The US' most successful Poet
25th March, 2008
Biofuels International speaks to one of the worlds oldest and largest ethanol producers about where it sees the future of the industry headingEthanol producer Poet started back in 1983 when the Broin family built a small-scale plant on their farm in Wanamingo, Minnesota, and is now the largest ethanol producer in the US according to the Renewable Fuels Association.
Poet is now a fully integrated biofuels corporation involved in the development, design, engineering, construction and management of ethanol production facilities across the US.
The company has 1.2 billion gallons a year of current capacity in its 22 biorefining production facilities in seven states. When four additional plants under construction and one plant under expansion are complete, annual capacity will exceed 1.5 billion gallons.
These plants are located in Fostoria, Ohio; Alexandria, Indiana; North Manchester, Indiana; Marion, Ohio; and Chancellor, South Dakota. 'In the last two quarters, we have opened two new production facilities in Indiana and Ohio and we have four more that will open this year in those two states,' explains Jeff Broin, Poet's founder and CEO.
They will be well-positioned to serve new markets in Florida and the rest of southeastern US. We believe the infrastructure will be in place to blend ethanol in most of Florida by the end of this year.'
One of the keys to the company's success is its attitude towards risk. 'With volatile commodity and energy prices, the importance of risk management is rapidly growing for ethanol producers,' explains Broin. 'Those companies that can successfully manage their risk will be able to weather the storms that the industry faces.' Broin also believes that recent legislative developments will have a further positive impact on the future ethanol market in the US. 'Passage of the Energy Independence and Security Act will certainly drive demand for ethanol in new parts of the country,' he explains.
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