ADM, Marathon Petroleum Corp. Take Next Step in Meeting Demand for Renewable Fuels as Green Bison Production Facility Begins Operations
ADM (NYSE:ADM) and Marathon Petroleum Corp. (NYSE:MPC) today celebrated the opening of their joint venture soybean processing complex, Green Bison Soy Processing, with a ribbon-cutting ceremony. The Green Bison facility in Spiritwood is North Dakota's first dedicated soybean processing complex, and is a major step towards meeting increased demand for renewable fuels, in this case renewable green diesel.
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Green Bison Soy Processing will source and process local soybeans, with the resulting oil supplied exclusively to Marathon as a feedstock for renewable fuels. The facility will produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable green diesel per year. The approximately $350 million complex features state-of-the-art automation technology and has the capacity to process 150,000 bushels of soybeans per day. Green Bison Soy Processing began receiving soybeans in September of 2023 and is in the commissioning and startup phase of processing soybeans for meal and oil.
"Sustainability is one of the enduring trends driving changes in structural global demand, and this investment helps position ADM, as a leader in our industry, to deliver on that demand," said Greg Morris, president of ADM's Ag Services & Oilseeds business. "The continued growth in demand for renewable green diesel presents a transformative opportunity for the oilseed industry, for producers, and for increasing the sustainability footprint of our transportation system, and we're proud to join with Marathon Petroleum as leaders in that transformation. We're excited for the start of production and look forward to working together to support sustainable solutions for the food and fuel industries."
"As we continue challenging ourselves to lead in sustainable energy, our joint venture with ADM not only strengthens our presence in North Dakota, but also gives us the opportunity to collaborate further with a world-class partner as we continue investing in a sustainable, energy-diverse future," said Dave Heppner, Marathon's senior vice president of Strategy and Business Development. "Green Bison Soy Processing's Spiritwood facility is an important milestone in our ability to source and optimize logistically advantaged feedstock for our growing renewable fuels business."
Adding a continuous economic impact in various aspects, the new complex has supported hundreds of jobs in the region and currently employs approximately 75 people.
Additionally, Green Bison Soy Processing was recognized by the Economic Development Association of North Dakota as the 2023 Economic Development Project of the Year announced in September of 2023. The award recognizes an organization that has worked to positively impact the economic health of the community, region or state.
"The Green Bison Soy Processing facility creates a wonderful opportunity and lasting benefits for our area farmers and statewide soybean growers. Having two of the most important components of North Dakota's economy, agriculture and energy, coming together on a project like this is a significant benefit to the city of Jamestown and the surrounding communities," said Dwaine Heinrich, mayor of Jamestown, North Dakota. "While this facility provides added value for our farmers, it is also a significant investment to the community of Spiritwood through job creation. We are very appreciative to ADM and Marathon for their collaboration to make this project possible."
Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM and Marathon's respective filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, neither ADM nor Marathon assume any obligation to update any forward-looking statements.
About ADM
ADM unlocks the power of nature to enrich the quality of life. We're a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We're blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We're a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We're an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we're a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. Marathon's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Marathon also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Source: Corporate release
Source: ADM
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