Poet Acquires 90-MGY Ethanol Plant

Poet announced the purchase of a 90 million gallon-per-year ethanol plant located just outside Cloverdale, Indiana and previously operated by Altra Biofuels.

The transaction closed June 29. Once open, the Cloverdale plant will be Poet’s fourth in Indiana and 27th overall, putting annual ethanol production capacity at 1.7 billion gallons per year.

The plant will create 40-45 direct jobs and hundreds of secondary jobs, something Indiana Lt. Governor Becky Skillman said would be a welcome addition for the area.

“Biofuels continue to be a vibrant industry here in Indiana, and we’re glad that Poet is making another commitment to Indiana and its workers,” Skillman said. “These new jobs and the use of this existing facility will be a tremendous boost for Putnam County.”

Poet will install the company’s proprietary process technology and improve the original plant design. The approximately $30 million in upgrades include BPX, Poet’s patent-pending fermentation process which uses enzymes instead of heat, reducing energy use by 10-15 percent. In addition, Poet will install a water recovery system and new pollution control equipment. Poet expects to reopen the plant in about 9 months.

Facts about Poet Biorefining – Cloverdale:

  • Opened and operated under Altra Biofuels for a short time in 2008
  • Capacity: 90 million gallons per year
  • Rail: CSX
  • Annual corn consumption: 31 million bushels
  • Dakota Gold Brand DDGS produced annually: 246,500 tons
  • Jobs at the plant: 40-45 FTE (over 90% local)
  • Annual Payroll and Benefits: more than $2 million
  • Construction Time Period: 9 months
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