Shell Rock Soy Processing (SRSP) LLC says it has raised the necessary capital to complete the construction of a high-volume, soybean crushing plant, creating new jobs and expanding market opportunities for producers across Iowa.
Funding partners include Mid-Iowa Cooperative and AGR Partners.
The new crushing facility, which is costing US$270m to build, will be located at the Butler Logistics Park northwest of Shell Rock. It will crush 110,000 bushels daily, once it is operational in late 2022. It will crush approximately 40 million bushels of soybeans a year, producing more than 900,000 tons of soybean meal and hulls for livestock feed per year, giving growers an additional processing option for their crops.
Shell Rock Soy Processing to supply soy oil to Phillips 66
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$243 million soy processing project snags millions in Iowa tax credits
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A $243.4 million processing plant in northeast Iowa that s expected to crush nearly 40 million bushels of soybeans annually won $4.1 million in state tax credits Friday.
The Iowa Economic Development Authority board approved the funding for Shell Rock Soy Processing, with $2.25 million of the credits based on the size of the investment and the remainder as a sales tax refund on equipment purchases.
The board also approved incentives for two other projects. CJ Bio America near Fort Dodge will receive $675,600 in tax credits for a $20.5 million expansion and Sadler Power Train in Cedar Rapids will receive $31,500 in tax credits for a $2.1 million expansion. The projects each will create four new jobs.