POET Starts on Shelbyville Plant

OAKHURST, N.J. (DTN) -- POET is moving forward with full construction of a new biofuel facility in Shelbyville, Indiana, according to a news release Friday from the firm. The release said the move follows "a strong directive from President Trump to lift the outdated regulations stifling E15 fuel."

Final permit approval came this week for the planned 80 million gallon per year facility. With full construction started, the expected completion date for the nearly $160 million facility is spring 2020.

"This is the right project in the right location at the right time," said POET CEO Jeff Broin. "Farmers desperately need the income boost from this new market for grain, and President Trump's recent announcement of year-round E15 sales has the biofuels industry poised for new growth and prosperity. Shelbyville is leading the way for future production to meet new E15 demand."

POET Biorefining-Shelbyville will be the 28th starch biofuel plant in POET's network and the fifth in Indiana, adding $110 million in annual corn purchases for farmers in the area, primarily within a 30-mile radius.

(BM/CZ)