Lincolnway Energy, Llc

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.

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

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

• Ethanol production
• Dried distillers grains
• Corn oil extraction
• Biofuel manufacturing
• Carbon dioxide capture

Headquarters

HQ city

Nevada

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core 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

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Third-Party CO2 Liquefaction PartnercoreStrategic or Co-development Partner · 1 August 2010In 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

Broad 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

• LinkedInlinkedin.com/company/lincolnway-energy

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lincolnway Energy, Llc