Cardinal Ethanol Llc

What Cardinal Ethanol Llc does

Cardinal Ethanol LLC is a US-based, privately held integrated dry-mill ethanol producer founded in 2005 and operating from a member-owned LLC/partnership structure headquartered in Union City, Indiana. The company operates two corn-to-ethanol biorefineries — the original Union City, Indiana plant (approximately 140 MMgy) and the Colwich, Kansas facility acquired in 2024 — giving it a combined nameplate capacity exceeding 200 million gallons of fuel-grade ethanol per year and the ability to process roughly 65 million bushels of corn annually. The core product is fuel-grade ethanol sold to regional and national gasoline blenders through Murex, supplemented by a co-product portfolio that includes 320,000+ tons per year of distillers dried grains with solubles (DDGS) and high-protein variants (HiPro Distillers/CFP/Protomax) distributed to Midwest and Pacific Rim livestock producers through CHS, distiller's corn oil sold as a renewable diesel and sustainable aviation fuel (SAF) feedstock, and biogenic CO2 that is being routed to permanent geologic storage under the One Carbon Partnership joint venture with Vault 44.01.

The platform is built on a corn dry-milling process augmented by ICM's proprietary Advanced Processing Package (APP), licensed in 2022 and commissioned in 2024, which enables extraction of higher-value 50% protein feed streams and improves overall yields and energy efficiency per gallon. In 2023 Cardinal formed the One Carbon Partnership JV with Vault 44.01 (over $60 million of capital deployment) to capture and permanently sequester up to 450,000 metric tons of biogenic CO2 per year; the EPA issued a final UIC Class VI permit for the project in 2026, positioning Cardinal to monetize federal Section 45Q/45Z tax credits and California LCFS credits. The company also operates a Trading Division (formed in 2017) that merchandises grain and soybeans alongside the core ethanol production grain book, with multiple contract structures (spot, forward, basis, HTA, delayed pricing, min/max, and OTC accumulator) offered to farmer counterparties.

Cardinal's revenue model is primarily transactional across physical commodity sales of ethanol, DDGS, and corn oil on a take-rate/quote-based pricing structure (pricing is not publicly disclosed and is obtained through direct contact with Murex for ethanol and CHS for feed co-products), with an emerging licensing/credit-style revenue stream from federal carbon sequestration tax credits. The company is governed by a 14-member Board of Directors chaired by Robert J. Davis, and is led by President & CEO Tom Ranallo, CFO Bill Dartt, and COO Rick Vondra. Note: the firmographics header lists an OTCQB ticker (CRDE), but the detailed company record states the company is a private LLC partnership with no public exchange listing and uses Sharevault and Carta for equity administration; the detailed record is treated as authoritative given the conflict.

Name

Cardinal Ethanol Llc

Legal name

Cardinal Ethanol LLC

Website

https://cardinalethanol.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Cardinal Ethanol is a privately held, member-owned dry-mill ethanol producer operating two biorefineries in Indiana and Kansas with over 200 MMgy of capacity, selling fuel-grade ethanol, DDGS, corn oil, and sequestered CO2 credits to fuel blenders, livestock producers, and renewable diesel/SAF markets.

Ownership category

akta.pro rank

Product category

Ethanol and biorefinery co-products manufacturing

NAICS

Ethyl Alcohol Manufacturing (325193), Grain and Oilseed Milling (3112)

SIC

Grain Mill Products (2040)

akta.pro primary industry

Grain & Sugar-Based Ethanol Production (EUAAAHAA)

Keywords

• Fuel-grade ethanol production
• Distillers dried grains
• Corn oil feedstock
• Carbon capture sequestration
• Biorefinery co-products

Headquarters

HQ city

Union City

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, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Fuel-grade Ethanol: Production and sale of premium fuel-grade ethanol for gasoline blending, serving regional and national fuel markets. Ethanol is sold through Murex for fuel blenders.
2. Distillers Grains (DDGS): Production of 320,000+ tons annually of Distillers Dried Grains with Solubles, a high-protein livestock feed sold to Midwest and Pacific Rim markets. Also includes high-protein HiPro Distillers and WCBS products.
3. Distiller's Corn Oil: Production of corn oil as a feedstock for renewable diesel and sustainable aviation fuel (SAF) industries, as well as a premium fat source for livestock feeds.
4. Biogenic CO2: Capturing high-purity biogenic CO2 from fermentation process for permanent geologic storage through the One Carbon Partnership with Vault 44.01, generating federal tax credits (Section 45Z/45Q) and LCFS credits.
5. Carbon Revenue (45Z/45Q Tax Credits): Pure-profit stream from federal tax credits by sequestering approximately 400,000 tons of CO2 annually through the Vault 44.01 partnership, separated from corn and ethanol price volatility.
6. Grain Procurement and Merchandising: The Trading Division established in 2017 optimizes grain procurement and generates revenue through merchandising soybeans and providing grain marketing contract options.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Cardinal Ethanol operates two corn dry-mill biorefineries producing fuel-grade ethanol (over 200 million gallons annual capacity), distillers dried grains with solubles (DDGS, 320,000+ tons annually), distiller's corn oil, biogenic CO2, and high-protein feed co-products (HiPro Distillers/CFP/Protomax at 50% protein and WCBS/Solbran). Products are sold to fuel blenders, livestock feed manufacturers, renewable diesel/SAF feedstock buyers, and grain is sourced directly from regional farmers.

Product overview

Cardinal Ethanol LLC operates an integrated biorefinery platform producing renewable fuel and high-value co-products. The company operates two facilities (Union City, Indiana and Colwich, Kansas) with combined capacity of over 200 million gallons annually. The core product is fuel-grade ethanol, supplemented by a portfolio of co-products including DDGS (320,000+ tons annually), Distiller's Corn Oil, and Biogenic CO2. The Advanced Processing Package (APP) technology enables production of high-protein feeds including HiPro Distillers/CFP/Protomax (50% protein) and WCBS/Solbran. Digital tools include mobile apps for both facilities. The company is expanding into carbon capture and sequestration through its One Carbon Partnership JV with Vault 44.01.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 50-65% reduction in greenhouse gas emissions compared to conventional gasoline
• +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

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Vault 44.01coreStrategic or Co-development Partner · 1 January 2023One Carbon Partnership joint venture formed in 2023 for carbon capture and sequestration. Vault 44.01 obtained EPA UIC Class VI permit for the project near Union City, Indiana, representing a capital investment of more than $60 million. The project captures and permanently stores up to 450,000 metric tons of CO2 annually, generating federal tax credits (Section 45Z/45Q) and LCFS credits for Cardinal Ethanol.
• Growth EnergyminorOthersIndustry association membership supporting renewable fuel advocacy and policy engagement for the ethanol industry.
• American Coalition for Ethanol (ACE)minorOthersIndustry association membership for ethanol producers focusing on policy advocacy and industry best practices.
• CHScoreChannel Partner/ Reseller/ DistributorCHS distributes Cardinal Ethanol's DDGS and feed co-products to livestock producers across the Midwest and Pacific Rim markets. Contact: 800-769-1066.
• MurexcoreChannel Partner/ Reseller/ DistributorMurex handles ethanol sales and purchasing for Cardinal Ethanol, serving regional and national fuel blenders. Contact: 972-735-5345.
• ICMcoreTechnology or IntegrationIn 2022, Cardinal Ethanol contracted with ICM to implement their proprietary Advanced Processing Package (APP) technology, enabling enhanced co-product value and 50% protein feed production. ICM is a leading technology provider for ethanol production.
• National Grain and Feed Association (NGFA)minorOthersIndustry association membership for grain and feed industry participants, supporting trade policy and industry standards.
• BoulayminorImplementation/ SI/ Consulting PartnerProfessional services partner providing accounting and consulting services to Cardinal Ethanol.
• Christianson CPA and ConsultantsminorImplementation/ SI/ Consulting PartnerAccounting and consulting partner listed as a partner for Cardinal Ethanol's financial operations.
• Beyond Agribusiness SolutionsminorImplementation/ SI/ Consulting PartnerAgribusiness solutions provider partnering with Cardinal Ethanol for operational support.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Others

• CHS Inc. Largest U.S. agribusiness cooperative; Cardinal's distribution partner for DDGS and feed co-products. Comparable as a major grain originator and ethanol industry stakeholder, though more as a counterparty than competitor.
• ICM Inc. Leading ethanol process technology provider and the licensor of the Advanced Processing Package (APP) that Cardinal operates. Technology and service partner/advisor rather than operator.

Broad incumbents

• Cargill: Largest private U.S. agribusiness; operates corn processing and bioindustrial platforms including ethanol. Comparable to Cardinal through grain origination, corn processing, and biofuels participation.
• Archer Daniels Midland (ADM): Global agribusiness giant with corn processing and ethanol production. Overlaps Cardinal in grain origination, DDGS, and ethanol as part of a much broader agricultural and ingredient platform.
• Valero Renewable Fuels: Subsidiary of Valero Energy operating ~1.2 billion gallons of ethanol capacity across multiple corn dry-mill plants. Overlaps with Cardinal as a major ethanol and DDGS producer within a broader refining parent.
• Bunge North America / Bunge Limited: Major grain originator and processor with ethanol/renewable fuel operations. Comparable to Cardinal as a buyer of farmer grain and producer of ethanol and feed co-products.

Direct peers

• Green Plains Inc. Public (GPRE) corn dry-mill ethanol producer operating roughly 1.1 billion gallons annual capacity plus ingredient processing (including fluid quip protein concentration tech analogous to Cardinal's APP). Direct competitor in ethanol, DDGS, and corn oil markets.
• Alto Ingredients: West-coast and Midwest ethanol producer (formerly Pacific Ethanol) with integrated production, marketing, and distribution. Competes with Cardinal in spot ethanol markets and DDGS distribution.
• POET Biorefining: Largest U.S. ethanol producer with ~2 billion gallons annual capacity across multiple corn dry-mill facilities. Closest direct competitor to Cardinal Ethanol's wet/dry mill platform; competes for DDGS, corn oil, and ethanol market share.

Emerging players

• Aemetis Inc. Renewable fuel company developing both advanced ethanol/CCS and SAF capacity. Comparable to Cardinal's strategy of layering carbon capture onto ethanol production for low-CI fuel monetization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cardinal-ethanol-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 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 Cardinal Ethanol Llc