The acquisition includes six bioprocessing facilities located in Iowa and Nebraska and two terminals in Texas and Georgia. POET will now operate 33 bioprocessing facilities across eight states with a combined annual capacity of 3 billion gallons.
“This acquisition will increase POET’s ability to bring even more high-quality, plant-based biofuels and bioproducts to the world — allowing us to have an even bigger impact on fighting climate change and cleaning our air,” says POET Founder and CEO Jeff Broin.
Recent studies demonstrate the ability of biofuels to immediately contribute to decarbonizing the transportation sector and lowering greenhouse gas (GHG) emissions.
“We’ve been a leader in the biofuels business for 33 years and have never wavered in our belief in the power of agriculture and biofuels to offer the most accessible, near-term solution to climate change. With this move, we’re demonstrating our commitment to the future of low-carbon, plant-based liquid fuels,” says Broin.
“These high-quality bioprocessing facilities have been well-maintained and strategically compliment POET’s current geographic footprint—allowing us new flexibility and greater market access,” says Jeff Lautt, POET president and COO. “We look forward to adding these new locations to our portfolio and to the many opportunities that lie ahead as a result of this significant addition to the POET network.”