Benzinga | Dec 14, 2021 08:42AM EST

Alto Ingredients Reports Restarted Its Magic Valley, Idaho Facility In Nov. 2021

On track with enhanced-protein project to be completed in mid-2022

SACRAMENTO, Calif., Dec. 14, 2021 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ:ALTO), a leading producer of specialty alcohols and essential ingredients, announced it restarted its ethanol production at its Magic Valley, Idaho facility in November 2021.

Michael Kandris, Alto Ingredients' president and CEO, stated, "Resuming production at our Magic Valley dry mill is an important next step in the reorientation of our company toward higher value products and improved profitability. As planned, we restarted ethanol production in Magic Valley prior to year-end, which was timely given the currently strong ethanol margins."

"The installation of the protein project at our dry mill in Magic Valley will also enhance the profitability and sustainability of the facility. Harvesting Technology's patented CoPromax(tm) system is extremely well suited for Magic Valley due to the growing demand for high protein feed in nearby cattle, poultry, pork, and aquaculture markets. This is our first plant reorientation with this new protein system, and we are on target and on budget. We expect to commission the project by mid- 2022."

CoPromax System Expectations upon Completion:

* Produce 33,000+ tons of feed annually with a protein content greater than 50%;

* Increase corn oil yields by approximately 50%, or nearly 9 million pounds annually; and

* Contribute over $9.0 million annually in Adjusted EBITDA based on current market prices and the combination of additional sales of corn oil and high-value proteins.

Management expects to roll out the CoPromax system at the company's three other dry mills after the successful completion at Magic Valley.