Harvestone Low Carbon Partners

What Harvestone Low Carbon Partners does

Harvestone Low Carbon Partners (HLCP) is a private, PE-backed biofuels platform that operates three ethanol biorefineries — Blue Flint in Underwood, North Dakota; Dakota Spirit AgEnergy in Spiritwood, North Dakota; and Iroquois Bio-Energy Company (IBEC) in Rensselaer, Indiana — processing approximately 72 million bushels of locally-grown corn annually. The platform converts corn into four integrated product streams: approximately 215 million gallons of ethanol, 490,000 tons of distillers grains livestock feed (dried and modified), 9.6 million gallons of fuel-grade corn oil for renewable diesel and sustainable aviation feedstocks, and captured CO2 from fermentation that is compressed and injected underground for permanent storage via the proprietary Vision Carbon Zero carbon capture system, operational at Blue Flint since October 2023.

HLCP was formed in December 2022 by Harvestone Group and Energy Capital Partners (ECP) to consolidate the three facilities under a low-carbon investment thesis; the underlying plants have operated since 2007 (Blue Flint and IBEC) and 2015 (Dakota Spirit). The company earns revenue through direct B2B commodity sales: ethanol is sold to fuel distributors and blenders, distillers grains to beef, dairy, hog, and poultry producers on spot and forward contracts, corn oil to renewable diesel and SAF producers, and CO2 sequestration services are positioned as a decarbonization layer for low-carbon-intensity fuel markets. Corn procurement is conducted via a cash bid system with futures-linked pricing, and distribution is exclusively regional, direct, and wholesale with no retail or consumer-facing channels.

Name

Harvestone Low Carbon Partners

Legal name

Harvestone Low Carbon Partners

Website

https://harvestonelcp.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Harvestone Low Carbon Partners operates three corn ethanol biorefineries in North Dakota and Indiana, producing ethanol, distillers grains, corn oil, and permanently sequestered CO2 for fuel, feed, and renewable feedstock markets.

Ownership category

akta.pro rank

Product category

Ethanol Production

NAICS

Ethyl Alcohol Manufacturing (325193)

SIC

Grain Mill Products (2040)

akta.pro primary industry

Grain & Sugar-Based Ethanol Production (EUAAAHAA)

Keywords

• Low carbon ethanol
• Biorefinery operations
• Carbon capture sequestration
• Distillers grains feed
• Renewable fuel production

Headquarters

HQ city

Underwood

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Ethanol Sales: Sale of high-octane renewable ethanol fuel produced from corn fermentation. Production capacity of approximately 215 million gallons annually across three facilities. Ethanol is blended into transportation fuel and supports energy independence.
2. Distillers Grains Sales: Sale of dried and modified distillers grains as high-nutrition livestock feed. Approximately 490,000 tons produced annually, supporting beef, dairy, hog, and poultry markets. Sold as dried (90% dry matter) and modified (50% dry matter) products.
3. Corn Oil Sales: Sale of fuel-grade corn oil extracted during ethanol production. Approximately 9.6 million gallons annually. Used as feedstock for renewable diesel, sustainable aviation fuel, and as livestock feed supplement.
4. CO2 Sequestration Services: Carbon capture and sequestration services for industrial decarbonization. Blue Flint captures and permanently stores approximately 220,000 metric tons of CO2 annually. Supports lower carbon intensity of renewable fuel production for energy markets seeking reduced lifecycle carbon.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Harvestone Low Carbon Partners operates three ethanol biorefineries (Blue Flint, Dakota Spirit, and IBEC) that convert locally-grown corn into four integrated product streams: low-carbon renewable ethanol fuel, distillers grains for livestock feed, fuel-grade corn oil for renewable diesel and SAF, and captured CO2 for permanent underground sequestration. The network processes approximately 72 million bushels of corn annually to produce 215+ million gallons of ethanol, 490,000 tons of distillers grains, and 9.6 million gallons of corn oil, with commercial-scale CCS operating at Blue Flint since October 2023.

Product overview

Harvestone Low Carbon Partners is a biofuels platform consisting of three ethanol biorefineries (Blue Flint, Dakota Spirit, and IBEC) that convert locally-grown corn into four integrated product streams: ethanol fuel, distillers grains livestock feed, corn oil for renewable fuels, and captured CO2 for permanent underground sequestration. The network produces over 215 million gallons of ethanol annually, approximately 490,000 tons of distillers grains, 9.6 million gallons of corn oil, and has carbon capture capacity of 220,000+ metric tons annually at Blue Flint with additional capacity under development at Dakota Spirit and IBEC.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 213 million gallons of ethanol produced in 2025 across three facilities
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Bank of ND Dollars for ScholarsminorStrategic or Co-development PartnerHarvestone partners with Bank of ND Dollars for Scholars program to provide scholarships for local students. Recipients announced annually in spring.
• Gateway to Science CenterminorStrategic or Co-development PartnerInteractive biorefinery display at Gateway to Science Center in Bismarck, ND teaching visitors how a biorefinery works.
• Great River EnergycoreStrategic or Co-development PartnerDakota Spirit was built next to Great River Energy's Spiritwood Station, using steam to power the refining process. Co-location enables efficient energy utilization.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Gevo: Low-carbon fuels developer producing renewable gasoline, SAF, and hydrocarbons from agricultural sugars. Comparable decarbonization thesis and low-carbon fuel positioning, though Gevo focuses on next-generation fuels rather than corn ethanol.
• Summit Carbon Solutions: Developer of large-scale CO2 capture and pipeline infrastructure for ethanol and industrial emitters. Partner/adjacent rather than direct competitor, but Summit's CCS infrastructure could enable ethanol plants to achieve the same low-CI scores HLCP targets with its own Blue Flint system.
• CarbonCapture Inc. Direct air capture and point-source carbon capture technology developer. Provides enabling CCS technology that ethanol producers like HLCP could partner with or license, representing both a potential partner and alternative pathway for decarbonization.

Others

• ICM Inc. Major designer and equipment supplier for U.S. ethanol plants, including proprietary fermentation and CCS integration technology. Adjacent ecosystem participant whose process technology underpins much of the U.S. ethanol industry including many of HLCP's competitors.

Direct peers

• Pacific Ethanol: Formerly independent corn ethanol producer with multiple Western U.S. plants producing ~400M gallons/year. Direct competitor in grain-based ethanol and DDGS, now operating under different ownership structures but representative of mid-scale U.S. ethanol platforms.
• Green Plains Inc. Publicly traded corn ethanol platform with ~1.1 billion gallons of annual capacity across multiple U.S. plants. Direct competitor in grain-based ethanol and DDGS, with similar co-product economics and ongoing carbon reduction initiatives.
• Aemetis: Renewable fuels company focused on low-carbon ethanol with carbon capture at its Keyes, California plant. Most directly comparable peer given its CCS-enabled ethanol strategy, smaller scale (~70M gallons), and dependence on LCFS and 45Q economics.
• POET Biorefining: The largest U.S. corn ethanol producer with 34 plants producing ~3 billion gallons/year. Direct competitor in grain-based ethanol with overlapping DDGS and corn oil co-product streams, though POET has not yet deployed industrial CCS at scale.

Broad incumbents

• Archer Daniels Midland (ADM): Global agribusiness giant with corn processing and ethanol production operations alongside its core grain merchandising and food ingredient businesses. Overlapping product portfolio in ethanol, DDGS, and corn oil, but operates across a far broader value chain.
• Valero Renewable Fuels: Subsidiary of Valero Energy producing corn ethanol as part of its broader refining and renewable fuels portfolio. Operates 12 ethanol plants (~1.6 billion gallons/year) with overlapping commodity economics and access to downstream fuel blending infrastructure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/harvestonelcp

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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 Harvestone Low Carbon Partners