January 20, 2016 - Brewster, Minnesota-based Minnesota Soybean Processors (MnSP) has invested in Kingston, Ont.-based Altranex Corporation (Altranex), and entered a license and marketing agreement to build a bio-refinery to produce and market renewable lubricant base oils, waxes, diesel and other products.
The bio-refinery will use Altranex’s patented process using soybean oil as the feedstock. Altranex’s electrolysis process will provide MnSP the opportunity to diversify and expand its product offerings into new markets.
“Our investment in Altranex gives MnSP access to a research and development capability that it does not presently have,” said Scott Austin, general manager of MnSP. “MnSP’s investment in Altranex fits nicely into its strategic goals to diversify its production, find new uses for its soybean crude oil, and allow the company to expand its technology portfolio.”
“The partnership with MnSP is in-line with our business strategy of leveraging the development and commercialization of our core technology platform through strategic partnerships.” said Chad Joshi, president and CEO of Altranex. “With MnSP, we have a partner with significant bio-refinery manufacturing and operating experience, and a feedstock supply that will assure our customers we can deliver our high-grade, renewable lubricant base oils in meaningful volumes that will be impactful in their markets.”
Altranex is a developer and marketer of bio-based chemical manufacturing processes and products. Through a patent pending process, the company produces renewable lubricant base oils and other chemicals.
About Minnesota Soybean Processors
Minnesota Soybean Processors is a farmer owned cooperative that operates a 3,300 ton per day soybean crush facility and biodiesel refinery that produces 30 million gallons per year. The cooperative has over 2,300 members, mostly small farmers who have invested in MnSP to generate greater value from the processing of their crops, and the refining of the resulting soybean oil.