Business
Alto Ingredients, Inc. Launches Enhanced Protein Project
Company Adopts Harvesting Technology’s CoPromax™ Protein SystemMagic Valley Facility to Resume Production SACRAMENTO, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE)
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Company Adopts Harvesting Technology’s CoPromax™ Protein SystemMagic Valley Facility to Resume Production SACRAMENTO, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer of specialty alcohols and essential ingredients, will install Harvesting Technology, LLC’s patented CoPromax™ protein system at Alto Ingredients’ Magic Valley, Idaho facility. “We are upgrading our Idaho facility with the installation of the CoPromax protein system as an integral part of our strategy to expand and diversify our essential ingredient product offerings. This system will produce new, concentrated protein feed and food ingredients,” said CEO Mike Kandris. “Upon completion, the CoPromax system will produce over 33,000 tons annually of feed with a protein content greater than 50%. It will also provide the added benefit of increasing corn oil yields by 50%, or almost 9 million pounds annually. We conservatively expect the combination will result in an annual increase of $7.8 million in gross profit and approximately $9.0 million of EBITDA. This represents approximately 15 cents per gallon and a payback of less than three years. We expect the growing demand for protein in the cattle, poultry, pork, and aquaculture industries to provide market support for our enhanced, high value protein product.” “Harvesting Technology is excited to be working with Alto Ingredients on these protein and oil recovery projects,” said Jonathan Scarfpin, CEO of Harvesting Technology, LLC. “This protein and oil recovery system is the first step in a series of new technologies Harvesting Technology is developing to assist facilities with adding profitability as well as increasing efficiency.” Mr. Kandris concluded, “We plan to resume operations at our Magic Valley facility, with an annual production capacity of 60 million gallons, and to commission the new system in the first half of 2022. With the successful completion of this installation, we expect to roll out the CoPromax systems, with similar economics at our other three dry mills totaling 190 million gallons of annual capacity as we build on our abilities to produce low carbon alcohols and essential ingredients into 2023 and beyond.” About Alto Ingredients, Inc. Alto Ingredients, Inc. (ALTO), formerly known as Pacific Ethanol, Inc., is a leading producer of specialty alcoho...