Efforts to raise investments in a planned soybean processing plant at Spiritwood are being extended, according to Scott Austin, CEO of Minnesota Soybean Processors, reports the Grand Forks Herald.
Minnesota Soybean Processors announced plans for a $258 million crushing and processing plant in the Spiritwood Energy Park Association industrial park in February 2017. It has since been in the process of recruiting investors through an equity drive. Currently, the equity drive expires at the end of this year, but it will be extended into next summer, Austin said.
Austin said North Dakota Soybean Processors, a subsidiary of Minnesota Soybean Processors, needs to raise another $50 million in equity investments for the project to begin construction. Since the project was announced in 2017, $75 million has been raised, including a $60 million investment by Minnesota Soybean Processors.
