Golden Grain Energy produces 1 billionth gallon of ethanol

By Erin Voegele | February 17, 2015

Golden Grain Energy LLC has reached a new milestone, with 1 billion gallons of ethanol produced. The 120 MMgy plant, located in Mason City, Iowa, broke ground in 2003.

"The 1 billion gallon mark is certainly a reason for celebration and we are proud of each and every gallon of high-quality ethanol we produce,” said Jim Boeding, board member at Golden Grain Energy. “The benefits have rippled through the community benefitting farmers and local business owners alike. None of this could have been possible without the support of the local community and the hard-working staff of Golden Grain Energy."

Bob Dinneen, CEO of the Renewable Fuels Association, was on hand at the company’s groundbreaking ceremony in 2003. “In late 2003, amidst a beautifully autumnal windswept day with trains rolling by the site, everyone present could feel the excitement and anticipation as the shovels hit the dirt,” he said. “Everyone could envision the rural economic engine this plant would soon become. Still, the industry was just beginning to visualize a bigger, brighter future, and nobody could have dreamed about 1 billion gallons being produced from this facility, much less a time when the industry would be producing 14 billion gallons annually. Today, that dream has become a reality due to the hard work and resilience of the entire staff at Golden Grain Energy and an industry that followed their lead,” stated Dinneen today. “It has been a privilege to watch the company grow and thrive and I can’t wait to see where they will take it from here.”

The American Coalition for Ethanol has also spoken out to applaud Golden Grain Energy on its achievement. “In response to depressed corn prices and economic adversity, more than 900 farmers and citizens invested their trust and hard-earned money in Golden Grain Energy,” said Brian Jennings, executive vice president of ACE.  “Ten years later, not only has Golden Grain Energy become the first locally owned plant in Iowa to produce 1 billion gallons of ethanol, it has also paid out more than $2 billion dollars to corn farmers, suppliers and service providers, and employees, and returned nearly $137 million dollars to its investors, succeeding in its primary mission to strengthen local communities.”

“ACE congratulates the investors, board of directors, and management of Golden Grain Energy for their pioneering spirit, their efficiency and productivity accomplishments, and for helping make the U.S. ethanol industry the most important renewable energy platform in the world,” Jennings continued.

In late December, Golden Grain Energy filed its 2014 annual report with the U.S. Security and Exchange commission for the fiscal year ended Oct. 31. The company reported revenues of $289.15 million, down from $350.72 million in 2013. Gross profit was $63.82 million, up from $12.71 million the prior year. Operating income was $60.25 million, up from $10.16 million in 2013, while net income reached $79.28 million, up from $14.18 million.