A new biodiesel plant is being planned for northeastern Iowa. Western Dubuque Biodiesel intends to build a plant that will produce 30-million gallons of biodiesel per year.
George Davis, a board member and treasurer for Western Dubuque Biodiesel, says they plan to raise nearly 20 million dollars in private investments to finance the plant operations. “Based on other projects…we’re confident we’re going to raise the money and we’re looking forward to starting our plant construction,” Davis says.
The plant will convert vegetable oil, primarily soy-oil, to biodiesel. Davis says one of the reasons Iowa makes a great location for such a plant is that it will be processing soybean oil. According to Davis, there are more soybean crushing facilities in Iowa than in any other state. The plant will send its biodiesel to facilities, such as a new distribution center in Dubuque, to be mixed with diesel fuel for distribution.
Only Iowa residents will be allowed to become shareholders in the plant and they must make a minimum investment of at least $25,000. “All of the people (who) invest will be owners,” Davis says. “They will have a right to vote in shareholder meetings and own a piece of the company.”
Potential investors may attend one of two meetings On Tuesday, June 6th at 11 in the morning and seven at night in Farley at The Palace. Thirty people are expected to be on the payrolll once the plant is operating at full capacity.