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Historic Milestones

In November of 2005, seed capital was raised from many Indiana and Ohio counties.  A twenty-four member board of directors was also elected in November.  In June of 2006, Cardinal Ethanol received their “Notice of Effectiveness” from the SEC for their equity offering to the public.  In July of 2006, the equity drive began. 

A ceremonial groundbreaking was held in October of 2006 with attendance of approximately 200 people, including Indiana Governor Mitch Daniels, Fagen President Ron Fagen, and Matt Hartwick from the Renewable Fuels Association. 

The equity drive was officially closed in November of 2006 with proceeds of over $70,000,000!  Membership certificates were then distributed in December of 2006 to more than 1,000 investors. 

The air permit was officially signed near the end of January 2007, allowing construction crews to begin.

Site preparation of the Cardinal Ethanol site began at the end of January 2007.

Fagen construction crews began arriving on site on April 23, 2007. 

We held our first Annual Member Meeting on January 9, 2008.  We had approximately 320 members in attendance to hear a presentation of our financial position and plant construction progress.  There was also a presentation from our ethanol marketer, Murex, discussing current issues in the ethanol market.

In July of 2008 there were over 300 people on site working to complete the project by fall!  Plant employees started in August and underwent an intensive training program.

We started taking grain in October.  The first loads were dumped at the end of September to clean out the grain conveying equipment and we are now  filling the silos daily.  Check out our corn bids and call us today to talk about your marketing options with Cardinal Ethanol.

Production began on November 1, 2008!!  Steam has been coming out of the stack for several months now. 

The plant is operating very well and the staff is constantly looking for ways to improve efficiencies.

For updated financial information, click on the SEC Filings link in the Investor Info. tab on the home page.

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