60 Mgy GreenLion Bio-Fuels plant in Ohio heads for mothballs; investors offered 72 cents on the dollar

In Ohio, investors in the proposed 60 Mgy GreenLion Bio-Fuels plant in Streator are moving to recover a portion of their money as insiders indicate that the delay may become a cancellation due to unfavorable ethanol economics.

Investors have been offered 72 cents on the dollar; the plant’s construction efforts were halted last summer amidst market uncertainties.

Earlier this month in Ohio, Coshocton Ethanol and POET Leipsic commenced operations, after lengthy construction periods. The 55 Mgy corn ethanol Coshocton plant will utilize 20 million bushel of corn and create 41 direct jobs. The POET facility is a 65 Mgy corn ethanol plant.

The $105 million project POET plant was Ohio’s first ethanol plant and is located in the Iron Highway Industrial Park which is served by multiple rail freight companies.

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