Finance is granted to Shell Rock for a soybean factory.
SHELL ROCK, IOWA — The funding required for Shell Rock Soy Processing (SRSP) LLC to finish building its soybean crushing facility has been obtained.
AGR Partners and Mid-Iowa Cooperative are among the funding partners.
When the new factory opens for business in late 2022, it will crush 110,000 buses each day in the Butler Logistics Park, northwest of Shell Rock. Approximately 40 million buses of soybeans will be crushed annually by SRSP. Additionally, it will generate more than 900,000 tons of soybean husks and meal annually for use as animal feed. It is anticipated that the plant, which will run seven days a week, twenty-four hours a day, will generate fifty to sixty jobs in the neighborhood.
According to Mike Kinley, CEO of SRSP, “we’ve achieved a major milestone in giving local soybean producers greater access to opportunities in the global supply chain by securing financing for the new processing plant.” “We are happy to have AGR Partners join the SRSP team, as they offer valuable financial support and valuable expertise in developing robust and sustainable businesses.”
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Additionally, Wesley Sand of AGR Partners stated, “We are thrilled to be collaborating with Mid-Iowa and SRSP to construct a facility that will immediately boost the state’s economy and fortify the local community in addition to helping to meet a global demand for high-quality protein. SRSP is in a good position to support regional farmers and offer premium animal feed to satisfy the rising demand for protein inas well as renewable feedstocks for a future of low-carbon energy in the US and around the world.
As a means of bolstering the output and products of the plant, SRSP has lately formed alliances with other agricultural companies.
Phillips 66 decided to buy soy oil in late April in order to produce sustainable fuel, which includes renewable diesel from SRSP.
Additionally, in order to assist with plant management and operations, SRSP and CHS Inc. inked a multiyear cooperation. About 850,000 tonnes of premium soybean meal for animal feed will be produced by SRSP and marketed both domestically and abroad by CHS.