Summit Agricultural Group Announces Acquisition of Prairie Horizon Agri-Energy, LLC and Development of North America's Largest Wheat Protein Ingredients Production Facility
ALDEN, Iowa, July 12, 2021 /PRNewswire/ -- Summit Agricultural Group, through its investment affiliate Summit Ag Investors (collectively "Summit"), is pleased to announce the acquisition of Prairie Horizon Agri-Energy ("Prairie Horizon"), a biorefinery in Phillipsburg, Kansas. Summit will construct a state-of-the-art wheat protein ingredients facility and retrofit the existing corn-based ethanol plant to produce ethanol from wheat starch. Upon completion of the ingredients plant and final conversion, the company will be the largest wheat protein producer in North America and will generate low carbon intensity renewable fuel.
"Recognizing the rising demand for high protein ingredients and innovative feed products, coupled with renewable fuels that reduce our carbon footprint, this investment fits with what we have successfully done many times in Summit's history. We evaluated several sites in various wheat-growing areas and Prairie Horizon is ideally located. The wheat protein we will produce is a healthy ingredient used widely within baked goods, pet food and growing aquaculture feed markets. Today, wheat protein demand in the US is heavily reliant on imports and with consumers demanding more transparency about the origins of the food they eat, we see a real opportunity," said Bruce Rastetter, Chief Executive Officer of Summit Agricultural Group.
Summit will utilize best in class construction and engineering providers for the project which will total more than $200 million. The ingredients plant will be operational within two years and will be the largest wheat protein facility in North America.
"We ran a thorough search across the US to identify the best site to execute on this strategy around plant proteins, which leverages Summit's legacy operating in the biofuels and agriculture sectors. Given Prairie Horizon's direct access to abundant local wheat production and Kansas' business-friendly environment, we believe we have a significant advantage. Our investment will bring additional jobs to rural America, increase the domestic supply of sustainable protein ingredients, reduce reliance on imports, and further reduce our carbon footprint through this proven process," said Justin Kirchhoff, President of Summit Ag Investors.
This project is another example of Summit's innovative approach and focus on decarbonization at the intersection of the agriculture and energy industries. Summit Carbon Solutions, a separate portfolio company of Summit Agricultural Group, is pioneering the development of the world's largest carbon capture and storage infrastructure project.
About Prairie Horizon Agri-Energy, LLC
Prairie Horizon Agri-Energy is a Phillipsburg, Kansas-based renewable fuel corn ethanol producer that has been in operation since 2006. The plant was designed and built by ICM Inc. of Colwich, KS, and has a nameplate production capacity today of 40 million gallons per year and employs approximately 30 people.
About Summit Agricultural Group
Summit Agricultural Group is a diversified agribusiness operator and investment manager with operations in the United States and Brazil. Summit deploys capital across the agricultural supply chain with a particular focus at the intersection of agriculture and renewable energy. For more information, visit: www.summitag.com.
SOURCE Summit Agricultural Group
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