GRAND FORKS. N.D. (AP) – A Minnesota company has announced plans to build a $400 million soybean crushing plant north of Grand Forks.

Red Wing-based Epitome Energy LLC said the plant could process up to 42 million bushels of soybeans annually. The company said the crushing facility may allow area farmers to fetch an additional 25 cents a bushel with the ability to process soybeans nearby.

“This project will put more money in the pockets of hardworking farmers in the Red River Valley region by helping them reach more markets to meet the growing demand for soybeans,” Epitome CEO Dennis Egan said in a statement.

The project is expected to break ground next summer, with operations to begin in late 2025. The plant will employ up to 60 people, the company said.

KFGO radio reports Crookston, Minn., had been considered as a site for the plant but Egan said it was moved to Grand Forks because of a delay in getting permits in Minnesota.

The North Dakota Department of Commerce said the plant brings to three the number of soybean crushing facilities announced this year. Other plants are planned at Casselton and near Jamestown.