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POET abandons $4B ethanol pipeline project

| January 23, 2012

In South Dakota, POET has decided to postpone plans for a $4 billion pipeline between the Midwest and the East Coast. The company will be unable to get a federal loan guarantee for the project which began in 2009 as a joint venture between POET and Magellan. After studies indicated financing would require a federal loan guarantee, Magellan put their interest on hold; with the new development, POET has decided to focus their efforts on other projects.

“We continue to believe that the pipeline is a viable project with tremendous benefits for the country,” said POET Founder & CEO Jeff Broin, “But with little prospects for a federal loan guarantee in the near future we are currently focused on other efforts. While a pipeline could improve the efficiency of ethanol distribution and lower costs for motorists, the system that we have in place today has allowed ethanol to flow seamlessly into more than 90% of the gasoline sold.”

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