Andersons to Buy Harvestone for $915 Million

The deal expands The Andersons' ethanol platform and adds carbon capture capabilities to its low-carbon fuel production.

Updated on Nov. 4, 2026 in Agriculture

Photograph of cylindrical ethanol tanks and a carbon-capture stack on a flat Midwestern plain under early morning light. — The Andersons agreed to buy Harvestone Low Carbon Partners for $915 million, adding 215 million gallons of annual ethanol capacity and carbon capture infrastructure. AI Illustration. Upload story photo >

The Andersons, Inc. agreed to acquire Harvestone Low Carbon Partners for $915 million. The acquisition adds 215 million gallons of annual ethanol production and expands The Andersons' Renewables platform by 40%.

Why it matters

The deal reflects a push to grow low-carbon ethanol production as renewable fuels draw more value from carbon reduction. Harvestone's operating carbon capture and sequestration infrastructure is central to that strategy.

The $915 million deal adds 215 million gallons of annual ethanol capacity, lifting The Andersons' combined total to roughly 730 million gallons. About half the purchase price is tied to expected 45Z and 45Q tax credit cash flows, and the closing timeline has not been disclosed.

The players

The Andersons, Inc.

A diversified agribusiness company headquartered in Maumee, Ohio, with grain, plant nutrient and renewable fuels operations.

Harvestone Low Carbon Partners

An ethanol producer operating three facilities in North Dakota and Indiana with integrated carbon capture and sequestration capabilities.

The details

Harvestone owns and operates three ethanol production facilities in North Dakota and Indiana, along with vertically integrated carbon capture and sequestration capabilities including Class VI CO2 injection. The purchase price includes a normalized level of working capital, and the acquisition follows strong third-quarter Renewables results The Andersons reported on Nov. 3.

Nov. 3, 2026: The Andersons released third-quarter earnings showing strong Renewables results.
Nov. 4, 2026: The acquisition agreement for Harvestone was announced.

Market Landscape

The acquisition positions The Andersons to capture value from the 45Q carbon capture credit, which the deal ties to roughly half the purchase price. It extends the company's footprint across both the Western and Eastern Corn Belt as ethanol producers compete on carbon intensity.

For farmers and grain buyers, the deal signals more demand for corn going into low-carbon ethanol plants across the Corn Belt. Consumers may see little direct change at the pump, since the stub does not address retail fuel pricing effects.

The takeaway

Carbon capture is increasingly shaping the economics of ethanol, so producers with operating CCS assets may hold a growing advantage. Watching how the deal closes and how the combined platform performs will show whether that advantage holds.