Midwest AgEnergy

What Midwest AgEnergy does

Midwest AgEnergy, doing business as Harvestone Low Carbon Partners, is a privately held U.S. ethanol producer founded in 2007 and headquartered in Underwood, North Dakota. The company owns and operates three ethanol biorefineries — Blue Flint and Dakota Spirit in North Dakota, plus IBEC in Indiana — with combined annual production of approximately 215 million gallons of renewable ethanol fuel and 490,000 tons of Dried Distillers Grains with Solubles (DDGS) sold into livestock feed markets. The vertically integrated operating model converts locally-grown corn into clean-burning transportation fuel and agricultural co-products.

The company's differentiator is the integration of carbon capture and sequestration infrastructure into ethanol production, enabling permanent sequestration of more than 200,000 metric tons of CO2 per year. This positions the asset base to participate in low-carbon fuel standard programs, renewable identification number (RIN) markets, and emerging carbon credit monetization frameworks such as 45Q and 45Z. Distribution is direct from biorefinery facilities to fuel blenders and agricultural buyers across the two-state operating region. The company also operates a digital Cash Bids platform (integrated with grain technology partner Bushel) to source corn from local farmers.

Revenue mechanics follow commodity ethanol and DDGS market dynamics, with the carbon sequestration layer representing an emerging third revenue stream tied to environmental credit pricing. The company is led by CEO Jeff Zueger and employs between 51 and 100 people. Ownership structure, financial performance, and detailed capex history are not disclosed in available public material, which limits visibility into financial leverage, return on capital, and reinvestment runway.

Name

Midwest AgEnergy

Legal name

Harvestone Low Carbon Partners

Website

https://midwestagenergy.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Midwest AgEnergy (Harvestone Low Carbon Partners) operates three ethanol biorefineries in North Dakota and Indiana, producing 215M gallons of renewable fuel, 490K tons of DDGS livestock feed, and permanently sequestering 200K+ metric tons of CO2 annually.

Ownership category

akta.pro rank

Product category

Ethanol Biorefining

NAICS

Ethyl Alcohol Manufacturing (325193)

SIC

Grain Mill Products (2040)

akta.pro primary industry

Grain & Sugar-Based Ethanol Production (EUAAAHAA)

Keywords

• Ethanol production
• Carbon sequestration
• DDGS animal feed
• Renewable fuel manufacturing
• Biorefinery operations

Headquarters

HQ city

Underwood

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, Technology or R&D, Infrastructure, Marketing or Sales

Distribution channels1 record

Marketing channels1 record

Core offering

Midwest AgEnergy, operating as Harvestone Low Carbon Partners, runs three ethanol biorefineries—Blue Flint and Dakota Spirit in North Dakota and IBEC in Indiana—that convert locally-grown corn into clean ethanol fuel and dried distillers grains with solubles (DDGS) for livestock feed. The company also produces carbon sequestration outcomes through proprietary carbon capture technology integrated with biorefinery operations.

Product overview

Harvestone Low Carbon Partners (Midwest AgEnergy) operates a unified biorefinery platform consisting of three ethanol production facilities in North Dakota and Indiana. The company transforms locally-grown corn into clean-burning renewable fuel (ethanol) while producing high-quality agricultural co-products (DDGS for livestock) and permanently sequestering carbon dioxide. The portfolio includes ethanol fuel, DDGS animal feed, and carbon sequestration services, all powered by the three biorefinery assets (Blue Flint, Dakota Spirit, IBEC). A digital cash bids platform enables grain procurement from local farmers.

Differentiator

Problem solved

Functional benefit

Products and services

• Clean Ethanol Fuel

Quantifiable outcome

• Permanently sequesters 200K+ metric tons of CO2 annually
• +2 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Valero Renewable Fuels: A division of Valero operating 12 U.S. ethanol plants producing ~1.4B gallons annually. Directly comparable corn ethanol platform with similar DDGS co-product economics.
• Alto Ingredients: Mid-scale U.S. corn ethanol producer with multiple facilities producing ethanol, DDGS, and corn oil. Comparable operating footprint and product mix to Midwest AgEnergy.
• Green Plains Inc. Pure-play U.S. corn ethanol producer with multiple biorefineries producing ethanol, DDGS, and renewable corn oil. Closely mirrors Midwest AgEnergy's product mix and is pursuing low-carbon protein and carbon-capture initiatives.
• Aemetis: Renewable fuels company operating a corn ethanol plant in California with active carbon capture and sequestration deployment. Closely aligned with Midwest AgEnergy's CCS-at-ethanol-plant model.
• POET: The largest U.S. corn ethanol producer operating ~30 biorefineries. Directly comparable to Midwest AgEnergy in feedstock (corn), product mix (ethanol + DDGS), and downstream fuel offtake, though at materially greater scale.

Others

• ICM Inc. Leading ethanol process technology and plant design provider to the U.S. ethanol industry. Not a direct competitor but a key enabling partner whose technology stack underpins Midwest AgEnergy's biorefinery operations.

Broad incumbents

• Flint Hills Resources: Diversified refining and renewables operator with corn ethanol plants in Iowa and Nebraska. Comparable ethanol production platform but within a broader refining and chemicals portfolio.
• Cargill: Global agribusiness with corn processing and ethanol exposure. Overlaps Midwest AgEnergy in grain origination, ethanol, and DDGS animal feed, though as part of a much broader commodities and food ingredients portfolio.
• Archer Daniels Midland (ADM): Global agribusiness giant with significant U.S. corn ethanol production alongside oilseed processing and animal nutrition. Overlaps Midwest AgEnergy in ethanol and DDGS but operates a much broader commodity portfolio.

Regional players

• CHS Inc. U.S. ag cooperative with corn ethanol production in the Midwest. Comparable corn-ethanol and DDGS platform with strong regional feedstock control in the same geography as Midwest AgEnergy's Indiana facilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Midwest AgEnergy