Utica Energy Plant Purchased by Ace Ethanol
Wisconsin Ag Connection - 07/15/2013
The Oshkosh ethanol facility that was once part of the Olsen Bros. business conglomerate has been sold. Ace Ethanol of Stanley was the winning bidder of the Utica Energy plant, which purchased the property for $16.5 million on Thursday. The sale was conducted through the Winnebago County Circuit Court
after the plant's owners filed for personal bankruptcy protection.
Ace Government Affairs Director Robert Sather says his company plans to reopen the plant later this fall and will hire back many of the same workers that were previously employed there. It will be run under the name Fox Valley Ethanol.
Utica Energy was built 10 years ago by the same owners who ran Olsen's Mill and Renew Energy in Jefferson. It has since been sold to investors after the Olsen venture collapsed and its divisions were auctioned off to various buyers to pay back debt.
As Wisconsin Ag Connection earlier reported, Utica Energy, which also has a grain drying facility and elevator on its premises, was ordered to be sold at auction after its debt load of over $30 million made the business difficult to cash flow. The plant ceased all ethanol production last September. Then in
December, a Minneapolis-based company filed foreclosure proceedings against the plant after falling behind on loan payments and interest fees.
The facility has the capacity to produce up to 60 million gallons of ethanol each year.