MLEC Revolving Loan Fund supports growth in area

Wednesday, February 13, 2019

American Peat Technology (APT) continues to expand its capacity to meet a growing demand for its reed-sedge peat products.

Officials from Mille Lacs Energy Cooperative (MLEC) and APT gathered at the Aitkin production facility to celebrate another milestone in the company’s growth: equipment financing secured through the MLEC revolving loan fund.

Using a $132,000 loan approved by the MLEC board of directors at its regular meeting on Nov. 16, APT will invest a total of $165,000 in equipment that will help the company harvest and handle reed-sedge peat, before refining the raw material into products used in agricultural and water treatment applications.

“American Peat Technology enjoys a strong working relationship with Mille Lacs Energy and we appreciate the board’s approval of this loan,” stated Roger Sorben, CFO. “More than just our electric utility provider, MLEC has shown a true commitment to supporting our growth in Aitkin County in multiple ways.”

Click here to view the original article from the Aitkin Age

Category: Mille Lacs