SIOUX FALLS, SOUTH DAKOTA, US — POET, the world’s largest producer of biofuels, has acquired the bioethanol assets of Wichita, Kansas, US-based Flint Hills Resources, a move that will expand the company’s production capacity by 40%.
Under terms of the transaction, POET has acquired six bioprocessing facilities located in Iowa and Nebraska and two terminals in Texas and Georgia. According to Flint Hills, the combined capacity of the six plants is approximately 800 million gallons per year. The facilities also produce 1.5 million tonnes of distillers grains and 170 million pounds of corn oil annually.
POET will now operate 33 bioprocessing facilities across eight states with a combined annual capacity of 3 billion gallons.
“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,” said Jeff Broin, founder and chief executive officer of POET.
“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.”
Jeff Lautt, president and chief operating officer of POET, added, “These high-quality bioprocessing facilities have been well-maintained and strategically complement POET’s current geographic footprint — allowing us new flexibility and greater market access. 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.”