In the United States (US), POET LLC, the world’s corn ethanol producer, has acquired the bioethanol assets of compatriot Flint Hills Resources’ in their entirety, expanding the company’s production capacity by 40 percent."This acquisition will increase POET’s ability to bring even more high-quality, plant-based biofuels and bioproducts to the world—allowing us to have an even bigger impact on fighting climate change and cleaning our air,” said POET Founder and CEO Jeff Broin.
POET is a world leader in green bioproducts, with an ever-growing suite of renewable solutions including bioethanol, renewable carbon dioxide (CO2), purified alcohol, high-protein animal feed, asphalt additives, and corn oil used for renewable diesel.
We’ve been a leader in the biofuels business for 33 years and have never wavered in our belief in the power of agriculture and biofuels to offer the most accessible, near-term solution to climate change. With this move, we’re demonstrating our commitment to the future of low-carbon, plant-based liquid fuels, said Jeff Broin.
The acquisition, the value of which has not disclosed, includes six bioprocessing facilities located in Iowa (IA) and Nebraska (NE) and two terminals in Texas (TX) and Georgia (GA). POET will now operate 33 bioprocessing facilities across eight states with a combined annual capacity of 3 billion (US) gallons (≈ 11.36 billion litres).
These high-quality bioprocessing facilities have been well-maintained and strategically complement POET’s current geographic footprint—allowing us new flexibility and greater market access. We look forward to adding these new locations to our portfolio and to the many opportunities that lie ahead as a result of this significant addition to the POET network, said Jeff Lautt, President, and Chief Operating Officer at POET.
Recent studies demonstrate the ability of biofuels to immediately contribute to decarbonizing the transportation sector and lowering greenhouse gas (GHG) emissions.
We are on the cusp of a new sustainable economy that will be powered by renewable energy. Bioethanol is critical to this new economy and will continue to be so for years to come, said Bob Casper, Chief Commercial Officer at POET.
