Minnesota Soybean Processors (MnSP) was started when group of farmers conceived the idea of a farmer owned and controlled soybean plant while waiting in elevator lines to deliver grain. The group expanded over the winter of 1998, formally organized and incorporated as a 308A cooperative on May 3, 1999. We received our federal 521 registration July 24, 2000. The company began crushing operations in 2003 and then in 2005 added a 30 MGPY biodiesel plant. The company re-organized in 2013 as a 308B cooperative and also moved way from management agreements with other companies. These two changes led MnSP to its current organization as a fully integrated stand alone company that today is financially secure.
MnSP today is a company poised for growth, since 2014 two major capital projects have changed our philosophy of operations. Originally the plant was designed to serve mostly the local truck markets with some rail shipments, but in 2014 MnSP added the ability to ship whole 110 car unit trains. This expansion allows MnSP to ship soybean meal to customers anywhere in the U.S. and globally; expanding our market presence and diversifying our customer base. The second project was in 2015 when we expanded our crude soybean oil storage, we added 150% more onsite storage. This project has given us the ability to trade our oil on our terms and leverage the Chicago Mercantile Exchange's delivery program. Combined, these two key developments have given MnSP the ability to run our plant well above the original 100,000 Bu/day crush rate and expand our company to a global scale.
MnSP continues to grow, in 2016 we invested in a technology company called Advonex International, www.advonexintl.com. Our partnership with Advonex gives MnSP access to patented technology to convert soybean oil into more valuable, sustainable, biobased petroleum replacements. In addition MnSP has exclusivity rights for all soybean oil feedstock plants in North America.
As we grow our organization has also needed to develop new internal operations to support that growth. The most important of these has been the establishment of our wholly owned subsidiary; Northern Ag Commodity Consultants (NACC). Formed in June of 2016, this company will provide marketing, procurement and logistical services for external customers on a wide range of commodity products. Leveraging our expanding customer base to bring markets together with products across the complete spectrum of agricultural related products.
We continue to look toward the future and more exciting growth, our company mission and vision give our team lofty goals but also define who we are to the market place. We are transitioning from a small local processor to global player.
Our mission is to produce the highest quality soybean based products available, while leading the industry in operational excellence, safety and customer service.
Our goal is to become the largest independent soybean crush facility in the country and to grow MnSP into a diverse, vertically integrated leader in soybean processing, logistics and commodity management. We want to provide superior value to our customers, security for our employees and returns to our shareholders.