As we enter a new year, I believe it’s always important to reflect on the accomplishments of the one we are leaving behind.
At POET in 2023, we made bold strides, embraced change, and continued to lead the charge toward the bioeconomy of the future. The milestones achieved by our team this year are too numerous to list here, but there are a few that are especially worth highlighting.
In January, we announced that we would be growing our bioCO2 capabilities with expansions at POET Bioprocessing – Laddonia and POET Bioprocessing – Lake Crystal. POET continues to be the fastest-growing renewable CO2 company in the U.S., and these significant additions are a testament to our commitment to providing a renewable CO2 solution for our customers while creating more value from every bushel of grain.
In April, the Biden Administration announced that it would be lifting the upcoming summertime ban on E15. POET played an important role in securing this critical waiver. The announcement mirrored one made by the president at POET Bioprocessing – Menlo in 2022 and marked the second time the EPA has lifted outdated seasonal restrictions on the cleaner-burning biofuel blend. The waiver also reaffirmed the power of American-made biofuels to lower carbon emissions and costs at the pump for consumers.
We also celebrated the passage of a new Nebraska E15 standard in May. This landmark legislation, which was made possible in part by POET’s government affairs team, unlocks access to E15 at Nebraska fueling stations and provides qualifying retailers a tax credit for every gallon sold, growing demand for corn and boosting economic activity in the nation’s second-largest bioethanol-producing state.
Our 2023 POET Community Grant Program was another notable success. The program was created to make a lasting impact on the communities we call home, and this year we were proud to have all of our bioprocessing facilities and POET Terminal – Savannah donate to a variety of causes across our footprint. Recipients ranged from local fire departments, schools, and libraries to parks, food pantries, and youth programs.
At the end of August, we celebrated the grand reopening of POET Bioprocessing – Cloverdale after making significant investments to upgrade the facility. The plant was acquired by POET in 2010 but was idled in 2019 due to issues surrounding the implementation of the Renewable Fuel Standard (RFS). Since then, better federal management of the RFS and strong state support for E15 have made us confident in bringing our fifth facility online in Indiana. POET – Cloverdale has already created 50 local jobs and will generate demand for 34 million bushels of grain annually.
In October, we were excited to unveil the POET Bioproducts Center at South Dakota State University’s Research Park. The first-of-its-kind facility will allow our research team to collaborate with students and faculty to develop the next generation of bioproducts to better our world.
The milestones we’ve reached in 2023 wouldn’t be possible without our world-class team — the people who work every day to make our vision a reality. We are bound together by a common purpose to leave this world better than we found it. The challenges we've overcome and the advances we've made are a testament to the dedication and spirit that define us at POET.
As we turn the page to 2024, it’s once again time to look to the endless potential that lies ahead and sieze the opportunity to move boldly into the biofuture.