Summit Agriculture Investing $100M to Expand Brazil’s Leading Corn Ethanol Producer
Iowa-based Summit Agriculture Group announced an investment of $100 million for the expansion of FS Bioenergia - the leading producer of corn ethanol in Brazil.
The plan calls for the expansion of a plant in Lucas do Rio Verde in Mato Grosso which will more than double the site’s annual corn ethanol output from 60 million gallons to 140 million gallons. The expansion also will raise the volume of corn processed by the company to more than 50 million bushels to make over 14,000 tons of corn oil and 400,000 tons of high-protein and high-fiber feed to be used by Brazil’s expanding livestock industry.
Bolstered by Brazil’s ability to double-crop corn and support from the country’s government in the form of RenovaBio - a program of legislation that calls for the doubling of Brazilian renewable fuels by 2030 - Summit Agriculture sees massive potential in Brazilian corn ethanol production.
Summit Agriculture and its Brazilian partner initially broke ground on FS Bioenergia in the early part of 2016, and production first came online in mid-2017.