Things are starting to take shape.
After months of talk and planning, Oklahoma Sustainable Energy LLC has received approval from the Oklahoma Security and Exchange Commission to start raising funds to build an ethanol plant in Enid.
Now, the big job for Oklahoma Sustainable Energy is to raise $14 million in public investment for the plant, which will be built at 16th and Willow.
To accomplish their goal, OSE officials have scheduled meetings across the state to make their pitch to investors.
The investment, though, is not for everyone. The minimum investment is $10,000.
Membership units will be available only to Oklahoma residents at $1 per unit, with a 10,000 unit minimum, according to Terry Detrick, chairman and president of OSE. Additional units may be purchased in 1,000 unit increments. To purchase units, Detrick said, people must show the investment is suitable and consistent with their investment program. Investors also must show their financial situation enables them to bear the risks by the fact that they have either a minimum annual gross income of $60,000 and a minimum net worth of $100,000 or a minimum net worth of $225,000 and an investment that does not exceed 10 percent of their worth, excluding home, furnishings and automobiles.
The plant, when it is up and running, is expected to annually convert about 20 million bushels of corn and grain sorghum into 55 million gallons per year of fuel grade ethanol, approximately 200,000 tons of distiller grains and approximately 154,000 tons of carbon dioxide gas.
Distillers grain is a high-protein feed used by the livestock and dairy industries, and carbon dioxide can be used for carbonation of soft drinks and in tertiary oil recovery operations.
The plant will employ between 30 and 40 people. Michael Entz, vice president of Oklahoma Sustainable Energy, said the plant will pour approximately $56 million into Enid’s economy annually and increase the price of grain in this area by 10 to 20 cents a bushel.
Construction is expected to begin in October.
We’re glad to see things moving on the plant. We’re also glad to see about 100 people turned out for a meeting last week concerning the plant.
We would encourage anyone who is the type of investor OSE is looking for to get behind this project. It would be good for your portfolio and good for the community.
