(Sioux Falls, S.D.)– Sioux Falls-based POET LLC announced Monday it’s signed onto a joint venture with DSM Advanced Biofuels, LLC of the Netherlands for the production of cellulosic ethanol. The first commercial demonstration of the technology will be at Project Liberty, currently under construction next to POET’s existing corn ethanol plant in Emmetsburg.
Jeff Broin, POET founder and CEO, says the expertise offered by both companies will go hand-in-hand in developing biofuel technology…Click here for comment from Jeff Broin
Feike Sijbesma, CEO and Chairman of the DSM managing board, announced the joint venture will be headquartered in Sioux Falls…Click here for comment from Feike Sijbesma
The closing of the joint venture is subject to regulatory approval and other conditions.
Broin says the joint venture has identified two primary goals at the onset-the first is completion of Project Liberty…Click here for comment from Jeff Broin
Broin added the addition of cellulosic ethanol production at its 26 other plans would increase output of the biofuel by roughly a billion gallons a year. He says that would play a critical role in helping meet the EPA’s requirement of having the capacity to put out 16 billion gallons of bio-ethanol annually under it’s renewable fuel standard.
On another note, POET LLC announced it was turning down a $105 million loan guarantee from the U.S. Department of Energy to help finance Project Liberty, saying it was no longer needed due to the joint venture.
