Attis Closes $20M Acquisition of Ethanol Plant from Sunoco

June 4, 2019

3 Min Read
Attis Closes $20M Acquisition of Ethanol Plant from Sunoco
A sign marking the entrance to the corn ethanol plant in Fulton, NY that was recently acquired by Attis Industries. Image courtesy of Google Maps

Milton, GA-based holding company Attis Industries wrapped up its $20 million purchase of a grain elevator in Fulton, NY from motor fuel producer Sunoco on Monday, the firm announced in a release. 

The newly-acquired facility has a capacity of 100 million gal/yr of corn-based ethanol and also produces 4 million lb/yr of malted grain, 18 million lb/yr of distillers’ corn oil, and 445 million lb/yr of DDGS.  

“We are incredibly excited to announce the acquisition of the Fulton corn ethanol plant and grain malting operations,” said Attis’ chief executive officer, Jeff Cosman, in a statement. “This acquisition is an important milestone for Attis as we embark on our mission to be a significant contributor to the global renewable fuel market.”

Attis said one factor behind its decision to invest in the plant is its proximity to customers in the U.S. northeast. The company also plans to transform the Fulton site into a new Green Tech campus. 

“When evaluating potential locations for Attis to establish a foothold in the renewable fuel space, the Fulton site was an obvious choice based on its strategic location to the strong northeastern fuel market, state-of-the-art and well-maintained facility, as well as site expandability for future upgrades in operations,” said Cosman. “These desirable site attributes as well as the state of New York’s continued commitment to the growth of green energy, made Fulton an ideal fit.”

Under the terms of the transaction, Attis entered into a six-month transition services agreement and a 10-year offtake agreement for ethanol made at the plant. The arrangement will provide stability as Attis expands the site over the next two years, according to the release. 

In a separate release Tuesday, Attis stated it expects the Fulton corn ethanol plant to generate more than $150 million in revenue based on its current operating conditions.  

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