FARGO (AP) — North Dakota’s ethanol industry is setting aside a slice of its production revenues to set up a new promotional fund.
Gov. John Hoeven and a number of ethanol industry officials announced the plan Wednesday in Fargo.
North Dakota ethanol manufacturers will set aside three-hundredths of 1 cent for every gallon of fuel they produce. The assessment will go to the new North Dakota Ethanol Council for industry promotion and market development.
North Dakota ethanol makers have the ability to produce about 350 million gallons of fuel each year. The assessment would raise about $105,000 annually for promotional efforts.
Ethanol is commonly made from corn, although other materials are also used to make the fuel.