An Iowa Ag investment group plans to build the first ever corn ethanol plant in Mato Grosso, Brazil.
Summit Agricultural Group of Alden, Iowa broke ground on Brazil?s first ethanol plant recently.
The group is partnering with Brazilian agribusiness group Fiagril to build the $115 million state of the art facility in Mato Grosso.
Mato Grosso is a preeminent agricultural state in west central Brazil and the country?s largest producer of corn and soybeans.
Justin Kirchhoff is Investment Development Manager for Summit Agricultural Group.
?As we think about this opportunity longer term, given the growth and demand in Brazilian ethanol, we think the combination of this plant being the most technologically advanced corn ethanol plant operating globally, located in an area that has what we think will have the lowest long term corn prices in the world, located in a country that has significant demand for ethanol, we think the combination of those three things presents a really dynamic opportunity.?
He says the plant will be able to produce 50 million gallons per year feeding in 20 million bushels of corn.
?The most important aspect of this is that we?re going to be utilizing proven technology from ICM who provided about 60% of technology to all of the ethanol plants in North America. What we are able to do is take that proven technology and transplant that down into Brazil and utilize the advancements and technology that has happened in the U.S. ethanol industry in the past ten years and put that in Brazil and operate it today.?
Summit?s partner Fiagril, is a diversified company whose operations include biodiesel production, grain trading, crop production inputs and infrastructure development throughout Brazil.
The Summit/ Fiagril production plant is expected to be completed by mid-summer 2017.
