Biofuel Energy commences ethanol shipments from Nebraska, Minnesota as new plants reach 90% capacity

In Colorado, Biofuel Energy said that it had commenced shipping ethanol from its two 115 Mgy corn ethanol plants in Nebraska and Minnesota. The company said that it shipped 2 million gallons in its first week. The plants were completed and opened last month, and are currently operating at 90 percent capacity.

BioFuel Energy commissioned its corn ethanol plants last month at Wood River, Nebraska, and Fairmont, Minnesota, with a combined ethanol production capacity of 230 Mgy and 720,000 tons of distillers grains. The Minnesota plant had initially run at 50 percent capacity due to rising corn costs.

BioFuel (BIOF) recently reported quarterly results, showing a $0.12 loss per share for overhead expenses. Commenting on the results, Raymond James analyst Pavel Molchanov said “The timetable for bringing online BioFuel’s two 115 MMgy plants, Wood River (Nebraska) and Fairmont (Minnesota), remains essentially unchanged … BioFuel shares continue to be valued well below its construction costs.”

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