Summit Ag Investorsannounces the rebranding of its portfolio company Summit Sustainable Ingredients, LLC toAmber Wave.
The company has also named Randy Cimorelli CEO.
Amber Wave is headquartered in Ames, IA, and is developing a large-scale ingredients production facility in Phillipsburg, KS, that will be the largest of its kind in North America.
Summit, through its investment in Amber Wave,commenced construction last Decemberof a state-of-the-art wheat protein ingredients facility adjacent to an existing biofuels refinery formerly known as Prairie Horizon Agri-Energy whichSummit acquired in July 2021.
Ingredient facility to begin production Summer 2023
Amber Wave expects to begin ingredient production in Summer of 2023.
Upon completion of the ingredients facility, Amber Wave will convert the existing renewable fuels plant to utilize co-products generated from the production of ingredients to be further refined into advanced biofuel, resulting in a lower carbon intensity liquid fuel than traditional biofuels.
"We are thrilled to announce the rebranding to Amber Wave aligning the company toward its ingredient future," said Bruce Rastetter, CEO of Summit Agricultural Group.
"The name illustrates the waves of grain ubiquitous in the heartland and signifies the company's support of agriculture and the American farmer."
Cimorelli joins as CEO
In addition to rebranding, the company and Summit have retained ingredients industry veteran Randy Cimorelli as CEO of Amber Wave.
Cimorelli is the former CEO of J.M. Swank, a large provider of food ingredients serving the baking, snack and food industries.
Prior to J.M. Swank, Cimorelli was CEO and president of Mac & Massey Holdings, Partner/SVP of Batory Foods, and strategic advisor to Lentz Milling Co.
As an industry veteran and accomplished executive, Cimorelli has a long track record of success in both M&A and organic growth through his talents in building teams, positioning companies, and maximizing customer relationships through a strong customer-centric approach.
"It is a privilege to be part of a team that is so aligned in developing a world-class ingredients business, while also providing a renewable energy solution that will redefine what's achievable" said Cimorelli.
"The market is positioned perfectly for added domestic supply in the wheat protein and plant-based protein segment, especially on the heels of a very challenging global supply-chain environment. I'm fortunate to join and lead a group of professionals who have already done a tremendous job in the development of the project to date, and we have big aspirations for our future growth."
The completion of the ingredients plant remains on track for Summer 2023 and will include best-in-class process technologies currently being used globally.
