MILTON, GEORGIA, U.S. — Attis Industries, a holding company with interests in the renewable fuels industry, on June 3 finalized the $20 million acquisition of Sunoco LP’s corn ethanol plant and grain malting operation in Fulton, New York, U.S. The transaction includes a six-month transition services agreement as well as a 10-year offtake agreement for the ethanol produced at the facility.

Attis said the Fulton ethanol plant will serve as the centerpiece of its proposed green tech campus. The facility is expected to generate more than $150 million in revenue under its current operating conditions, Attis said.

The plant produces 100 million gallons of ethanol per year, 360 million pounds of CO₂, 455 million pounds of DDGS for use in animal feed, 18 million pounds of distillers corn oil for use as a feedstock in biodiesel and animal feed, and 4 million pounds of malted grain.

“Our recent acquisition of the Fulton, N.Y., corn ethanol plant from Sunoco was a milestone moment for Attis,” said Jeff Cosman, chairman and chief executive officer of Attis Industries.  “Over the past 13 months Attis has eliminated over $100 million of debt associated with a $55 million revenue traditional solid waste company that continued to face headwinds in a very challenging competitive market. By eliminating the debt and focusing on building a company with advanced technology in renewable fuels and bio-based products, we have transformed this company to a leader in the green economy.

“The Fulton plant is an amazing asset that is projected to generate over $150 million in annual revenue, contribute solid EBITDA, has an appraised asset value of $57 million, has six miles of private rail and one of the largest craft malting facilities in the U.S. With less than 4 million shares outstanding, three times the size of our previous revenue prospects in solid waste, comparable EBITDA and 60% to 70% less debt, the market cap of Attis will greatly improve as we begin to fulfill other milestones expected to be cleared up in the coming weeks.

“However, the ethanol and grain malting operation are just the beginning. We want to transform the Fulton, N.Y., site into the advanced green technology epicenter of the globe where Attis can showcase its myriad of technologies that bring real, sustainable, and profitable solutions to the world.”

Attis said it plans to improve upon the quality and volume of the coproducts being produced at the Fulton plant by implementing patented and licensed corn oil extraction technology. The technology is expected to nearly double the current corn oil production yields at the plant and provide an augmented revenue stream, the company said.

Additionally, Attis noted that the additional oil extraction system will serve a dual purpose, opening a local market for the ethanol plant’s distiller grains.

“We have lofty goals for the Fulton, N.Y., campus and look forward to showcasing the full breadth of Attis’ capabilities,” Cosman said. “We hope that the successful transformation of a traditional corn ethanol plant into an integrated and highly profitable green tech campus will catalyze future projects and usher in a new era for Attis Industries. I believe in the mission of Attis so much, I have once again personally guaranteed the financing of this transaction for the shareholders.”