POET has acquired the entirety of Flint Hills Resources’ biofuel assets, which expands the company’s production capacity by about 40 percent.
As the world’s largest producer of biofuels and a leader in green bioproducts, POET has a constantly expanding selection of renewable solutions like bioethanol, renewable CO2, purified alcohol, high-protein animal feed, asphalt additives, and corn oil used for renewable diesel.
“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,” POET Founder and CEO Jeff Broin said.
The acquisition includes six bioprocessing facilities in Iowa and Nebraska and two terminals in Texas and Georgia. POET will now operate 33 bioprocessing facilities through eight states, with a total annual capacity of 3 billion gallons.
“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,” POET President and Chief Operating Officer Jeff Lautt said. “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.”
In recent studies, biofuels have already demonstrated the ability to assist in decarbonizing the transportation sector and lowering greenhouse gas emissions.
“We’ve been a leader in the biofuels business for 33 years and have never wavered in our belief in the power of agriculture and biofuels to offer the most accessible, near-term solution to climate change,” Broin said. “With this move, we’re demonstrating our commitment to the future of low-carbon, plant-based liquid fuels.”