The Andersons has agreed to buy Harvestone Low Carbon Partners for $915 million, adding three ethanol plants in North Dakota and Indiana and roughly 215 million gallons of annual production. The company says about half of the price reflects expected 45Z and 45Q tax credit cash flows, with the rest tied to the base ethanol business and other low carbon opportunities. Combined ethanol capacity would reach about 730 million gallons a year. Harvestone brings operating carbon capture and sequestration infrastructure, including Class VI CO2 injection capability, which is still rare among U.S. ethanol producers. That lowers the carbon intensity of its output and opens access to premium low carbon fuel markets. The deal is expected to close in late 2026 or early 2027, pending regulatory approval.
