(Washington, D.C.)– The U.S. Department of Energy announced today (Fri.) it’s finalized a $105 million loan guarantee for POET Energy’s Project Liberty cellulosic ethanol plant in Emmetsburg.
The plant is expected to produce up to 25 million gallons of ethanol annually, creating 240 jobs. It’s expected to generate around $14 million in new revenue to area farmers who will provide the corn crop residue. Project Liberty’s innovative process uses enzymes to convert cellulose from corn cobs, leaves and corn husks into ethanol. The facility will produce enough biogas to power both Project Liberty and most of POET’s adjacent grain-based ethanol plant.
POET plans to replicate its process for a combined annual capacity of one billion gallons per year of cellulosic ethanol.
The company estimates that 85 percent of project LIBERTY will be sourced with U.S. equipment.
