SIOUX FALLS, SD POET CEO Jeff Lautt issued the following statement regarding the EPA's decision on the Renewable Fuel Standard waiver:
"The EPA has made a sound decision in denying a waiver of the Renewable Fuel Standard. As studies have shown, a waiver would have likely had little to no impact on commodities prices in the aftermath of the recent drought. This effort was nothing more than the latest attempt by renewable fuel opponents to undermine policy that has helped make America stronger.
"This decision means the Renewable Fuel Standard remains strong and stable policy, and our industry can move forward with greater confidence, continuing to invest in new technology to make biofuels production even more efficient and commercializing fuel production from cellulosic feedstocks such as crop residue and other plant material.
"POET-DSM Advanced Biofuels is moving forward with construction of the joint venture's first commercial cellulosic biofuels plant that will use corn cobs, leaves, husk and some stalk to produce renewable fuel. Long term, there are ambitious plans for expansion of this technology to more plants in the POET network and to other companies through licensing agreements. By maintaining the integrity of the Renewable Fuel Standard, those expansion plans are much more feasible."
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 www.poet.com.