Fagen Inc will kick off the new year by using their torches to fabricate parts destined for an ethanol plant in Hungary, US news site Startribune.com reports.
Ron Fagen, the CEO of Fagen Inc, put this western Minnesota town on the national map by building 47 ethanol projects across the United States between 2006 and 2008. His family-owned company generated $2.2 billion in revenue in 2007. But the US ethanol building boom is over.
Fagen has been retooling his business model. The company will finish one more US ethanol plant in Pennsylvania, but Fagen's attention already has turned to other forms of renewable energy - biomass and wind.
With a business partner from Ireland, Fagen will also go global and build an ethanol plant about 60 miles outside of Budapest on the Danube River. Works on the new plant should start in April. The company is buying land in Hungary from agricultural giant Cargill and the new ethanol plant will be located adjacent to a Cargill grain elevator that will supply corn for the project.