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DECATUR, Ill. -- Archer Daniels Midland Co., a leader in agricultural processing and fermentation technology, has signed a marketing agreement with Millennium Ethanol LLC, allowing ADM to market all ethanol produced by Millennium at a 100 million-gallon facility being built in Marion, S.D.
"We're pleased to partner with Millennium Ethanol to help meet the growing demand for ethanol in the United States," said Martin Lyons, ADM's division senior vice president, ethanol sales and marketing. "Ethanol can help meet our nation's energy needs, increase demand for the harvest and improve our environment."
Millennium Ethanol LLC is owned by 914 South Dakota farmers and businesspeople. ADM is a leader in agricultural processing and fermentation technology.
In other ethanol industry news, Dallas-based Panda Energy International Inc. recently completed two transactions that support the company's plans to build a portfolio of ethanol refineries.
The company entered into a merger agreement with publicly held Cirracor Inc. The merger is expected to become effective this summer. The combined entity will operate under the name of Panda Ethanol Inc.
The company has also closed a private placement of approximately 14.9 million shares of its common stock for a total gross proceeds of $90 million. The money will be used to help finance the ongoing construction and operation of Panda's 100-million gallon, manure-fueled ethanol project in Hereford, Texas.
"We are very excited about these transactions and the opportunity they give our company to continue its development of ethanol production," Todd Carter, chief executive officer and president of Panda Ethanol, said in a statement. "One of Panda Ethanol's main goals is to help our country become energy efficient and to reduce its dependence on foreign oil."
Over the next three years, Panda Ethanol plants will be producing approximately 1.2 billion gallons of ethanol annually, replacing some 30 million barrels of imported oil.
The common stock offered in the private placement was not registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Energy Capital Solutions LP acted as the sole placement agent for the offering.