Monday, August 26, 2019
SIOUX FALLS, S.D. (August 26, 2019) – POET earned a spot on this year’s FORTUNE “Change The World” list, joining 51 other global companies on the fifth annual list recognizing organizations that are solving society’s most significant challenges.
POET was recognized for its biofuels production and its contribution to improving the environment, removing toxic chemicals, and leaving the world in a better place for future generations. FORTUNE also recognized POET’s innovative coproducts including its many feed solutions and JIVE, an asphalt rejuvenator.
“Current research shows that air pollution kills more people each year than smoking – and no one is safe from its effects. Add to that the impending threat of climate change and the economic crisis facing rural America, and it’s clear that the work we’re doing at POET is more critical now than ever” said POET Chairman and CEO, Jeff Broin. “Biofuels like ethanol are an affordable, readily available solution, and our high-protein coproducts lower worldwide food prices. We need to get more clean biofuels and fewer toxic chemicals in the gas tank in order to preserve our planet for future generations.”
Jeff Broin has dedicated his life to biofuels because of these significant health and environmental benefits. “Jeff lives and breathes POET’s mission to be a good steward of the earth for future generations. His enthusiasm is contagious, making it easy for team members to feel the importance of the work we’re doing from day one. We’re lucky to have him as an active leader in the biofuels industry- working tirelessly to lead the company in new innovative ways to combat climate change” said Jeff Lautt, President & COO, POET
The FORTUNE annual list recognizes companies that are using their core business for a positive impact on society. Other winners include Patagonia, Beyond Meat, and Bank of America.
POET was also recognized earlier this year by Fast Company, being named one of the “World’s Most Innovative Companies” for the creation of JIVE. Recognizing POET’s long history, Fast Company deputy editor David Lidsky, who oversaw the issue with senior editor Amy Farley, noted that “established players are showing the same kind of nimbleness that we’ve generally associated with startups.”
For more information on JIVE, visit https://jivebypoet.com
Fortune’s Change the World list is available here: https://fortune.com/change-the-world/2019
Fast Company’s Most Innovative Companies list is available here: https://www.fastcompany.com/most-innovative-companies/2019
POET, the world’s largest biofuels producer, 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. POET, through its joint venture with DSM, also operates a commercial-scale cellulosic ethanol plant in Emmetsburg, Iowa. This year, Fast Company recognized POET on its annual list of “Most Innovative Companies” for transportation. For more information, visit https://www.poet.com
About “Change the World” Methodology
FORTUNE’s annual “Change the World” list is intended to showcase the power of capitalism to improve the human condition by identifying companies that have made an important social or environmental impact through their profit-making strategy and operations.
The selection process begins with an open call for nominations from business, academic, and nonprofit organizations around the world. By definition, only for-profit businesses are eligible, and companies with revenues > US$1 billion are given preference, and we strive to create a global and well-rounded list. Companies are ranked on each of four criteria:
1. Measurable social impact: We consider the reach, nature, and durability of the company's impact on one or more specific societal problems. This category receives particularly close attention.
2. Business results: We consider the benefit the socially impactful work brings to the company. Profitability and contribution to shareholder value outweigh benefits to the company's reputation.
3. Degree of innovation: We consider how innovative the company's effort is relative to that of others in its industry and whether other companies have followed its example.
4. Corporate Integration: We consider how integral the initiative is to a company's overall strategy, and how well that strategy is communicated through the ranks and elsewhere.
Each year, FORTUNE looks for new companies with recent impact. The initial solicitation and assessment of nominees is conducted in partnership with the Shared Value Initiative, a global platform for organizations seeking business solutions to social challenges, and FSG, a nonprofit social-impact consulting firm. A team of journalists from FORTUNE then investigates each of the candidates independently. The final list is selected and ranked by the editors of FORTUNE based on the magazine’s own reporting and analysis.
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