Summit Sustainable Ingredients Announces Construction of North America's Largest Wheat Protein Production Facility and Key Executive Hires

USA - English

• USA - English

ALDEN, Iowa and PHILLIPSBURG, Kan., Dec. 6, 2021 /PRNewswire/ -- Summit Ag Investors and its portfolio company Summit Sustainable Ingredients ("Summit Ingredients" or "Summit") announced the start of construction of a state-of-the-art wheat protein (vital wheat gluten) ingredients facility adjacent to Prairie Horizon, acquired by Summit earlier this year. Summit has engaged strategic partners ICM, Inc. and Todd & Sargent, Inc. as design-builders. The company has also recruited two key executives, Steve Adams as COO, and Steve Snyder as CFO. The project is fully financed through capital commitments from private equity funds managed by Summit Ag Investors.

The ingredients facility will start up Summer of 2023 and will be the largest producer of wheat protein in North America. Presently, this essential ingredient to the food and pet food industries is in short supply due to the significant long-term reliance on imports and current supply-chain challenges. Summit's plant will be approximately double the production capacity of any existing comparable plant in North America. Commercial discussions with key customers seeking a domestic source of high-quality vital wheat gluten are ongoing.

"We are excited to announce this important milestone. Given the current need for high-protein ingredients are at an all-time high, we are committed to solving this challenge. As we engage with customers it is clear there is a major need for our project," said Bruce Rastetter, CEO of Summit Agricultural Group, the parent company of Summit Ag Investors and the project.

Summit will utilize the latest technology available from best-in-class partners in milling, wheat protein production, and renewable fuels. "In our evaluation of this investment, it was clear customers need a domestic source of high-quality ingredients that perform. Summit is well-positioned to address this need for high-protein ingredients that are affordable, safe, and non-GMO in the foods most Americans eat every day," said Justin Kirchhoff, President of Summit Ag Investors.

Summit will utilize the residual waste starch generated from ingredients production and ferment the starch into low-carbon biofuel as a co-product resulting in significantly lower carbon intensity fuel compared to traditional renewable fuels. "This project is representative of Summit's commitment to the continued evolution of renewable fuels, food, and agriculture. As an industry leader in renewable fuels, ICM is energized to be a key partner in this project," said Dave Vander Griend, CEO of ICM, Inc.

"The milling component of this project alone is significant given the flour mill accommodates 30,000 cwt of design capacity, let alone the other aspects of Summit's pioneering project. As a design-builder specializing in milling and slip-form construction, we are very happy to be selected as a strategic partner," said Jon Sargent, President of Todd & Sargent.

About Summit Agricultural Group

Summit Agricultural Group is a diversified agribusiness operator and investment manager with operations in the United States and Brazil. Summit deploys capital across the agricultural supply chain with a particular focus at the intersection of agriculture and renewable energy. For more information, visit: www.summitag.com.

SOURCE Summit Agricultural Group