New soybean crush plant being developed in northwest Iowa
A $350 million soybean processing plant, Platinum Crush LLC, is being developed near Alta, Iowa, in the northwest part of the state. Ag Development Group LLC’s Mike Kinley, who is leading the development of Shell Rock Soy Processing in northeast Iowa, and Nick Bowdish of N Bowdish Company LLC are working together on the project, which is expected to break ground late this year and be operational by spring 2024.
The plant is being scaled to crush 38.5 million bushels of soybeans per year, or 110,000 bushels a day. The developers say Platinum Crush will produce 847,000 tons of soybean meal, 450 million pounds of crude soybean oil and 77,000 tons of pelleted soybean hulls per year.
“This plant can supply both food and fuel needs,” Kinley said.
Earlier this year, Shell Rock signed an agreement with Phillips 66 that included a minority-stake investment from Phillips 66 as well as an offtake agreement for Shell Rock to supply all of its soybean oil from the crush plant to the energy company for its renewable diesel operations near San Francisco, California.
Platinum Crush will be built adjacent to the Canadian National Railway, which will service the facility.
State and local approvals for the project are pending.