Sioux Falls, S.D., based POET -- one of the world’s largest ethanol producers – has a big economic impact, according to a study commissioned by the company.
Sales topped $13.5 bill in 2014.
It added $5.4 billion in national gross domestic product;
It supported 39,978 full time jobs, which account for $3.1 billion in wages.
POET, operates 27 dry mill corn ethanol plants in seven states, including South Dakota. The plants have a combined capacity of 1.7 billion gallons of ethanol – more than 11 percent of the total U.S. ethanol output and more than 9 billion pounds of distillers grains. The company also operates a pilot-scale cellulosic bio-ethanol plant, which uses corn cobs, leaves, husk and some stalk as feedstock, and expects to commercialize the process in Emmetsburg, Iowa, through a joint venture with DSM.
“Ethanol provides us the means to produce our own clean fuel and keep the enormous economic benefits within America’s borders,” POET CEO Jeff Lautt says. “The impact flows from the plants to farmers, communities, throughout the states in which they operate and across the nation.”
According to the study, POET’s production of 1.7 billion gallons of ethanol displaces nearly 1.2 billion gallons of gasoline, which requires 61 million barrels of crude oil to produce. It’s production potentially reduces the outflow of money to foreign oil producers by nearly $5.5 billion annually..
The use ethanol also reduces greenhouse gas emissions relative to gasoline. Burning a gallon of ethanol opposed to gasoline results in a 35% reduction of carbon dioxide emissions the company says. POET’s production alone accounts for a 874,000 million metric ton reduction in carbon dioxide emissions.
The findings are derived from an independent study conducted by ABF Economics.