Absolute Energy Acquires Land Options for Proposed Ethanol Plant in Osage, Iowa
Posted on: Thursday, 27 October 2005, 21:00 CDT
By David Namanny, Waterloo-Cedar Falls Courier, Iowa
Oct. 26--OSAGE -- Representatives from Absolute Energy have secured options on three tracts of land in Mitchell County for a proposed ethanol plant. If approved and ultimately constructed, the facility could produce 50 million gallons annually.
Rick Schwark of St. Ansgar, a representative for Absolute Energy representative, said the tracts are in the St. Ansgar, Toeterville, Osage and Otranto townships but declined to be more specific.
Absolute Energy; Brenda Dryer, director of Mitchell County Economic Development; and representatives of Golden Grain Energy in Mason City told county supervisors Mitchell County is among four sites being considered. Other possible locations are in eastern Iowa and southern Minnesota.
Walter Wendland, president and CEO of Golden Grain Energy, said Absolute Energy will begin a feasibility study using material from a similar effort for Golden Grain's operation near Mason City.
Schwark characterized the relationship between Absolute Energy and Golden Grain as one of "sisters," with Golden Grain providing management of the facility.
Which is how Wendland views the arrangement as well.
"Our responsibility is helping Absolute find the best location, the best project and provide management," Wendland said. "Absolute liked the Golden Grain model, and that is why we are involved."
The $80 million project would be primarily owned by local investors. The plant would use more than 18 million bushels of corn annually and would create up to 35 jobs with payroll of $2 million.
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Source: Waterloo Courier
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