Cargill Inc announced plans to build a biodiesel plant and glycerin refinery next to its existing soybean processing facility in Kansas City under a joint agreement with Missouri soybean farmers, the company said on Wednesday.
Cargill, a privately owned agribusiness firm based in Minneapolis, would be the minority owner of the 40-million gallon biodiesel plant and 30-million-pound, food-grade glycerin facility.
Paseo Biofuels LLC, an entity yet to be formed by Missouri farmers and the Missouri Soybean Association, would own 53 percent of the joint venture, said association spokeswoman Haley Wansing.
The soybean association is launching a $24 million private equity drive. Only farmers can participate and investment is limited to $15,000 to $120,000, she said.