The company, which is among the largest producers of ethanol in the world, will invest more than $30 million to modify the Cloverdale facility to produce 90 million gallons annually. POET will also produce Dakota Gold dried distillers grains for livestock feed at the site.
POET CEO Jeff Broin said the productive agriculture community in and around Cloverdale, coupled with POET's unique process and technology, will make it a leader in the industry.
"We have been looking at potential acquisitions for some time," Broin said. "This plant, in this community, will be a perfect fit for what we do at POET."
There will be more than 40 new jobs created along with hundreds of secondary jobs; something 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 the existing facility will be a tremendous boost for Putnam County."
POET, which employs more than 1,500 people throughout the Midwest, plans to begin hiring production and supervisory staff in the next 90 days. The company anticipates being at full production in the next nine months, after facility upgrades are completed.
The Indiana Economic Development Corporation will transfer existing biofuel production credits to the company based on the company's job-creation plans. The Putnam County Council will consider transferring additional existing property tax abatement from the Altra facility.
"Putnam County is pleased to have POET join our community through its acquisition of the ethanol plant at Cloverdale," said council president Darrel Thomas. "The benefits to our agriculture business community, the local tax base, the South Putnam school district and the creation of good paying jobs are welcome and greatly appreciated."
Find out more about the ethanol plant and its future in upcoming editions of the Banner Graphic.