Developers said they could be breaking ground in a month.
The wheels are in motion for a biodiesel plant near Westminster Avenue.
The plan will cost $7 million.
"We'd like to start construction from the first of April to the middle of April," Boyd Ware, Central Missouri Energy CEO, said.
The Fulton City Council approved a resolution for a new biodiesel plant.
The possible biodiesel plant, located on Brookside, could provide 20 new jobs and more money for local farmers.
"It's another use for their product. If it's a primary use or a secondary use, it's going to be a tremendous amount of product that we can utilize," Ware said. "Ten million gallons a year comes out to about 30,000 gallons a day of product that we're going to be moving through our plant."
Fulton residents are excited about the prospects.
"I think the city of Fulton is really excited about having this biodiesel plant come to Fulton. It's going to be one of the renewable fuels, and it's going to allow us to cut our dependency on foreign oil," Fulton Director of Administration, Bill Johnson, said.
"Being a renewable we're just going to be able to continue to create it from growing the various crops through the state," Ware said.
There are still a few remaining hurdles for the project.
In order to be passed, the resolution must be heard again on March 12 at another city council meeting.