Electronics Company Invests in Ethanol

Cindy Zimmerman

RexElectronics retailer REX Stores Corporation of Dayton, Ohio has invested $14 million in Millennium Ethanol to build an ethanol producing facility in Marion, South Dakota. Millennium

Fagen, Inc. of Granite Falls, Minnesota is providing design, engineering, procurement and construction services for the plant. The plant is expected to begin ethanol production in early 2008 and will have a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distillers grains per year. Millennium has reached an agreement with Archer Daniels Midland Company to market the ethanol.

Stuart Rose, REX Stores’ Chairman and Chief Executive Officer, commented, “We are delighted to be moving forward with this investment in the Millennium ethanol production facility. Millennium was organized and is owned by over 900 South Dakota investors, including FREMAR FARMERS COOPERATIVE INC., which includes over 1,700 farmer members. Our participation in Millennium is consistent with our strategy to invest in farmer-owned projects.”

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Ethanol, News