On the Move in the Bioeconomy: DOE Loan Programs Office, POET

In Washington, Peter Davison is stepping down Executive Director of the Department of Energy’s Loan Programs Office to return to the private sector. He said: “When I first joined LPO in May 2013, the program was at a crossroads.  We had not issued a new loan in more than two years, could not accept any new loan guarantee applications, and many of the projects in our more than $30 billion portfolio were still under construction.

“Today, twenty-two projects financed by LPO are in operation.  These clean energy and automotive projects produce enough electricity to power approximately 1 million average American homes and have manufactured more than 8 million fuel-efficient vehicles.  The projects have also already repaid more than $5.4 billion including more than $1 billion in interest payments to the U.S. Treasury, while non-performing loans account for less than three percent of the portfolio.”

In South Dakota, Abe Hughes has joined POET as the Senior Vice President of Business Development. In this role, Hughes will help guide POET’s strategies for continued growth, whether through independent initiatives or partnerships, both in the U.S. and abroad. Prior to joining POET, Hughes was Vice President North America for New Holland Agriculture and Construction, a world leader in the manufacture and sale of tractors, combines, hay tools and other agricultural and construction equipment.