After closing the majority of its operations in Putnam County, Poet has returned to Cloverdale and Putnam County.
On Wednesday, Poet announced plans to invest $30 million and reopen its ethanol production facility in Cloverdale, which it shuttered in 2019. In a release, Poet officials cited actions by federal and state officials to "safeguard domestic markets for low-carbon biofuels."
The facility will create 50 full-time local jobs and generate demand for 34 million bushels of corn from Indiana farmers annually.
“We are very excited to be reopening our Cloverdale facility,” Jeff Broin, POET Founder and CEO, said in a release. “The plant will undergo significant upgrades to include the same industry-leading advantages operating at other POET plants, and we are confident it will be a strong asset to the POET portfolio. We are grateful to the Putnam County Council and the Putnam County Economic Development Corporation for supporting this investment.”
The announcement comes on the heels of a tax abatement announced recently by the Putnam County Council.
Councilman Dave Fuhrman told the Putnam County Post favorable regulations had POET considering the location in Cloverdale again.
“The Cloverdale site never fully shut down and the enhancements have already started. The abatement is a tool local governments use to attract investment of companies to the area. By reducing property tax initially, the long-term benefits of job creation and infrastructure improvement mean a stronger community with enhanced opportunities for many citizens. Because of the operations location, you will not see the improvements being made to Poet itself, but you will notice the state modifying the on/off ramps of US 231 to allow a smoother truck flow for area farmers delivering their grain,” Fuhrman said.
As part of its reopening, Poet is slated to invest $30 million in new technology with the hope of creating new efficiencies that will set the facility up for long-term success and increase annual production from 80 million to 95 million gallons of bioethanol.
In a release, Congressman Jim Baird, R-4th District, welcomed the news.
“Bioprocessing, ethanol, and other biofuel facilities play an integral role in supporting rural jobs and strengthening local economies across Indiana and the Midwest. Facilities like POET – Cloverdale create new markets for family farms and contribute to state and local tax revenue all while improving vehicle emissions. We’re fortunate to have POET’s investment in West Central Indiana, and the value it will bring to Hoosier farmers and rural communities," Baird said.
The plant is set to reopen in 2023.
