SW Minn. ethanol plant acquired by Granite Falls investors

Author:
Updated:
Original:

The owners of one ethanol plant in southwestern Minn, will acquire the controlling stake in another.

The Star Tribune reports that regulatory filings show that Granite Falls Energy, which owns an ethanol plant in Granite Falls, has acquired a controlling stake in the nearby Heron Lake BioEnergy plant for $17 million.

Eaarlier this year, it was announced that the Heron Lake facility BioEnergy would be sold to a group of ethanol producers for $55 million, but the deal fell through. Heron Lake BioEnergy has reported losses for seven quarters in a row.

Under the deal that closed last week, the newspaper reports that Granite Falls Energy acquired an investment group’s interest in the Heron Lake plant for $8 million in cash, a $4 million note and assumption of a $5 million note held by Granite Falls Bank.

The Granite Falls and Heron Laket plants will remain separate companies, but will share some management and may combine costs, including marketing and sharing rail cars. Together the plants employ more than 70.

Next Up

covid, vaccine

Here is Minnesota's COVID-19 update for Saturday, April 10

Cases and hospitalizations have been on the rise in Minnesota.

Gabe Kalscheur

Gabe Kalscheur announces he's transferring to Iowa State

The former Gopher guard entered the transfer portal last month.

Walz

Asked about restrictions, Walz says Minnesota is in a 'hold pattern'

Meanwhile, the governor of Michigan is urging people to stay home to slow the spread.

walz and zapko

Watch: Beloved MN sign language interpreter profiled on Today Show

Nic Zapka's work made her an internet celebrity last year.

White Bear Lake Area High School

White Bear Lake students hold walkout over racist social media comments

School officials are investigating the anonymous Instagram account.

Screen Shot 2021-04-09 at 4.48.00 PM

Hennepin Co. medical examiner: Police interaction tipped Floyd 'over the edge'

Medical Examiner Dr. Andrew Baker, who performed Floyd's autopsy, testified Friday in the trial of former MPD officer Derek Chauvin.

Siren

Attention, CNN: There will be extra tornado sirens in Minnesota next week

The national broadcaster was caught by surprise by the test this past Wednesday.

Screen Shot 2021-04-09 at 11.41.46 AM

Minneapolis Parks and Rec buys land to create park in North Loop

The Parks and Recreation Board is paying just over $2M for the land.

traffic stop

Speed-related crashes, deaths are a mounting problem in Minnesota

Fatal speed-related crashes are ahead of last year's pace.

Related