Badger State Ethanol

What Badger State Ethanol does

Badger State Ethanol LLC is a Wisconsin-based, farmer/investor-owned dry-mill ethanol producer that operates an 85 million-gallon-per-year facility in Monroe, Wisconsin, originally commissioned in October 2002 at a 40 MGY nameplate. The plant processes approximately 14.286 million bushels of corn annually into fuel-grade denatured ethanol (ASTM D 4806-01a), capturing every kernel component as a monetized co-product: dried distillers grains with solubles (DDGS) with minimum 26.5% crude protein, BP50 50%-protein concentrate, crude corn oil, and approximately 400 tons per day of food-grade carbon dioxide shipped via dedicated pipeline to Air Products' adjacent processing facility.

The company operates a dual go-to-market model. On the B2B side, ethanol is sold to wholesale gasoline marketers, blenders, and petroleum terminals across Wisconsin, Illinois, and the Upper Midwest under long-term off-take contracts and commodity hedging programs; co-products (DDGS, corn oil, BP50) are sold directly to livestock feed customers and agricultural operations. On the B2C side, the wholly owned Smart Station Ventures LLC subsidiary operates company-owned SmartStation retail fuel stations in Monroe and Platteville, Wisconsin, offering five ethanol blend options (E10, E15, E25, E35, E85) through proprietary blender-pump architecture — a concept that was 2-3 years ahead of industry adoption when launched in 2005.

Revenue is commodity-priced and exposed to both ethanol and corn futures markets, with no publicly disclosed pricing. The company employs approximately 50 people, is governed by a board chaired by Kevin Malchine (son of co-founder John Malchine), and is led by CEO/General Manager Erik Huschitt. Badger State Ethanol is a member of Growth Energy, the Renewable Fuels Association, and Ace Ethanol, and the CEO actively engages in federal ethanol policy advocacy through Wisconsin Biofuels Association leadership and biannual Washington D.C. visits.

Name

Badger State Ethanol

Legal name

Badger State Ethanol LLC

Website

https://badgerstateethanol.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Badger State Ethanol operates an 85 million-gallon-per-year dry-mill ethanol plant in Monroe, Wisconsin, producing fuel ethanol, DDGS, corn oil, BP50 protein feed, and food-grade CO2 for wholesale fuel blenders, livestock feed customers, Air Products, and consumers via SmartStation retail stations.

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)

akta.pro secondary industry

Biofuel Co-products & Byproduct Processing (DDGS, Glycerin, CO2, Lignin) (EUAAAHAJ)

Keywords

• Fuel ethanol production
• Dried distillers grains
• Corn oil extraction
• Flex fuel retail
• Carbon dioxide capture

Headquarters

HQ city

Monroe

HQ country

United States

HQ region

North America

Offices2 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, Others

Revenue model

1. Ethanol Fuel Sales: Primary revenue stream from production and sale of fuel-grade ethanol (denatured fuel ethanol per ASTM D 4806-01a). Sold to wholesale gasoline marketers, blenders, and petroleum terminals in Wisconsin, Illinois and the Upper Midwest. Revenue is commodity-priced with exposure to both ethanol and corn futures markets, managed through commodity risk-hedging programs and off-take contracts.
2. Co-Product Sales (DDGS, Corn Oil, Protein Feed): Sale of dried distillers grains with solubles (DDGS), crude corn oil, BP50 concentrated protein feed, wet DDG, and corn oil to livestock feed customers. DDGS Protein minimum 26.5% crude protein. Zero-waste philosophy means all kernel components are monetized.
3. Carbon Dioxide Sales: Raw CO2 gas (approx. 400 tons/day) shipped via pipeline to Air Products' adjacent processing facility. Air Products processes and distributes CO2 for food industry applications including meat processing, baking, prepared foods, beverage carbonation, and chemical manufacturing.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Badger State Ethanol operates a dry-mill ethanol production facility in Monroe, Wisconsin with a nameplate capacity exceeding 85 million gallons per year. The plant processes approximately 14.286 million bushels of corn annually into denatured fuel-grade ethanol (ASTM D 4806-01a), with all kernel components fully utilized to produce co-products including DDGS, crude corn oil, BP50 50% protein feed, and food-grade carbon dioxide shipped via pipeline to Air Products. The company also sells ethanol blends (E10, E15, E25, E35, E85) directly to consumers through two company-owned SmartStation flex-fuel retail stations.

Product overview

Badger State Ethanol is a dry-mill ethanol production facility that operates as a single unified production operation producing multiple co-products from corn processing. The primary product is fuel ethanol (85 million gallon annual capacity), with co-products including food-grade carbon dioxide (400 tons/day), DDGS animal feed, BP50 concentrated protein feed, and crude corn oil. The company also operates SmartStation, a retail fuel station subsidiary selling flex-fuel ethanol blends directly to consumers through blender pumps.

Differentiator

Problem solved

Functional benefit

Brands

• SmartStation: A retail fuel station brand offering flex-fuel pumps (E10, E15, E25, E35, E85) directly to consumers. SmartStation is a trademark of Smart Station Ventures LLC, a wholly owned subsidiary of Badger State Ethanol. Founded in 2005, it was 2-3 years ahead of others with the concept of blending at the pump.

Products and services

• Fuel-Grade Ethanol Denatured fuel-grade ethanol compliant with ASTM D 4806-01a, used as an octane enhancer, oxygenated fuel additive, and non-petroleum gasoline extender. Sold to wholesale gasoline marketers, blenders, and petroleum terminals in Wisconsin, Illinois, and the Upper Midwest.
• Carbon Dioxide Food-grade carbon dioxide produced at approximately 400 tons per day and shipped via dedicated pipeline to Air Products' adjacent processing facility for meat processing, baking, prepared foods, beverage carbonation, and chemical industry applications.
• DDGS (Dried Distillers Grains with Solubles) Animal feed co-product with minimum 26.5% crude protein, 6.0% crude fat, 8.0% max crude fiber, 6.0% max ash, and 10.0% max moisture. Sold to livestock feed customers and agricultural operations.
• BP50 Protein Feed Concentrated 50% corn protein animal feed (dry matter basis) with minimum 48% crude protein, 1.50% crude fat, 5.0% max crude fiber, 5.0% max ash, and 9.0% max moisture. Sold to livestock and feedlot operations.
• Corn Oil

Quantifiable outcome

• Surpassed 1 billion gallons of cumulative ethanol production by January 2020
• +5 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• FNC Ag Stock, LLCcoreChannel Partner/ Reseller/ Distributor · 1 January 2008FNC Ag Stock is a registered broker-dealer that facilitates trading of BSE Capital Units (Class A and Class A1 stock) through its platform. BSE is pleased to announce its association with FNC Ag Stock for the purpose of trading BSE Capital Units of stock. FNC posts available listings, recent sales, and standing offers to purchase. All trades are conducted quarterly with escrow held at an accredited Escrow Agent account. There is a 3% sellers' fee with $250 minimum.
• Air ProductscoreStrategic or Co-development Partner · 1 January 2002Air Products owns and operates a CO2 processing facility adjacent to Badger State Ethanol's plant. BSE produces approximately 400 tons of CO2 per day which is shipped via pipeline to Air Products. Air Products processes the CO2 for meat processing, baking, prepared foods, beverage carbonation, and chemical industry applications. This is a long-term operational partnership established at the plant's inception in 2002.
• ICM Inc. / Fagen, Inc.coreTechnology or Integration · 1 January 2001ICM Inc. and Fagen, Inc. served as the design/build contractors for the BSE ethanol plant. Fagen served as general contractor and ICM as primary subcontractor. Both firms have extensive experience in ethanol plant development — Fagen on 13+ ethanol projects total and ICM as a leading ethanol plant design firm. ICM and Fagen representatives also served on BSE's board of directors during the founding period.
• Growth EnergycoreOthersBadger State Ethanol is a proud member of Growth Energy, a leading ethanol industry advocacy organization. Erik Huschitt, CEO, has worked with Growth Energy for five years as an ethanol advocate traveling to Washington D.C. twice each year to visit Congress. Growth Energy lobbies for ethanol-friendly policies including opposing EPA small refinery RFS waivers.
• Renewable Fuels Association (RFA)coreOthersBadger State Ethanol is a proud member of the Renewable Fuels Association (RFA), the leading trade association for the ethanol industry. RFA advocates for policies supporting ethanol production and consumer access to higher blends. BSE participates in RFA initiatives including 'Ethanol in the Classroom' educational program.
• Ace EthanolminorOthersBadger State Ethanol is listed as a proud member of Ace Ethanol, indicating affiliation with the Ace ethanol brand or cooperative.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Flint Hills Resources (Koch):
• Cargill:
• POET: POET is the largest U.S. ethanol producer with ~2.1 billion gallons of annual capacity across 28 plants. Directly comparable to Badger State Ethanol in core dry-mill corn ethanol production, with the same product mix (ethanol, DDGS, corn oil) and a meaningfully larger national footprint and corn procurement scale.
• Valero Renewable Energy: Valero operates 12 ethanol plants with ~1.45 billion gallons of annual capacity, integrated as a downstream captive outlet for its refining and marketing network. Highly comparable to BSE on production technology and product mix, with a structural advantage from internal petroleum blending demand and balance-sheet scale.
• Archer Daniels Midland (ADM): ADM operates corn wet mill and dry mill ethanol facilities in the U.S. Midwest, producing ethanol, DDGS, corn oil, and other corn-derived products. A broad incumbent comparable to BSE on feedstock, product mix, and customer base, though ADM's portfolio extends well beyond ethanol into animal nutrition, oilseeds, and food ingredients.

Direct peers

• Green Plains Inc. Green Plains is a publicly traded pure-play ethanol producer with ~1.1 billion gallons of annual capacity across 9 plants, plus a sizable ingredients business (fluid proteins, distillers' oils). Closely comparable to BSE in product mix, asset structure, and commodity exposure, with a stronger pivot toward higher-value bioproducts (protein concentration, low-CI initiatives).
• Pacific Ethanol (now Alto Ingredients): Alto Ingredients operates nine ethanol production facilities with ~410 MGY of capacity, plus specialty alcohol and essential ingredient product lines. Closely comparable to BSE on corn ethanol production, with additional specialty alcohol products that provide a margin diversification model BSE could potentially emulate.

Emerging players

• Aemetis: Aemetis operates an ethanol plant in California plus a renewable diesel / cellulosic ethanol project, with a strong focus on LCFS credit generation and low-carbon fuel pathways. Comparable to BSE in the underlying dry-mill ethanol business but differentiated by a much heavier tilt toward low-carbon fuel credits and California LCFS positioning.

Regional players

• Ace Ethanol: Ace Ethanol operates a 41 MGY corn ethanol plant in Stanley, Wisconsin, producing fuel ethanol and DDGS. BSE is listed as a "proud member" of the Ace Ethanol brand, and the two companies are the most direct regional comparables on feedstock, product mix, and Wisconsin/U.S. Midwest market.
• Didion Milling: Didion Milling is a Wisconsin-based corn processor operating a dry-mill ethanol plant in Cambria, WI, alongside grain milling and ethanol operations. A regional comparable to BSE on geography, feedstock, and ethanol production, with a complementary food-grade milling business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Badgerstateethanol

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

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 Badger State Ethanol