Cardinal Ethanol LLC: management transactions · United States · SEC (Form 4)

About Cardinal Ethanol LLC

Cardinal Ethanol LLC is a U.S.-based ethanol and agricultural co-products producer operating at the crossroads of renewable energy, agribusiness, and industrial logistics. The company is located in the United States and is followed in the U.S. equity reporting ecosystem through NYSE/NASDAQ-style market references under ticker NA, including SEC Form 4 insider transaction filings associated with ownership and governance activity. Founded in 2005 and brought into operation in 2008, Cardinal Ethanol was originally created to serve Indiana farmers and has since evolved into a multi-site platform serving regional and national markets. Its core assets are located in Union City, Indiana, and Colwich, Kansas. Cardinal Ethanol’s business model is centered on processing corn into fuel-grade ethanol and capturing more value from the full production stream through co-products. The company produces fuel ethanol, premium DDGS for livestock feed, high-value corn oil, and food-grade CO2. This diversified product mix is strategically important: it helps the company monetize more of each bushel of corn, broaden end-market exposure, and reduce dependence on any single revenue line. The business also positions Cardinal within the broader low-carbon fuels theme, as ethanol is marketed as a renewable blend component with lower lifecycle emissions than conventional gasoline. From a competitive standpoint, Cardinal Ethanol benefits from scale, strategic sourcing access, rail and market proximity, and a two-plant footprint that improves operational diversification. The company states that its combined capacity exceeds 200 million gallons, making it a meaningful regional player in the U.S. ethanol industry. Its competitive edge is also tied to continuous process improvement, yield optimization, and co-product innovation rather than pure volume growth alone. This is important in an industry where margins can be cyclical and highly sensitive to corn costs, ethanol pricing, and policy dynamics. Recent strategic milestones reinforce this positioning. In 2024, Cardinal launched an APP expansion aimed at producing a 50% protein feed product, signaling a push further into higher-value co-product streams. Also in 2024, it acquired the Colwich, Kansas facility, expanding scale and improving geographic diversification. In 2023, the company formed a carbon capture and sequestration joint venture, One Carbon Partnership, with Vault 44.01, underscoring an increasing focus on decarbonization. In 2026, the U.S. EPA approved a permit for Cardinal’s carbon sequestration project in Indiana, allowing injection and storage of up to 450,000 metric tons of CO2 annually. For investors, Cardinal Ethanol is best viewed as a specialized U.S. industrial energy platform with meaningful exposure to agricultural inputs, renewable fuels, and emerging carbon-management opportunities.