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World Biofuels
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November 13-15, 2005
Beijing, China
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December 13-15, 2005
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February 5-8, 2006
San Diego, California
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11th Annual
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February 20-22, 2006
Las Vegas, Nevada, USA
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June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
August 8, 2003Ethanol plant planned By Brian Womack
Dayton Business Journal
A group of local farmers and community leaders is planning to build a $100 million ethanol plant to tap the growing demand for the fuel.
The new plant, targeted to open in Preble County during 2005 or 2006, would employ 50 to 60 people and generate annual revenue of more than $120 million, said Gene Tapalman, vice president of West Central Ohio Ethanol LLC, the group behind the project.
It's the right time to build an ethanol plant, Tapalman said. New environmental regulations and increased use by the fuel industry are driving demand for the corn-based product, backers of ethanol say.
And western Ohio farmers are looking for ways to make up for stubbornly low corn prices. The plant will give them new revenue streams, especially in the Ohio and eastern seaboard markets.
Ethanol has caught on in the oil industry because it can partly substitute vehicle fuel and because of its environmental advantages, such as less carbon monoxide emissions, according to the American Coalition for Ethanol in Sioux Falls, S.D. Also, the fuel comes from corn, a renewable resource, and reduces the United States' dependence on oil imports.
One expert said the plant could be a winner because there aren't many ethanol facilities east of Iowa.
"If they have gone through and done all their homework, chances are pretty good of success, especially if you become the closest (plant) to the largest market in the country, the East Coast," said Ron Lamberty, acting executive director of the coalition.
However, the plant might face some competition from other groups in Ohio, Pennsylvania and New Jersey also working on building the same kind of production facility.
Still, Tapalman said he has done his homework.
After a year of meetings and studies, his group plans to seek investors for the plant this winter. It expects more than half of the ownership to be made up of farmers who raise corn. Farmers would have to invest a minimum $10,000 in the plant, and each investor would get a piece of the profit when it starts operating.
Gene Thompson, president of West Central Ohio Ethanol, said he's optimistic investors would see dividend checks.
"It looks like it will be a profitable venture for corn growers or any investor," he said.
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