Wednesday, September 19, 2018
MARION, OH (Sept. 19, 2018) – POET Biorefining – Marion opened an 80-million gallon expansion today at a celebration that included area farmers, community members and state officials.
With this expansion in place, POET Biorefining Marion now has an annual capacity of 150 million gallons of clean-burning biofuel and 360,000 tons of high-protein animal feed per year. New production from this facility adds 26 million bushels of annual corn demand for area farmers at a time when agriculture faces serious economic challenges. The $120 million project also added 225 temporary jobs throughout the course of its construction.
POET President and COO Jeff Lautt said the facility has enjoyed strong community support and successful operation since it first started producing biofuel.
“Marion and the entire state of Ohio have been fantastic partners throughout the growth of POET and the entire biofuel industry,” Lautt said. “This expansion will dramatically expand local farmers’ markets for grain and provide about 20 new jobs for the area. We’re excited to build on our relationship with the hard-working people here in Marion.”
More than four years of low commodity prices across the Midwest have created severe challenges for farmers. Recent instability in trade markets have aggravated the problem, highlighting the need for long-term, stable, domestic grain demand. POET CEO Jeff Broin said the answer is E15, a 15% biofuel blend that – due to an outdated regulation – is only approved for use from September to June.
“We can reinvigorate the rural economy with more investments like this when Americans finally get the freedom to buy E15 year-round,” Broin said. “Nationwide adoption of E15 will add 2 billion bushels of corn demand per year, bringing down worldwide surpluses and increasing commodity prices for farmers here at home. America needs more cleaner-burning homegrown fuels, and farm families in communities like Marion desperately need the added value that year-round E15 can deliver.”
General Manager Rick Fox said the team members, farmers and community members should be proud of their success over the last decade.
“This expansion is a testament to what our team members and farmers have accomplished here since the plant opened 10 years ago,” he said. “This community has emerged as a leader in producing clean, homegrown fuel for drivers across America and around the world.”
“Ohio’s farmers continue to innovate, improve, and produce higher yields, making POET’s expansion timely and important,” said Ohio Department of Agriculture Director David T. Daniels. “This investment will provide greater opportunity for Ohio’s producers, helping the food and agriculture industry continue to grow in our state.”
POET, the world’s largest biofuels producer, is a leader in biorefining through its efficient, vertically integrated approach to production. The 30-year-old company has a network of 27 production facilities. POET, through its joint venture with DSM, also operates a commercial-scale cellulosic ethanol plant in Emmetsburg, Iowa. For more information, visit http://www.poet.com.