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POET acquires assets of Flint Hills Resources

photosbyjim/iStock/GettyImages Ethanol production plant utilizing corn as a feed stock located in the middle of farm land in the Dakotas.
Acquisition includes six bioprocessing facilities in Iowa and Nebraska and two terminals in Texas and Georgia.

Biofuel producer POET is expanding its production capacity by 40% through the acquisition of the bioethanol assets of Flint Hills Resources.

The acquisition includes bioprocessing facilities located in Arthur, Iowa Falls, Menlo, Shell Rock and Fairbank, Iowa, and Fairmont, Nebraska, in addition to 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,” said POET Founder and CEO Jeff Broin.

Here's a little information about the six plants acquired from Flint Hills Resources:

  1. The plant located near Arthur, Iowa, produces 140 million gallons of bioethanol annually.
  2. The plant located near Fairbank, Iowa, produces 135 million gallons of bioethanol annually.
  3. The plant located near Fairmont, Neb., produces 137 million gallons of bioethanol annually.
  4. The plant located near Iowa Falls, Iowa, produces 115 million gallons of bioethanol annually.
  5. The plant located near Menlo, Iowa, produces 150 million gallons of bioethanol annually.
  6. The plant located near Shell Rock, Iowa, produces 140 million gallons of bioethanol annually.

“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,” said POET President and Chief Operating Officer Jeff Lautt. “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.”

POET, which is based in South Dakota, operates plants in Indiana, Iowa, South Dakota, Minnesota, Michigan, Nebraska, Ohio and Missouri.

Source: POET, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 
TAGS: Energy ethanol
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