OSHKOSH, WI (WTAQ) - Final approval has been given to the sale of a corn-based ethanol plant near Oshkosh.
Stockholders of Ace Ethanol in Stanley have agreed to buy the shuttered Utica Energy plant, which closed last fall after being $30 million in debt.
The purchase price is $16.5 million for the 60 million gallon Utica facility. A Winnebago County judge approved Ace’s bid on July 11th. The sale was part of bankruptcy proceedings involving Renew Energy and Olsen’s Mill.
Ace Ethanol expects to re-open the Oshkosh plant this fall, and re-name it “Fox Valley Ethanol.”
Ace opened its Stanley plant in 2002, and company officials expect the Oshkosh plant to be profitable in a relatively short amount of time.
Wisconsin now has nine ethanol production facilities.