OSHKOSH, WI (WTAQ) - An ethanol plant in Oshkosh expects to re-open this fall, after a new owner has been approved for it.
Ace Ethanol of Stanley was one of five bidders for the old Utica Energy plant, which closed last fall after drowning in $30 million of debt.
A Winnebago County judge Thursday approved Ace Ethanol’s bid of $16.5 million to buy the shuttered plant. Ace says its shareholders must approve the purchase before it can be finalized.
Company co-founder Robert Sather said Ace has 40 to 45 employees at Stanley, and a similar number will be needed at Oshkosh. Former Utica workers are expected to apply.
Ace Ethanol opened its Stanley plant in 2002, and it expects the Oshkosh plant to be profitable in short order.
Wisconsin now has 9 ethanol production facilities.