Cloverdale witnesses the revival of an ethanol production facility

In Cloverdale, Indiana, Poet LLC, a prominent biofuels producer headquartered in Sioux Falls, South Dakota, celebrated a significant milestone on Thursday as it reopened its ethanol production facility in Putnam County. This momentous event was accompanied by the announcement of a substantial $30 million investment in cutting-edge technology and plant upgrades, with plans to create approximately 50 new full-time jobs in the region.

The Cloverdale facility had ceased production indefinitely back in 2019. The crux of the matter lay in the fact that this exemption was designed for oil refineries processing fewer than 75,000 barrels of petroleum per day. Poet argued that the EPA was disproportionately granting these waivers to refineries owned by major oil corporations, such as ExxonMobil, which was undermining the integrity of the Renewable Fuel Standard.

Poet's founder and CEO, Jeff Broin, expressed his concerns in 2019, stating, "Our industry invested billions of dollars based on the belief that oil refiners could not restrict access to the market and EPA would stand behind the intent of the Renewable Fuel Standard."

However, Poet's stance has evolved since then, attributing its decision to reopen the Cloverdale plant to improved federal management of the Renewable Fuel Standard and robust support for E15, a 15% bioethanol blend of fuel, at the state level. These factors are deemed to have played a pivotal role in this strategic shift.

Cloverdale, located approximately 41 miles southwest of Indianapolis, is now poised for a resurgence in bioethanol production, due to the substantial upgrades made to the facility. Poet anticipates that these improvements will lead to an annual production rate increase from 80 million to 95 million gallons of bioethanol. Furthermore, the plant is expected to create a robust demand for 34 million bushels of Indiana corn each year, as it serves as a key raw material for biofuel production.

Poet's operations extend beyond Cloverdale, encompassing bioprocessing plants in other Indiana towns such as Alexandria, North Manchester, Portland, and Shelbyville. Collectively, these facilities provide employment opportunities for a total of 215 Hoosiers, underscoring the company's commitment to fostering economic growth and development within the state.

About POET LLC: POET LLC, a prominent American biofuel firm, specializes in the production of bioethanol. This privately-owned company, initially known as Broin Companies, is headquartered in Sioux Falls, South Dakota. In 2007, the Renewable Fuels Association recognized POET as the largest ethanol producer in the United States, with an annual output of 1.1 billion US gallons (approximately 4,200,000 cubic meters) of fuel. Presently, POET boasts an impressive production capacity of 3 billion gallons of ethanol annually, accounting for 19% of the total ethanol production in the United States.