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Released May 03, 2013 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--New Energy Corporation (South Bend, Indiana) filed for bankruptcy in November of last year, just weeks after idling its fuel ethanol plant in South Bend, Indiana. The company cited drought, a weaker corn harvest, higher corn prices, high ethanol supply, low ethanol pricing and low gasoline demand as leading factors in the plant's demise.
The South Bend plant is not brand new, like many others in the Corn Belt. It went into operation 30 years ago and is the oldest in Indiana. It also could be the first major commercial-scale plant in the U.S. to be completely torn down. The plant had the capacity to produce more than 100 million gallons per year of fuel ethanol.
The plant has been up for sale since late 2011, and no buyers have come forward to purchase the plant and re-start operations. Buyers who placed a winning $2.5 million bid at the bankruptcy auction plan to sell the plant for scrap.
No time table was given as to when the dismantling will begin, nor were the buyers of the facility identified. One buyer has the rights to the land, and another buyer has the rights to the equipment.
The plant is located on 70 acres on West Calvert Street in Saint Joseph County, just three miles southwest of South Bend.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The South Bend plant is not brand new, like many others in the Corn Belt. It went into operation 30 years ago and is the oldest in Indiana. It also could be the first major commercial-scale plant in the U.S. to be completely torn down. The plant had the capacity to produce more than 100 million gallons per year of fuel ethanol.
The plant has been up for sale since late 2011, and no buyers have come forward to purchase the plant and re-start operations. Buyers who placed a winning $2.5 million bid at the bankruptcy auction plan to sell the plant for scrap.
No time table was given as to when the dismantling will begin, nor were the buyers of the facility identified. One buyer has the rights to the land, and another buyer has the rights to the equipment.
The plant is located on 70 acres on West Calvert Street in Saint Joseph County, just three miles southwest of South Bend.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
