Green Plains CEO describes ‘challenging’ year as financial results revealed
Agri-tech company Green Plains recorded a fourth quarter 2020 loss of $49.6 million (€40 million).
CEO and president Todd Becker described the past year as “full of challenging events” as the COVID-19 pandemic hit petroleum prices and demand.
Among the developments in the past 12 months included the sale of its ethanol plant in Hereford, Texas, for $39 million (€32 million).
Last month, the company also announced the sale of its ethanol plant located in Ord, Nerbaska, to GreenAmerica Biofuels Ord for $64 million (€53 million).
Green Plains sold 214 million gallons of ethanol during the fourth quarter of last year compared with 239 million gallons for the same period in 2019.
Becker said: “While this past year was full of challenging events, Greens Plains emerged in a stronger position than when we started, which is a testament to the resilience of our team and our platform as we were able to achieve positive production margins in 2020.
“At the end of the year, we had strong liquidity with $275 million (€227 million) of cash and have added to that through the BlackRock financing and anticipated closing of the Ord transaction, providing additional capital to execute our transformation plan across the entire platform.”
He added: “As the world demands innovative, low carbon and sustainable feed, food and industrial solutions to supply a growing population without expanding land use, we stand ready to help meet that need.”
Green Plains operates 12 biorefineries across the US and processes 10 million tonnes of corn annually.
More than 1 billion gallons of low-carbon biofuels are produced annually by the company.
CEO and president Todd Becker described the past year as “full of challenging events” as the COVID-19 pandemic hit petroleum prices and demand.
Among the developments in the past 12 months included the sale of its ethanol plant in Hereford, Texas, for $39 million (€32 million).
Last month, the company also announced the sale of its ethanol plant located in Ord, Nerbaska, to GreenAmerica Biofuels Ord for $64 million (€53 million).
Green Plains sold 214 million gallons of ethanol during the fourth quarter of last year compared with 239 million gallons for the same period in 2019.
Becker said: “While this past year was full of challenging events, Greens Plains emerged in a stronger position than when we started, which is a testament to the resilience of our team and our platform as we were able to achieve positive production margins in 2020.
“At the end of the year, we had strong liquidity with $275 million (€227 million) of cash and have added to that through the BlackRock financing and anticipated closing of the Ord transaction, providing additional capital to execute our transformation plan across the entire platform.”
He added: “As the world demands innovative, low carbon and sustainable feed, food and industrial solutions to supply a growing population without expanding land use, we stand ready to help meet that need.”
Green Plains operates 12 biorefineries across the US and processes 10 million tonnes of corn annually.
More than 1 billion gallons of low-carbon biofuels are produced annually by the company.
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