Thursday, August 31, 2023
CLOVERDALE, Ind. (August 31, 2023) – POET, the world’s largest producer of biofuels, has reopened its bioprocessing facility in Cloverdale, Indiana, signaling the bioeconomy’s bright future.
Today, POET Bioprocessing – Cloverdale celebrated the occasion with an event at the facility that included area farmers, community members, and state officials. The program featured remarks from Gov. Eric Holcomb, Lt. Gov. Suzanne Crouch, and U.S. Rep. Jim Baird (IN-04), as well as POET executive leadership.
“As a global leader in the research, development, and production of low-carbon biofuels and bioproducts, POET is proud to work with more than 40,000 American farmers as we harness the power of agriculture to create a more sustainable world,” said Jeff Broin, POET Founder and CEO. “The addition of our 34th bioprocessing facility displays our commitment to growing the bioeconomy, and it is with immense pride in our team and gratitude to the surrounding community and the state of Indiana that we reopen POET Bioprocessing – Cloverdale.”
POET has invested $30 million in new technology and upgrades to bring the facility up to the company’s optimal standards and increase its annual production rate from 80 million to 95 million gallons of bioethanol. POET – Cloverdale will also create 50 full-time local jobs and generate demand for 34 million bushels of Indiana corn annually.
“Today’s grand opening of POET Bioprocessing – Cloverdale is another testament to the tremendous relationship between the private sector and the state of Indiana’s attractive environment to operate in,” Gov. Holcomb said. “Agriculture has always been in our Hoosier DNA, and today as a partner with POET, we’re both reinforcing our commitment to local jobs, rural economies and prosperous farming communities. It’s another proud day in Indiana as we continue to lead 21st Century agriculture.”
“As we gather for the opening of POET – Cloverdale, we celebrate not only the future of Indiana biofuels, but also the enduring strength of our state’s agricultural roots,” said Rep. Baird. “This facility represents ingenuity and collaboration and serves as a testament to the partnerships that uplift our rural communities and drive Indiana’s economic prosperity.”
“With agriculture being one of the core industries of Indiana’s economy, we are excited for POET – Cloverdale to open its doors and for the value the facility will bring to Hoosier farmers and rural communities,” said Lt. Gov. Crouch, Indiana’s Secretary of Agriculture and Rural Development. “The bioethanol industry supports growth in our local economies, expansion in grain markets, and enhances our communities and farm families.”
POET Bioprocessing – Cloverdale was acquired by POET in 2010 but was idled in 2019 due to issues surrounding the implementation of the Renewable Fuel Standard (RFS). Since then, better federal management of the RFS and strong support for E15 (a 15% bioethanol blend) at the state level from key Indiana policymakers, including Gov. Holcomb, Lt. Gov. Crouch, and Rep. Baird, have played a significant role in POET’s decision to reopen Cloverdale, its fifth facility in the state.
“At POET, we believe the future of biotechnology lies at the intersection of innovative science, practical engineering, and responsible agriculture,” said POET President and COO Jeff Lautt. “This facility will continue POET’s legacy of creating value for rural America, and we look forward to continuing our collaboration with the state of Indiana for many years to come.”
For photos of the Grand Opening Event, click here.