(Sioux Falls, S.D.)– A project to convert POET’s ethanol plant in Emmetsburg into a commercial cellulosic facility is moving ahead as a result of action by the Iowa Power Fund Board.
POET CEO Jeff Broin says the board has approved a 14.75 million dollar contract for the plant’s development.
Broin says it finalizes terms of an agreement reached in 2008 by POET and the Iowa Power Fund.
The project, known as “Project Liberty”, will add 25 million gallons per year of cellulosic ethanol production capacity to POET’s existing grain-to-ethanol plant in Emmetsburg.
The project is jointly funded by POET, the United States Department of Energy and the state of Iowa.
Production of cellulosic ethanol is to begin in 2011.
Broin says by adding the production of cellulosic ethanol from corn fiber and corn cobs to the existing plant will allow POET to produce 11 percent more ethanol from a bushel of corn, or 27 percent more from an acre of corn. He says it will also reduce the use of fossil fuels and water.
POET officials say Project LIBERTY represents a more than 200 million dollar capital investment in Emmetsburg and atleast 30 new jobs. They add area farmers will see an increase in revenue of 5.4 to 10.8 million dollars.
POET anticipates adding cellulosic ethanol production to its six other facilities in Iowa for an additional capital investment of two billion dolalrs and 2,700 new jobs. Company officials didn’t give a timeframe for that, though.
