Lincolnway Energy, Llc
Lincolnway Energy, LLC is a privately held Iowa dry mill ethanol producer that operates a 50 million gallon-per-year facility in Nevada, Iowa, selling fuel ethanol and co-products (DDGS, corn oil, CO2) to blenders, livestock producers, and biodiesel manufacturers.
- Company typePrivate
- Founded2004
- HeadquartersNevada, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Lincolnway Energy, Llc does
Lincolnway Energy, LLC is a privately held, member-owned dry mill ethanol producer operating a single 50 million gallon-per-year facility in Nevada, Iowa. Founded in 2004 and operational since May 2006, the company processes 18-20 million bushels of corn annually through a dry mill fermentation and distillation workflow (40-50 hour cycle), yielding fuel-grade ethanol used in E10, E15, and E85 gasoline blending. The company's core technology is the standard dry mill process; its differentiator is the integrated capture of three co-products — Dried Distillers Grains with Solubles (DDGS, ~136,000 tons/year) sold as livestock feed, inedible corn oil (started April 2008) sold primarily to biodiesel producers as a low-carbon-intensity feedstock, and liquefied carbon dioxide (started August 2010 via a third-party liquefaction partner) sold to beverage, food processing, and industrial buyers. Each bushel yields approximately 2.8 gallons of ethanol and 17 pounds of DDGS, supporting a multi-revenue-stream commodity business model.
Lincolnway is organized as an Iowa LLC and is a reporting company under the Securities Exchange Act of 1934, meaning it files 10-K, 10-Q, and 8-K reports to the SEC. Membership units trade on an internal matching service (posted on the 1st and 15th of each month and subject to director approval), with recent 2026 trades at $570-$630 per unit. The company sells into B2B commodity channels — ethanol blenders, livestock producers, biodiesel manufacturers, and industrial CO2 buyers — and also runs a daily corn-bid procurement program that pulls feedstock from local grain suppliers in the Iowa corn belt. Strategic site selection adjacent to Union Pacific Class 1 rail and Interstates 35 and US Highway 30 provides a durable distribution advantage, while the company has actively pursued federal policy support, most recently notifying members about potential 45Z clean fuel production credit revenue in November 2025.
Lincolnway Energy, Llc firmographics
Firmographics- Name
- Lincolnway Energy, Llc
- Legal name
- Lincolnway Energy, LLC
- Website
- https://lincolnwayenergy.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Lincolnway Energy, LLC is a privately held Iowa dry mill ethanol producer that operates a 50 million gallon-per-year facility in Nevada, Iowa, selling fuel ethanol and co-products (DDGS, corn oil, CO2) to blenders, livestock producers, and biodiesel manufacturers.
- Ownership category
- akta.pro rank
Lincolnway Energy, Llc industry classification
Industry- Product category
- Ethanol Production / Biofuel Manufacturing
- NAICS
- Ethyl Alcohol Manufacturing (325193)
- SIC
- Grain Mill Products (2040)
- akta.pro primary industry
- Grain & Sugar-Based Ethanol Production (EUAAAHAA)
- akta.pro secondary industry
- Biofuel Co-products & Byproduct Processing (DDGS, Glycerin, CO2, Lignin) (EUAAAHAJ)
Keywords
Where Lincolnway Energy, Llc is headquartered
LocationHeadquarters
- HQ city
- Nevada
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Lincolnway Energy, Llc business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D
Revenue model
- Ethanol Production and Sales: Lincolnway Energy produces approximately 50 million gallons of fuel-grade ethanol per year through dry mill processing. Ethanol is sold as a renewable fuel additive, primarily used as E10 (10% ethanol, 90% gasoline) and approved for E15 use. Higher blends like E85 are sold for flex-fuel vehicles.
- Dried Distillers Grains (DDG/DDGS): Co-product from ethanol production used as livestock and animal feed for dairy and beef cattle, swine, poultry, and aquaculture. Production averages 136,000 tons per year from 18-20 million bushels of corn. DDG serves as economical replacement for corn, soybean meal and dicalcium phosphate in animal diets.
- Inedible Corn Oil: Extracted from syrup during ethanol production, sold to the biodiesel industry which uses it to produce ASTM biodiesel. Inedible corn oil has the lowest carbon intensity score of any biodiesel feedstock. Also sold to feed lots and poultry markets.
- Carbon Dioxide: CO2 gas from fermentation is piped to a third-party liquefaction plant and converted to liquid CO2. Sold to industries including carbonated beverage manufacturers, meat processors, dry ice producers, food processors, and paper mills.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Unit classes with varying prices based on class type and market conditions |
| Usage-based | Pay-as-you-go | Corn procurement prices based on delivery month and market basis |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels6 records
Lincolnway Energy, Llc product offering
Product offeringCore offering
Lincolnway Energy operates a dry mill ethanol production facility in Nevada, Iowa, processing 18-20 million bushels of corn annually to produce approximately 50 million gallons of fuel-grade ethanol. The company also generates three co-products from the process: dried distillers grains (DDG/DDGS) for animal feed, inedible corn oil for biodiesel feedstock, and liquefied carbon dioxide for industrial buyers such as beverage, food processing, and paper mill customers.
Product overview
Lincolnway Energy operates a single-site dry mill ethanol production facility producing four distinct products. The core product is fuel-grade ethanol (50 million gallons per year), complemented by three co-products derived from the ethanol manufacturing process: Dried Distillers Grains (DDG/DDGS) animal feed, Inedible Corn Oil for biodiesel, and Liquefied Carbon Dioxide for industrial applications. The company processes 18-20 million bushels of corn annually, yielding approximately 136,000 tons of DDG and 2.8 gallons of ethanol per bushel. As an LLC, the company also facilitates unit trading for investor members through a matching service.
Differentiator
Problem solved
Functional benefit
Products and services
- Fuel-Grade Ethanol Fuel-grade ethanol produced through dry mill fermentation, distillation, and dehydration processes from corn starch, with a 40-50 hour production cycle. Annual capacity is 50 million gallons, sold as a renewable fuel additive for E10 (10% ethanol, 90% gasoline), approved for E15 use, and E85 for flex-fuel vehicles.
- Dried Distillers Grains (DDG/DDGS) Nutritious animal feed produced as a co-product of ethanol manufacturing, made from the protein, fat, minerals, and vitamins remaining after starch extraction from corn. Available as DDG or DDGS, used as feed for dairy and beef cattle, swine, poultry, and aquaculture. Production averages 136,000 tons per year and serves as an economical replacement for corn, soybean meal, and dicalcium phosphate in animal diets.
- Inedible Corn Oil Crude corn oil extracted from syrup during ethanol production, sold as a feedstock for ASTM biodiesel production to the biodiesel industry. Biodiesel produced from inedible corn oil has the lowest carbon intensity score of any biodiesel feedstock. Can also be sold to feed lots and poultry markets.
- Liquid Carbon Dioxide (CO2) Liquefied carbon dioxide produced from CO2 gas captured during the fermentation stage of ethanol production. The raw CO2 gas is piped to a third-party liquefaction plant and converted to liquid form for sale to industries including carbonated beverage manufacturers, meat processors, dry ice producers, food processors, and paper mills.
Quantifiable outcome
- One bushel of corn produces 17 pounds of DDGS and 2.8 gallons of ethanol
- +2 more outcomes
Companies that use Lincolnway Energy, Llc
Customer profileSegments5 records
Ideal customer profiles5 records
Lincolnway Energy, Llc technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Lincolnway Energy, Llc partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Third-Party CO2 Liquefaction PartnercoreIn August 2010, Lincolnway Energy entered into an agreement with a third party to collect the carbon dioxide gas produced during fermentation and convert it into liquid CO2. The third party operates the liquefaction plant where raw CO2 gas is piped and turned into liquid form for sale to other industries including beverage manufacturers, meat processors, dry ice producers, food processors, and paper mills. This partnership generates additional revenue with minimal operating costs.
Scale indicators7 records
Recent moves8 records
Expansion highlights3 records
Lincolnway Energy, Llc competitors and assessment
Company assessmentBroad incumbents
- Archer Daniels Midland (ADM): Global agribusiness major with significant corn-ethanol production alongside grain origination, oilseeds, and animal nutrition. Operates multiple dry mill ethanol plants competing directly for corn supply and ethanol customers while offering integrated scale advantages.
- Flint Hills Resources: Koch Industries subsidiary operating ethanol plants alongside petroleum refining. Produces dry mill corn ethanol with DDGS co-products, leveraging integrated energy logistics and trading capabilities.
- Valero Renewable Energy: Subsidiary of Valero Energy operating multiple ethanol plants producing ~1.2 billion gallons/year. Same dry mill technology, same corn feedstock, same co-products (DDGS, corn oil), but with parent company's downstream fuel distribution integration.
Direct peers
- Green Plains Inc. Pure-play US ethanol producer operating ~1 billion gallons of capacity across multiple plants. Similar dry mill ethanol, DDGS, and corn oil product mix with comparable co-product monetization strategy targeting low-CI ethanol markets.
- Pacific Ethanol (now Alto Ingredients): Formerly independent Pacific Ethanol, now merged with Alto Ingredients. Operates multiple dry mill ethanol plants in the Western US with similar product mix and corn-based feedstock.
- Alto Ingredients: Specialty ethanol producer with multiple dry mill plants in the Midwest producing fuel-grade ethanol, DDGS, and corn oil. Closest pure-play comparable in scale profile and co-product strategy to Lincolnway.
- POET: Largest US ethanol producer with ~3 billion gallons of annual capacity across multiple dry mill plants. Direct competitor producing fuel-grade ethanol, DDGS, and corn oil from corn feedstock, with similar co-product strategy and Iowa/South Dakota footprint.
Regional players
- KAAPA Ethanol: Nebraska-based dry mill ethanol producer with comparable 50-100 million gallon capacity profile. Direct regional competitor sourcing corn from local growers and producing DDGS for nearby livestock operations.
- Greenfield Global: Canadian ethanol producer with US presence, producing fuel ethanol and DDGS from corn. Operates dry mill facilities with similar co-product monetization though primarily serving Canadian and northeastern US markets.
- Husker Ag: Nebraska-based dry mill ethanol plant producing fuel ethanol, DDGS, and corn oil. Comparable size and Midwest location make it a near-substitute peer for Lincolnway.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Lincolnway Energy, Llc social profiles
Digital presenceLincolnway Energy, Llc financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lincolnway Energy, Llc leadership team
Management profileNumber of profiles
Lincolnway Energy, Llc funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lincolnway Energy, Llc M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lincolnway Energy, Llc
What does Lincolnway Energy, Llc do?
Lincolnway Energy operates a dry mill ethanol production facility in Nevada, Iowa, processing 18-20 million bushels of corn annually to produce approximately 50 million gallons of fuel-grade ethanol. The company also generates three co-products from the process: dried distillers grains (DDG/DDGS) for animal feed, inedible corn oil for biodiesel feedstock, and liquefied carbon dioxide for industrial buyers such as beverage, food processing, and paper mill customers.
Is Lincolnway Energy, Llc a public or private company?
Lincolnway Energy, Llc is a private company. It is classified as management employee owned and is currently operating.
When was Lincolnway Energy, Llc founded?
Lincolnway Energy, Llc was founded in 2004. It employs 11 to 50 people.
Where is Lincolnway Energy, Llc based?
Lincolnway Energy, Llc is headquartered in Nevada, United States, in the North America region.
How does Lincolnway Energy, Llc make money?
Four revenue lines are on record. Ethanol Production and Sales are the primary driver. The others are dried Distillers Grains (DDG/DDGS), inedible Corn Oil and carbon Dioxide.
Who are Lincolnway Energy, Llc's main competitors?
Broad incumbents on record are Archer Daniels Midland (ADM), Flint Hills Resources and Valero Renewable Energy. Direct peers are Green Plains Inc., Pacific Ethanol (now Alto Ingredients), Alto Ingredients and POET. Regional players are KAAPA Ethanol, Greenfield Global and Husker Ag.
Does Lincolnway Energy, Llc have an API?
No public API is recorded for Lincolnway Energy, Llc.
What industry is Lincolnway Energy, Llc in?
Lincolnway Energy, Llc's product category is Ethanol Production / Biofuel Manufacturing. Its primary akta.pro industry code is EUAAAHAA, Grain & Sugar-Based Ethanol Production, with a secondary code of EUAAAHAJ, Biofuel Co-products & Byproduct Processing (DDGS, Glycerin, CO2, Lignin). Its NAICS code is 325193 and its SIC code is 2040.