FOR IMMEDIATE RELEASE
GRAND FORKS, N.D. – Epitome Energy has chosen Grand Forks as the site of a $400 million soybean crushing plant. The plant will expand and diversify the economic opportunity, and further expand the agribusiness industry for the region. The plant will create 50-60 new jobs and indirectly support more than 800 jobs in and around Grand Forks. Research by the University of Minnesota Extension Center indicates that the project could create upwards of $300 million in new economic activity. Dennis Egan, the CEO and founder of Epitome Energy, publicly announced the intent to build and open a soybean processing facility at the regularly scheduled meeting of the Grand Forks City Council on Monday, December 5.
Keith Lund, President and CEO of the EDC says, “Our team was thrilled that Epitome Energy has selected Grand Forks as a perfect location for their soybean crushing facility. The Grand Forks region is home to some of America’s richest farmland and provides plentiful opportunities for agribusiness. We will continue to work to support Dennis and Epitome team throughout the development process.”
Epitome Energy estimates that its soy crushing facility will strengthen farmers’ basis for soybeans by 20 to 25 cents per bushel. The plant will process up to 42 million bushels of soybeans per year into crude degummed soybean oil, meal and hulls. Egan says soybean oil will likely go into the renewable diesel industry, while the meal will go into the livestock industry.
“Over the past two decades, soybean production has increased by more than 300% in the Red River Valley and become a dominant crop in the region. However, many soybean farmers are over 100 miles away from the nearest processing facility. As a result, soybeans in the region are regularly among the lowest priced in the country, and farmers are forced to spend more on the transport of their harvests prior to sale and are unable to reach certain markets.,” according to the Epitome Energy website.
As for the status of the project, Epitome Energy anticipates entering into a development agreement with the City of Grand Forks that will outline the responsibilities of each party. The project is expected to break ground in the summer of 2023 and complete construction in the fall of 2025.
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