Glacial Lakes Corn Processors (GLCP) is a South Dakota cooperative comprised of over 4,000 members. 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 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. 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. In July 2004, GLE purchased the ownership held by GLC, and GLCP became the sole owner of GLE following the transaction.
GLE holds a 16% 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.
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. The Mina production facility began operations in June of 2008.
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. 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. The IC-DISC involves internal computations and support from GLCP, but does not lease space, employ personnel or own any assets. 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.
In December 2019, Glacial Lakes Energy purchased two additional ethanol production facilities located in Aberdeen and Huron, SD. The Aberdeen plant, currently produces about 49.0 million gallons per year. The Huron plant currently produces about 33.0 million gallons per year.
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.
GLCP Membership Requirements and Membership Documents: You must be or become a member to purchase shares of GLCP common stock. To become a member of GLCP or to maintain a membership in GLCP:
1. You must enter into a membership agreement and pay a one-time membership fee of $250.00
2.You must own a minimum of 2,500 shares of common stock.
3. You must enter into a Uniform Marketing and Delivery Agreement under which you agree to deliver corn to GLCP facilities in proportion to your common stock ownership.
4. You must meet other membership criteria or requirements established from time to time by the GLCP Board of Directors.
5. All memberships are subject to the GLCP Articles of Incorporation and Bylaws.
6. Membership documents and information you should read and understand before using the Trading Service and becoming a member of GLCP include:
As part of your ownership in Glacial Lakes Corn Processors, a South Dakota cooperative, you are required to deliver corn to supply our ethanol production facilities with a sufficient amount to maintain production. We do this through our membership corn commitment (“call”).
- Therefore, we have issued a corn call of 0.71 bushel per share owned for the 2023-2024 Fiscal Year (example: if you own 10,000 shares, your 2023-2024 corn commitment is 7,100 bushels). The call will be effective for deliveries made from September 1, 2023 to August 31, 2024. The annual open delivery system shall remain unchanged and again if you do not have access to corn, we will purchase the corn for you and in return, you will be assessed the pool fee.
- The Pool Fee for the 2023-2024 Fiscal Year will be $0.008 per bushel (i.e.: you own 10,000 shares for a commitment of 7,100 bushels, your cost to use the pool system is $56.80) Pool fees will be assessed on undelivered committed bushels at the end of the fiscal year, August 31, 2024. If you do not intend to deliver any corn or deliver only a portion of your commitment, you do not need to notify us or send payment. In order to streamline the process of the pool fee charge, improve efficiency and expediency, the pool fee amount will be automatically deducted from your patronage dividend check. In addition, we will continue to handle the pool fee in this manner going forward. We will automatically bill you for the undelivered committed bushels after the end of the fiscal year, August 31, 2024 if a dividend has not been declared. Please do not mail your payment in until you are invoiced.
- Freight incentives will be paid on actual deliveries of your corn commitment and have been slightly modified. Bushels delivered in excess of your corn commitment will not be eligible for the freight incentive. Shareholders have the opportunity to deliver their corn commitment to one of our four facilities: Watertown, Mina, Aberdeen, and/or Huron whichever is most convenient for you.
Agtegra Cooperative will be procuring corn on our behalf for our Huron production facility. Shareholders who wish to contract and deliver committed bushels will need to directly contact Agtegra in Huron to do so. Please make sure to inform Agtegra that you are delivering your commitment, so they can inform us to issue a separate check for your freight.
FREIGHT RATES (Aberdeen , Mina & Watertown ):
The freight rate in effect from September 1, 2023 thru August 31, 2024, for corn delivered to our Mina, and/or Watertown facilities is:
0-10 miles $0.04
11-20 miles $0.06
21-30 miles $0.08
31-40 miles $0.10
41-50 miles $0.12
51-60 miles $0.13
71-80 miles $0.17
81-90 miles $0.19
91-100 miles $0.21
101+ miles $0.23
FREIGHT RATES (Huron ONLY):
The freight rate in effect from September 1, 2023 thru August 31, 2024, for corn delivered to our Huron facility is:
0-10 miles $0.02
11-20 miles $0.03
21-30 miles $0.04
If you have any questions, please contact Penni Tuttle or Marcy Kohl at 605-882-8480. Thank you!
Original Shares and New Shares
GLCP’s original shares of common stock were issued at $2.00 per share in 2001. Following original issuance, GLCP had approximately 7,738,314 shares outstanding. In 2004, GLCP declared a 2-for-1 stock split. In the summer of 2006, GLCP declared a 9-for-1 stock split, resulting in approximately 139,289,650 original shares of common stock outstanding in 2006, with contributed capital on the original shares of approximately $0.11 per share.
In the fall of 2006, GLCP issued approximately 47,500,000 of “new” shares of common stock at a price of $2.00 per share to help finance its expansion plans.
The original shares also may have additional taxable gain associated with them in the event of a taxable sale of assets or the subsidiary companies by GLCP, due to the difference of the $0.11 per share of contributed capital on the original shares and the $2.00 per share of contributed capital on the new shares (meaning the first $1.89 per original share of taxable gain on such a sale or disposition would be allocated to the original shares).
As of August 31, 2017, GLCP has 185,636,652 total shares of common stock outstanding.
The Board of Directors (“Board”) of Glacial Lakes Corn Processors (“GLCP” or the “Company”) has established a Disclosure of Information and Insider Trading Policy pursuant to authority granted under the Company’s Articles of Incorporation and Bylaws. Please see “GLCP Support Documents” for a complete copy of the policy.