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Summit Agricultural Group to invest $100m to expand corn ethanol facility in Brazil

CTBR Staff Writer Published 31 January 2018

Summit Agricultural Group is planning to invest $100m in FS Bioenergia facility to expand the production of corn ethanol in Brazil.

The investment is expected to more than double the company’s corn-based ethanol production facility, from the present 60 million gallons to 140 million gallons. This investment is forecast for completion in the first quarter of next year.

With this expansion, the FS Bioenergia plant, which is located in Lucas do Rio Verde, Mato Grosso, will be able to annually process more than 50 million bushels of corn and produce over 14,000 tons of corn oil and 400,000 tons of valuable feed rations for Brazil’s growing livestock industry.

FS Bioenergia is a collaboration between Mato Grosso agribusiness and US-based Summit Agricultural Group. Summit and its Brazilian partner had started the construction on the corn-based ethanol facility in early 2016, with initial production phase begining in mid-2017.

For the expansion, FS Bioenergia will use process technologies from Kansas-based ICM. Since 1995, the company has provided engineering, construction and operational services for more than 100 ethanol plants in North America.

Summit Agricultural Group founder and CEO Bruce Rastetter said: "This is a significant step for FS Bioenergia, but it's even more important for the growth of corn ethanol production in Brazil.

"When we began this project several years ago, we were confident of the opportunities in Brazilian renewables. Today, we're more convinced than ever of the potential for corn ethanol in Mato Grosso."

The company stated that the investment to expand corn ethanol production is driven by two factors. While the first factor is increase in production of affordable corn, the second is the RenovaBio program, which is a legislation that aims to double Brazil's renewable fuels use by 2030.

Image: FS Bioenergia ethanol production facility in Lucas do Rio Verde, Mato Grosso, Brazil. Photo: Courtesy of Summit Agricultural Group.