Shell Rock Soy Processing completes financing for Iowa crush plant
Shell Rock Soy Processing LLC announced in late May that it has raised the necessary capital to complete construction of its soybean crushing plant in Iowa. The new plant, which is being built at the Butler Logistics Park northwest of Shell Rock, Iowa, will crush 110,000 bushels per day (40 million bushels per year) once it is operational late next year. It will also produce more than 60 million gallons of soybean oil and 900,000 tons of soybean meal and hulls for livestock feed per year. The plant will operate 24 hours a day, seven days a week.
Funding partners include Mid-Iowa Cooperative and AGR Partners, which provides capital and support to growing companies in the agribusiness sector.
“By securing financing for the new processing plant, we’ve achieved a major milestone in giving local soybean producers greater access to opportunities in the global supply chain,” said Mike Kinley, CEO of Mid-Iowa Cooperative. “We’re pleased to welcome AGR Partners to the SRSP team, both for their financial support and the expertise they bring in building strong, sustainable businesses.”
Wesley Sand of AGR Partners said, “We are excited to be working with Mid-Iowa and SRSP to build a facility that will help to meet a global demand for high-quality protein, while also directly benefiting the state’s economy and strengthening the local community. SRSP is well-positioned to service the local producers and provide high-quality animal feed to meet the growing demand for protein in the U.S. and globally, as well as renewable feedstocks for a low-carbon energy future.”
In April, Phillips 66 announced that it has also invested in the crush project and will secure 100 percent of the new plant’s soybean oil to feed renewable diesel production at its Rodeo Renewed converted oil refinery near San Francisco.