POET has announced an agreement to acquire Green Plains Obion, a bioethanol facility in northwestern Tennessee.
The move will add 120 million gallons of production capacity annually and strengthen POET’s access to southeastern US markets.
“This acquisition enables POET to produce even more high-quality, American-made biofuels and bioproducts — creating grain markets for our farmers, reducing our dependence on foreign oil and empowering rural communities to play a key role in strengthening the global bioeconomy,” said Jeff Broin, POET founder and CEO.
Once finalised, the transaction will expand POET’s portfolio to 35 bioprocessing facilities across nine states, bringing its total annual production capacity to 3.1 billion gallons of bioethanol.
The Obion facility, commissioned in 2008, covers 230 acres and includes corn storage and rail infrastructure.
“This facility will enhance POET’s competitive advantage within our industry and within the liquid fuel sector by growing our existing fleet and expanding our reach into southeastern markets,” said Jeff Lautt, POET President and COO.
