Poet acquires Kansas company’s biofuel business, greatly expanding production
SIOUX FALLS, S.D. (Dakota News Now) - A major new acquisition will allow Sioux Falls-based biofuel company Poet to dramatically increase its ethanol production.
Poet has acquired the bioethanol assets of Kansas-based Flint Hills Resources, company officials announced Tuesday. The move will expand Poet’s production capacity by 40%.
The acquisition includes six bioprocessing facilities located in Iowa and Nebraska and two terminals in Texas and Georgia. Poet will now operate 33 bioprocessing facilities across eight states with a combined annual capacity of 3 billion gallons, according to the company.
“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,” POET Founder and CEO Jeff Broin said. “With this move, we’re demonstrating our commitment to the future of low-carbon, plant-based liquid fuels.”
Poet is the world’s largest producer of biofuels, according to a press release from the company.
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