UNDERWOOD, N.D. (NewsDakota.com) – Midwest AgEnergy Group (MAG) is pleased to announce it has finalized an agreement with Harvestone Low Carbon Partners (HLCP) to acquire 100% of shareholders’ interests in MAG and its associated businesses, Blue Flint and Dakota Spirit ethanol facilities.

The transaction was approved by MAG’s nine-member Board of Directors and significantly enhances the team’s ability to execute on their mission to provide clean energy for a better world.

In conjunction with this transaction, HLCP is also acquiring the interests of Iroquois Bio Energy Company (IBEC). The mergers are expected to close by the end of 2022.

“This new partnership provides us increased opportunities to grow and diversify while keeping with our company vision and mission to be the leader in low carbon renewable energy and carbon reduction solutions. This is an exciting time in our industry, as we continue to advance our business vision and strategy,” said MAG CEO Jeff Zueger. “This partnership allows us to continue to advance towards providing clean energy for a better world while bringing prosperity to our communities.”

Zueger will become CEO of HLCP and the leadership team of MAG and IBEC will all be core to the leadership team of HLCP once the transaction is closed. This will help provide continuity and certainty to corn suppliers that day-to-day activities at the ethanol facilities will continue to be vibrant businesses in their local communmities.