A group of farmers and businessmen in Northern Missouri has announced they will open a five-million-gallon-a-year biodiesel lant near the town of Moberly. When opened, that will give the Show-Me State seven biodiesel plants with at least five more in the works.

This story in the Columbia Daily Tribune says the Producers’ Choice Soy Energy’s soybean-based refinery is just in the planning stages right now:

Consultant Greg Walker of Vantage Capital Resources said the project needs to raise at least $7.5 million from investors, and half of that amount must come from soybean producers to qualify for tax incentives. Loans will provide the rest of the financing for the project. Walker said prospective investor meetings are planned for Columbia early next month.

“Because it’s green and environmentally sound energy, we think that we can close out the investment campaign pretty quickly,” he said.

Dale Ludwig, chief executive officer of the Missouri Soybean Association, said the facility planned in Moberly “will pretty much do it” for the construction of Missouri plants given statewide soybean production. He said statewide biodiesel production is expected to peak at about 200 million gallons a year once all proposed plants are up and running.

Ludwig believes biodiesel output in Missouri could hit 125 million gallons a year as early as next year.