Thursday, May 22, 2014
COON RAPIDS, IA (May 21, 2014) – Iowa Governor Terry E. Branstad today signed Senate File 2344 into law at POET Biorefining – Coon Rapids. This legislation enhances Iowa’s E15 retailer tax credit, which helps alleviate extra costs to retailers who choose to offer E15 to consumers during the summer driving season and encourages other biofuels production and use as well.
“We are excited Gov. Branstad selected our facility to mark the officially signing of this important bill,” said Bill Howell, General Manager of POET Biorefining – Coon Rapids. “The state of Iowa continues to be very supportive of the biofuels industry and this bill is yet another example of that support. Here at POET, we look forward to continued expansion of E15 throughout the state and nation, which will allow consumers to enjoy additional options at the pump.”
This bill will promote increased development of next generation biofuels, such as bio-butanol and bio-butanol blended gasoline, and extends provisions for the biodiesel production refund. SF 2344 passed the Iowa State House of Representatives on April 23rd and unanimously passed the Iowa State Senate on April 24th.
POET, one of the world’s largest ethanol producers, is a leader in biorefining through its efficient, vertically integrated approach to production. The 25-year-old company has a production capacity in excess of 1.6 billion gallons of ethanol and 9 billion pounds of high-protein animal feed annually from its network of 27 production facilities. POET also operates a pilot-scale cellulosic bio-ethanol plant, which uses corn cobs, leaves, husk and some stalk as feedstock, and expects to commercialize the process in Emmetsburg, Iowa through its joint venture with DSM. For more information, visit http://www.poet.com.