SHELL ROCK, IOWA — Shell Rock Soy Processing (SRSP) LLC has secured the necessary financing to complete the construction of its soybean crushing plant in Shell Rock.
Funding partners include Mid-Iowa Cooperative and AGR Partners.
The new plant, which is being built at the Butler Logistics Park northwest of Shell Rock, will crush 110,000 bus daily, once it is operational in late 2022. SRSP will crush approximately 40 million bus of soybeans a year. It also will produce more than 900,000 tonnes of soybean meal and hulls for livestock feed per year. The plant, which will operate 24 hours a day seven days a week, is expected to create 50 to 60 jobs in the local community.
“By securing financing for the new processing plant, we’ve achieved a major milestone in giving local soybean producers greater access to opportunities in the global supply chain,” said Mike Kinley, chief executive officer of SRSP. “We’re pleased to welcome AGR Partners to the SRSP team, both for their financial support and the expertise they bring in building strong, sustainable businesses.”
Wesley Sand of AGR Partners added, “We are excited to be working with Mid-Iowa and SRSP to build a facility that will help to meet a global demand for high-quality protein, while also directly benefiting the state’s economy and strengthening the local community. SRSP is well positioned to service the local producers and provide high-quality animal feed to meet the growing demand for protein in the US and globally, as well as renewable feedstocks for a low-carbon energy future.”
SRSP has recently been partnering with other agribusinesses to support the plants production and products.
In late April, Phillips 66 agreed to purchase soy oil for sustainable fuel production, including renewable diesel from SRSP.
SRSP also signed a multi-year partnership with CHS Inc. to support management and operations at the plant. SRSP will produce approximately 850,000 tonnes of high-quality soybean meal for livestock feed that CHS will market domestically and internationally.