POET announced today it has signed an agreement to acquire Green Plains Obion, a bioethanol facility in northwestern Tennessee.
The acquisition will increase POET's production capacity by 120 million gallons and improve its access to southeastern markets. The transaction is expected to close in the third quarter of 2025.
"This acquisition enables POET to produce even more high-quality, American-made biofuels and bioproducts—creating grain markets for our farmers, reducing our dependence on foreign oil, and empowering rural communities," said POET Founder and CEO Jeff Broin.
The strategic purchase will expand POET's portfolio to 35 bioprocessing facilities across nine U.S. states with a combined annual production capacity of 3.1 billion gallons of bioethanol.
Commissioned in 2008, the Obion facility sits on 230 acres and features ample corn storage and rail infrastructure.
"This facility will enhance POET's competitive advantage within our industry and within the liquid fuel sector," said POET President and COO Jeff Lautt. "We're confident in the future of bioproducts, and this investment underscores that optimism."
Beyond bioethanol, POET produces animal feed ingredients, corn oil, bioCO2, and purified alcohol. The company was recently named the nation's 15th-largest container exporter by S&P's Journal of Commerce, shipping bioproducts to more than 25 countries.
"We look forward to expanding the POET team to Tennessee as we continue to harness the power of American agriculture," Broin added.
