In Garner, Iowa, Greenfield Nitrogen aims to raise $120 million from farmers and retailers to build its anhydrous ammonia plant. In total the plant will cost an estimated $220 million and will produce 120,815 tons of ammonia annually. On-site storage will allow the company to sell and store up to 66,000 tons.
The company says its investors within a 100-mile radius will benefit from transparent pricing and increased domestic supply.
"Greenfield Nitrogen has created a truly distinctive way to allow farmers and agricultural retailers to invest in the same facility so that all investors gain access to manufacturers' margins," says Karl Theis, Founder at Greenfield Nitrogen. "No other plant has invited participation from both groups."
A seed capital round has already raised $4.7 million. The company says the site is shovel-ready and permits are in hand with construction set to begin later this year and production expected to begin in 2020.