A year after announcing it would reopen its ethanol production facility in Cloverdale, POET has done just that in a ceremonial grand opening Thursday.
The facility is expected to be fully functional on Sept. 11, according to POET officials.
On Sept. 11, ethanol production will begin, however, the facility will be purchasing grain before that and start grinding corn on Sept. 5.
POET acquired the Cloverdale facility in 2011, but shuttered operations in 2019.
As part of its commitment to reopen the facility, POET invested $30 million and will look to create 50 full-time local jobs and generate a demand for 34 million bushels of corn from Indiana farmers annually.
The $30 million investment will be in new technology with the hope of creating new efficiencies that will allow the facility to experience long term success, as well as increasing production from 80 million to 95 million gallons of bioethanol annually.
"We are very excited to be reopening our Cloverdale facility," said Jeff Broin, POET founder and CEO.
Broin said he is confident POET-Cloverdale 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," Broin said.
The reopening was made possible by a five-year abatement approved by the Putnam County Council. Through the abatement, POET will pay no local property taxes on real estate or personal property for the five year period, after which the company will pay the full tax bill.
In a news release, Congressman Jim Baird, R-Greencastle, welcomed the news.
"As we gather for the opening of POET-Cloverdale, we celebrate not only the future of Indiana biofuels, but also the enduring strength of our state's agricultural roots. This facility represents ingenuity and collaboration and serves as a testament to the partnerships that uplift our rural communities and drive Indiana's economic prosperity," Baird said in the release.
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