Summit Sustainable Ingredients Announces Rebranding to Amber Wave™ and Randy Cimorelli Joining as Chief Executive Officer

AMES, Iowa and PHILLIPSBURG, Kan., July 28, 2022 /PRNewswire/ -- Summit Ag Investors ("Summit") announces the rebranding of its portfolio company Summit Sustainable Ingredients, LLC to Amber Wave™. The company is also pleased to announce that industry veteran, Randy Cimorelli, is joining the company as CEO. Amber Wave™ is headquartered in Ames, Iowa, and is developing a large-scale ingredients production facility in Phillipsburg, Kansas that will be the largest of its kind in North America.

Summit, through its investment in Amber Wave™, commenced construction last December of a state-of-the-art wheat protein ingredients facility adjacent to an existing biofuels refinery formerly known as Prairie Horizon Agri-Energy which Summit acquired in July 2021. Amber Wave expects to begin ingredient production in Summer of 2023. Upon completion of the ingredients facility, Amber Wave will convert the existing renewable fuels plant to utilize co-products generated from the production of ingredients to be further refined into advanced biofuel, resulting in a lower carbon intensity liquid fuel than traditional biofuels.

"We are thrilled to announce the rebranding to Amber Wave aligning the company towards its ingredient future. The name illustrates the waves of grain ubiquitous in the heartland and signifies the company's support of agriculture and the American farmer" said Bruce Rastetter, CEO of Summit Agricultural Group.

In addition to rebranding, the company and Summit have retained ingredients industry veteran Randy Cimorelli as CEO of Amber Wave. Mr. Cimorelli is the former CEO of J.M. Swank, a large provider of food ingredients serving the baking, snack, and food industries. Prior to J.M. Swank, Cimorelli was CEO and President of Mac & Massey Holdings, Partner/SVP of Batory Foods, and strategic advisor to Lentz Milling Company. As an industry veteran and accomplished executive, Mr. Cimorelli has a long track record of success in both M&A and organic growth through his talents in building teams, positioning companies, and maximizing customer relationships through a strong customer-centric approach.

"I am excited to join Amber Wave to continue the progress already underway through the efforts of Summit.  It is a privilege to be part of a team that is so aligned in developing a world-class ingredients business, while also providing a renewable energy solution that will redefine what's achievable" said Cimorelli. "The market is positioned perfectly for added domestic supply in the wheat protein and plant-based protein segment, especially on the heels of a very challenging global supply-chain environment. I'm fortunate to join and lead a group of professionals who have already done a tremendous job in the development of the project to date, and we have big aspirations for our future growth."

"Having an industry veteran like Randy sharing our vision to build something special that combines agriculture, food, and renewable energy into a cohesive business is something we are very excited about. Randy brings decades of experience working with and understanding our core customer base. He has an accomplished reputation of being a relationship builder both in the organizations he has run previously and with key stakeholders," said Justin Kirchhoff, President of Summit Ag Investors.

The completion of the ingredients plant remains on track for Summer 2023 and will include best-in-class process technologies currently being utilized globally.

Amber Wave™ is currently a renewable fuels manufacturer and is developing North America's largest wheat protein ingredients production facility with headquarters in Iowa and production facilities in Kansas. Amber Wave™ anticipates the start of production of ingredients in Summer 2023. Amber Wave™ is a portfolio company of Summit Ag Investors, the investment management arm of Summit Agricultural Group. For more information, visit: www.amberwaveusa.com  

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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