Thursday, December 21, 2023
SIOUX FALLS, S.D. (December 21, 2023) – POET, the world’s largest producer of biofuels, celebrated several milestones throughout 2023, including multiple victories on the policy front, the grand reopening of its 34th facility, and the completion of a first-of-its-kind bioproducts innovation center.
“In 2023, our team at POET worked hard to lead the charge toward the bioeconomy of the future,” said Jeff Broin, POET Founder and CEO. “As we strive to lower carbon emissions, agriculture and biofuels will play an increasingly important role.”
In January, the company announced that it would be growing its bioCO2 capabilities with expansions at two of its bioprocessing locations. POET continues to be the fastest-growing renewable CO2 company in the U.S., and these significant additions are a testament to the company’s commitment to providing a renewable CO2 solution for its customers while creating more value from every bushel of grain.
POET’s government relations efforts also played a role in securing several victories throughout the year. In April, the Biden Administration announced that it would be lifting the upcoming summertime ban on E15. The announcement mirrored one made by the president at POET Bioprocessing – Menlo, IA, in 2022 and marked the second time the EPA has lifted outdated seasonal restrictions on the cleaner-burning 15% bioethanol blend. The waiver also reaffirmed the power of American-made biofuels to lower carbon emissions and costs at the pump for consumers.
Additionally, Nebraska passed an E15 standard in May. This landmark legislation unlocks access to E15 at Nebraska fueling stations and provides qualifying retailers a tax credit for every gallon sold, growing demand for corn and boosting economic activity in the nation’s second-largest bioethanol-producing state.
In August, the company celebrated the grand reopening of POET Bioprocessing – Cloverdale, IN, after making significant investments to upgrade the facility. The plant 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 state support for E15 played a large role in POET’s decision to open its fifth facility in Indiana. POET – Cloverdale has already created 50 local jobs and will generate demand for 34 million bushels of grain annually.
In October, POET, South Dakota State University (SDSU), and South Dakota Mines celebrated the completion of the POET Bioproducts Center at the SDSU Research Park in Brookings, S.D. The facility and its operating entity, Dakota BioWorx, represent a public-private partnership that will enhance research, economic development, and workforce preparation in the region. The POET Bioproducts Center — the first of its kind in the state — will serve as an innovative ecosystem to foster collaboration on the next generation of bioproducts.
Not only did POET make strides in growth and innovation this year, but it also continued its legacy of giving back. The POET Community Grant Program was created to make a lasting impact on the company’s many home communities, and in 2023, all POET bioprocessing facilities donated to a variety of causes across the company’s footprint. Recipients ranged from local fire departments, schools, and libraries to parks, food pantries, and youth programs.
“The milestones we reached in 2023 wouldn’t have been possible without our world-class team — the people who work every day to make our vision a reality,” said Broin. “We are bound together by a common purpose to leave this world better than we found it, and the advances we've made are a testament to the dedication and spirit that define us at POET. As we turn the page to 2024, we’re excited about the potential that lies ahead and will continue to move boldly into the biofuture.”
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