLE also manages Granite Falls Energy in Granite Falls, MN, a 50 mgy plant, and GLE intends to build a 100 mgy plant near Aberdeen and a 50 mgy plant near Madison, MN.
MVRE will be GLE's sixth ethanol plant.