Rex used internal cash to fund the acquisition, the release states.
NuGen Energy operates an ethanol plant in Marion, S.D., with a 100 million gallon capacity, Rex executives said.
“The NuGen investment furthers Rex’s strategy to prudently deploy its strong balance sheet for new investments in ethanol production facilities or other attractively valued renewable resources or industrial project opportunities,” Stuart Rose, Rex’s chief executive, said in a statement.
Rex previously operated as Rex Stores Corp. Shareholders approved a name change in June to more accurately reflect the company’s focus on investing in alternative energy projects.
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