Rocky Mountain Resources (RMR), Beverly Hills, Calif., on Sept. 7, using the tradename Nebraska Nitrogen, announced the acquisition of Fortigen Geneva LLC’s 36,000 st/y ammonia plant. Fortigen Geneva was owned by Fortigen LLC, which in turn was owned by Tetrad Corp., Omaha.
“Domestic nitrogen facilities are fortress assets; this chemical business intersects strategically with our industrial complex throughout the West,” said Chad Brownstein, Chairman of both Nebraska Nitrogen and RMR. “The Nebraska Nitrogen team is positioned to manage a profit-driven operation from today forward. We are fortunate to acquire a significant capital asset at this point in the commodity cycle.”
“We are dedicated to supporting the regional farming community,” said Heidi Kelly, Chief Operating Officer. “Nebraska Nitrogen is focused on implementing operational improvements on a daily basis that will maintain production reliability. We have enacted measures commensurate with our culture of performance excellence, dedicated to safety first.”
The terms of the deal were not revealed, however, RMR told the Lincoln Journal Star that the plant was valued at $130 million. At commissioning in 2017, the plant was valued at $75 million (GM June 2, 2017) and took up some 20 acres, with a total of 120 for future expansion. In addition to production, the complex included a 20,000 st storage unit.
Also in 2017, total production from the plant was to go to Farmers Cooperative, Dorchester, Neb. Neither the cooperative nor RMR responded to inquiries this week, though RMR said the plant serves farmers of the Western Cornbelt.
From its website, RMR appears to be involved in several diverse businesses, including a Colorado rail center and limestone quarry; an Alaska cold storage facility; Western Meadowlark Energy, with oil and natural gas production and acreage in Colorado, Wyoming, and Montana; and investment in Varo Bank, an all-digital nationally chartered bank. Company principals were reported to have partnered in renewable assets, with historical assets including fruit date, almond, and alfalfa farms, water sources, and associated storage.