SOUTH JORDAN, Utah (AP) — Energy and building products company Headwaters Inc. said Wednesday it sold its 51 percent stake in an Underwood, N.D., ethanol biorefinery to Great River Energy for $18.5 million in cash.
Great River Energy had owned a 49 percent stake in the Blue Flint Ethanol LLC biorefinery before the deal.
Headwaters, which is based in South Jordan, Utah, said it will use the proceeds to strengthen its balance sheet and reinvest in its business.
The company makes building products for residential and commercial construction, as well as home remodeling. Its materials segment recycles fly ash, an additive in concrete products. The company’s coal cleaning business converts coal into liquid fuels.
Great River is a nonprofit cooperative that provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin. It is the second largest electric power supplier in Minnesota.