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Alternative Energy/Ethanol Investments
One Earth Energy, LLC
REX has a 74% ownership interest in One Earth Energy, LLC, which has completed construction of, and now operates an ethanol production facility in Gibson City, Illinois. The facility has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distiller grains per year. The plant commenced operation in July, 2009. We consolidate their results into our financial statements.
NuGen Energy, LLC
REX currently has a 99% ownership interest in NuGen Energy, LLC. We acquired our initial 48% on June 30, 2010 and an additional 50% on November 1, 2011. The facility has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distiller grains per year. The plant initially commenced production in February, 2008. We consolidate their results into our financial statements, effective November 1, 2011.
Patriot Holdings, LLC
REX has a 27% ownership interest in Patriot Holdings, LLC. The facility located in Annawan, Illinois has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distiller grains per year. The plant commenced operation in September, 2008.
Big River Resources, LLC
REX has a 10% ownership interest in Big River Resources, LLC, a holding company for the following ethanol production entities in Iowa, Illinois and Wisconsin:
Big River Resources West Burlington, LLC("West Burlington").
West Burlington operates a 100% owned ethanol production facility in West Burlington, Iowa, that has a design capacity of 92 million gallons of ethanol and approximately 300,000 tons of dried distiller grains per year. The facility has been in operation since 2004. REX's ownership interest in the plant is 10% via its ownership in the parent, Big River Resources.
Big River Resources Galva, LLC("Galva").
Big River Resources operates a 100% owned ethanol production facility in Galva, Illinois, that has a design capacity of 100 million gallons of ethanol and approximately 320,000 tons of dried distiller grains per year. The facility has been in operation since May 2009. REX's ownership interest in the plant is 10% via its ownership in the parent, Big River Resources.
Big River United Energy, LLC("Dyersville").
Big River acquired a 50.5% interest in this plant in August, 2009. Dyersville operates an ethanol facility in Dyersville, Iowa, that has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distiller grains per year. REX's ownership in the plant is 5% via its ownership in the parent, Big River Resources.
Big River Resourcses Boyceville, LLC("Boyceville").
Big River acquired a 100% interest in this plant in December, 2011. Boyceville operates an ethanol facility in Boyceville, Wisconsin, that has a design capacity of 55 million gallons of ethanol and 176,000 tons of dried distiller grains per year. REX's ownership in the plant is 10% via its ownership in the parent, Big River Resources.
Big River also operates five agricultural elevators with a storage capacity of approximately 10 million bushels.
Net Cash and Real Estate Assets
As of January 31, 2014, REX had approximately $63 million of cash at the parent company as well as legacy retail real estate assets (11 stores) with an approximate carrying value of $5 million. The company's intention is to monetize its real estate assets via leases and property sales, as market conditions allow.
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