Tag: POET

POET cuts back on buying corn but hasn’t yet shut down any biorefineries

POET cuts back on buying corn but hasn’t yet shut down any biorefineries

March 23, 2020 |

In Iowa, Reuters reports that although it hasn’t stopped production at any of its biorefineries yet, POET says it has stopped buying corn at several of its facilities. As people across the country self-quarantine, gasoline demand is dropping significantly and with it ethanol demand. The company is keeping a close eye on gasoline demand in […]

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Limited Biofuels M&A Activity in 2019, Stage Set for Potentially Busy 2020

Limited Biofuels M&A Activity in 2019, Stage Set for Potentially Busy 2020

February 18, 2020 |

By Bruce Comer, Founder and Managing Director, Ocean Park Special to The Digest Slowdown in North American biofuels Mergers and Acquisitions as thin margins and policy uncertainty hung over industry. Biofuels Merger and Acquisition (M&A) activity in North America was subdued in 2019. Only four operating biodiesel, ethanol and advanced biofuels plants were sold during […]

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POET gifts $2 million to SDSU’s precision ag facility

POET gifts $2 million to SDSU’s precision ag facility

December 18, 2019 |

In South Dakota, POET announced a $2 million gift for construction of the precision agriculture facility at South Dakota State University (SDSU). POET and SDSU have a strong history of collaboration on innovative research projects and training the next generation to use agriculture to solve the world’s most pressing issues, like climate change. POET is […]

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POET’s Cloverdale ethanol plant closes despite EPA deal

POET’s Cloverdale ethanol plant closes despite EPA deal

October 22, 2019 |

In Indiana, POET’s Cloverdale plant went ahead and shut its doors last Friday, laying off around 50 workers and only keeping enough staff on hand for security reasons, following an initial announcement in August. The company blames the “missing gallons” as a result of the Environmental Protection Agency’s approval of 31 small refinery hardship waivers […]

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POET still moving forward with Shelbyville despite production cutbacks

POET still moving forward with Shelbyville despite production cutbacks

September 5, 2019 |

In Indiana, POET has confirmed to local officials in Shelbyville that despite the company having to idle production across its different facilities due to ongoing market challenges, the Shelbyville biorefinery is still set to open in March 2020 as planned. The new facility will be the most efficient of the company’s 29 ethanol plants thanks […]

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POET idles production at Cloverdale, IN plant on back of EPA’s hardship waiver decisions

POET idles production at Cloverdale, IN plant on back of EPA’s hardship waiver decisions

August 20, 2019 |

In Indiana, POET announced it will idle production at its bioprocessing facility in Cloverdale, IN due to recent decisions by the Administration regarding SREs. The process to idle the plant will take several weeks, after which the plant will cease processing of over 30 million bushels of corn annually and hundreds of local jobs will […]

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POET plans to shift corn supplies between deficit and surplus regions during tight season

POET plans to shift corn supplies between deficit and surplus regions during tight season

June 27, 2019 |

In Iowa, POET told local press that it has a strategy in place to battle the likely shortfall of corn in Iowa and Indiana this season by shifting corn supplies among its 27 facilities across the Midwest where corn has been 100% or nearly 100% planted on schedule. The company also highlighted that though this […]

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POET settles with former employee who took its technology to another company

POET settles with former employee who took its technology to another company

June 25, 2019 |

In South Dakota, the Argus Leader newspaper reports that POET settled its two-year lawsuit with a former employee who joined an engineering firm and then allegedly helped that company develop Hydrolysis Utilization technology it claims is very similar to the Delayed Dilution Technology he had developed for Poet. In the end, the suit was dropped […]

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POET secured 100% tax abatement for a decade as part of Indiana deal

POET secured 100% tax abatement for a decade as part of Indiana deal

May 21, 2019 |

In Indiana, local press reports that POET has scored a 100% tax abatement for its planned Shelbyville plant for ten years and then will pay just $2.5 million a year after that as part of the agreement that sealed the deal for citing the facility in the town rather than another location in Ohio that […]

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POET launches ad campaign to draw attention to the ongoing farm crisis

POET launches ad campaign to draw attention to the ongoing farm crisis

May 9, 2019 |

In South Dakota, AgWired reports that POET is investing in a new advertising campaign that it hopes will help bring the effects of the ongoing farm crisis resulting from the trade war between the US and China straight to policymakers. It says that Commerce Department data shows farm income fell by around a quarter between […]

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