Tuesday, June 30, 2020
SIOUX FALLS, SD (June 30) -- Iowa continues to be a leading supporter of biofuel policy with the passage of legislation designed to spur sales of E15, a renewable fuel blend comprised of 15 percent clean-burning ethanol. Today, Iowa Governor Kim Reynolds, one of the nation’s strongest biofuel champions, signed the bill into law.
With Iowa’s motor fuel tax differential for E10 expiring at the end of June, legislators seized the opportunity to expand market-based incentives for E15 and higher ethanol blends. Beginning July 1, Iowa fuel retailers will see greater incentives for growing sales of E15, while consumers will see greater value and more octane at the pump.
“Iowa is once again blazing a trail to champion biofuels and reduce harmful emissions by actively encouraging the shift to E15 as America’s next standard fuel. We applaud Governor Reynolds and the entire Iowa legislature for recognizing the critical role of biofuels in driving grain demand, cleaning the nation’s air, improving human health and supporting rural communities,” said POET Founder and CEO Jeff Broin.
At a time when many Iowans are still suffering from the devastating economic impacts of COVID-19, the new law makes E15 and biodiesel less expensive for consumers, while further enhancing the demand for Iowa grain. Nationwide adoption of E15, commonly sold as Unleaded88 or UNL88, would create demand for an additional 7 billion gallons of renewable biofuel and 2 billion bushels of corn annually.
POET, headquartered in Sioux Falls, SD, is the world’s largest biofuels producer. POET is a leader in biorefining through its efficient, vertically integrated approach to production. Started in 1987, the company today has a network of 28 production facilities across 7 states. At full run rates, POET purchases 5% of US corn and produces 2 billion gallons of ethanol, 10 billion pounds of distillers dried grains, and 600 million pounds of corn oil annually. In 2019, Fast Company recognized POET on its annual list of “Most Innovative Companies” for transportation and FORTUNE recognized POET on its list of companies that are changing the world. For more information, visit poet.com.