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Grant for New Poet Plant
US - The Iowa Power Fund is to hand over a grant of $14.75 million to alternative energy producer Poet for Iowa's first cellulosic ethanol plant.The state plans to invest $20 million in the Emmetsburg plant, which is expected to be open in 2010. The Iowa Department of Economic Development has granted a $5.25 million award to Poet for the project.
The plant would make ethanol from corncobs instead of the grain.
The Power Fund Board made its unanimous decision at a meeting in Mount Vernon last week.
The facility will be built adjacent to an existing Poet ethanol plant in Emmetsburg.
Last week Poet opened another plant in Indiana.
The $130 million plant in North Manchester has annual production capacity of 65 mgpy.
Poet hosted a grand opening ceremony for this, their 24th ethanol production facility.
POET, the largest producer of biofuels in the world, was joined at the opening of POET Biorefining - North Manchester by Indiana Governor Mitch Daniels and Cathy Gallmeyer, Director of the Lugar Northeast Indiana Community Service.
"Right here in North Manchester, we are making a difference." Jeff Broin, CEO of POET, said.
"The ethanol that will be produced in this facility will displace over 60 million gallons of fossil fuels annually - decreasing our dependence on foreign oil and saving consumers money at the pump."
For the new Iowa plant, Iowa Power Fund Board Chairman Fred Hubbell said the state hopes to get a return on investment through a seven-year royalty arrangement.
That arrangement will pay the state hundreds of thousands of dollars if Poet or other plants use the technology employed at the Iowa plant.
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