You must enter into a membership agreement and pay a one-time membership fee of $250.00Ģ.You must own a minimum of 2,500 shares of common stock.ģ. To become a member of GLCP or to maintain a membership in GLCP:ġ. GLCP Membership Requirements and Membership Documents: You must be or become a member to purchase shares of GLCP common stock. GLCP and its Subsidiaries have continuously operated its facilities at or above nameplate capacity since 2002, and now purchase and process approximately 123 million bushels of locally grown corn annually, providing economic impact to the local agriculture industry and communities in which it serves, and to its member shareholders. The Huron plant currently produces about 33.0 million gallons per year. The Aberdeen plant, currently produces about 49.0 million gallons per year. In December 2019, Glacial Lakes Energy purchased two additional ethanol production facilities located in Aberdeen and Huron, SD. The ownership interests in the two companies – common stock of GLCP and capital units of Holding Company – are stapled together, meaning that one interest cannot be transferred without the other, and a transfer or sale of GLCP common stock automatically transfers or sells the identical number of Holding Company capital units stapled to the common stock. The IC-DISC involves internal computations and support from GLCP, but does not lease space, employ personnel or own any assets. As a result, effective October 1, 2015, shareholders of GLCP now own two companies GLCP and the IC-DISC sales company through Holding Company, LLC. In the fall of 2015, GLCP formed a “Domestic International Sales Corporation” known as an “IC-DISC” to take advantage of lower tax rates to its shareholders on income earned and distributed on export sales of ethanol and feed products it produces at its two ethanol production facilities. The Mina production facility began operations in June of 2008. GLCP is also the sole owner of Aberdeen Energy, LLC (doing business as “Glacial Lakes Energy – Mina”), which owns and operates a 120 mgy ethanol production facility near Mina, South Dakota. GLE holds a 15% ownership investment in Granite Falls Energy, LLC, a 50 mgy ethanol production facility located near Granite Falls, Minnesota, and an 8% ownership investment and a board seat in Redfield Energy, LLC, a 50 mgy ethanol production facility located near Redfield, South Dakota. In July 2004, GLE purchased the ownership held by GLC, and GLCP became the sole owner of GLE following the transaction. Glacial Lakes Energy was formed in May 2001 as a joint venture between GLCP and Glacial Lakes Capital (GLC) to own and operated the Watertown facility. Glacial Lakes Energy, LLC (GLE) constructed an original 40 mgy nameplate ethanol production facility in Watertown, South Dakota that underwent an expansion in 2007, and is currently operating at 120+ mgy of annual production. Through its wholly-owned subsidiaries Glacial Lakes Energy, LLC and Aberdeen Energy, LLC, GLCP owns and operates 350+ mgy of ethanol production in South Dakota, as well as investments in Granite Falls Energy in Granite Falls, Minnesota, and Redfield, South Dakota. Glacial Lakes Corn Processors (GLCP) is a South Dakota cooperative comprised of over 4,000 members.
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