POET, the world’s largest producer of biofuels, has had a remarkable year in 2023. One of the major highlights of 2023 for POET was the announcement of the company's plans to expand its bioCO2 capabilities. With expansions at two of its bioprocessing locations, POET solidified its position as the fastest-growing renewable CO2 company in the U.S. These expansions not only demonstrate POET's commitment to providing renewable CO2 solutions but also signify the company's dedication to maximizing the value derived from every bushel of grain. By scaling up its bioCO2 production, POET is contributing to the reduction of carbon emissions and promoting sustainable practices in the biofuels industry.
POET's government relations efforts played a pivotal role in securing several victories on the policy front in 2023. One of the significant wins came in April when the Biden Administration announced the lifting of the upcoming summertime ban on E15. This move, which was also previously highlighted by President Biden during his visit to POET Bioprocessing – Menlo, IA in 2022, marks the second time the Environmental Protection Agency (EPA) has removed outdated seasonal restrictions on the use of the cleaner-burning 15% bioethanol blend. The waiver not only affirms the potential of American-made biofuels to lower carbon emissions but also benefits consumers by reducing costs at the pump.
Furthermore, Nebraska passed an E15 standard in May, unlocking access to E15 at fueling stations across the state. This landmark legislation not only boosts demand for corn, a primary feedstock for bioethanol production, but also stimulates economic activity in Nebraska, the nation's second-largest bioethanol-producing state. Qualifying retailers also receive a tax credit for every gallon of E15 sold, providing further incentives for the adoption of cleaner-burning biofuels.
In August, POET celebrated the grand reopening of its Cloverdale, Indiana facility, which had been idled since 2019 due to challenges related to the implementation of the Renewable Fuel Standard (RFS). The reopening of the facility was made possible by better federal management of the RFS and strong state support for E15. The Cloverdale plant has already generated 50 local jobs and is set to create demand for 34 million bushels of grain annually. This reopening not only highlights POET's commitment to revitalizing idled facilities but also underscores the company's dedication to creating economic opportunities in the communities it operates in.
In October, POET, in collaboration with South Dakota State University (SDSU) and South Dakota Mines, celebrated the completion of the POET Bioproducts Center at the SDSU Research Park in Brookings, South Dakota. This state-of-the-art facility, along with its operating entity, Dakota BioWorx, represents a public-private partnership aimed at enhancing research, economic development, and workforce preparation in the region. Serving as an innovative ecosystem, the POET Bioproducts Center fosters collaboration on the next generation of bioproducts. It is the first facility of its kind in the state and further solidifies POET's position as a pioneer in the development of sustainable solutions.
Giving Back to Communities
Apart from achieving milestones in growth and innovation, POET continued its legacy of giving back to the community in 2023. The company's Community Grant Program, designed to make a lasting impact on its home communities, saw all POET bioprocessing facilities contribute to various causes across the company's footprint. Donations were made to local fire departments, schools, libraries, parks, food pantries, and youth programs, among others. This commitment to corporate social responsibility further exemplifies POET's dedication to leaving a positive and lasting impact on the world.
As POET turns the page to 2024, the company remains excited about the potential that lies ahead in the bioeconomy. With a world-class team, POET is driven by a common purpose to create a sustainable future and reduce carbon emissions. The achievements of 2023 serve as a testament to the dedication and spirit that define POET's culture. As the company continues to move boldly into the biofuture, it will build upon its successes and strive to lead the industry in growth, innovation, and sustainability.
POET's accomplishments in 2023 have positioned the company at the forefront of the biofuels industry. Through expansions in bioCO2 capabilities, policy victories, facility reopenings, and the establishment of the innovative POET Bioproducts Center, POET has demonstrated its commitment to a sustainable bioeconomy. The company's dedication to reducing carbon emissions, creating economic opportunities, and giving back to communities further underscores its leadership in the industry. As POET looks towards the future, it will continue to push boundaries and drive innovation in the pursuit of a greener and more sustainable world.
