A $14.7 million grant from the state of Iowa was welcome news last week to the company working on a commercial cellulosic ethanol project in the state.
The grant was approved last week by the Iowa Power Fund Board for POET’s Project Liberty in Emmetsburg. The funding will help with research, development and demonstration costs for the integrated biorefinery. POET is expanding an existing ethanol production facility to include the production of cellulosic ethanol from corn cobs.
In addition to the $14.7 million that was approved Wednesday, the State of Iowa has awarded another $5.2 million in Economic Development funds. The total amount of funds from the State of Iowa is $20 million. Iowa Lieutenant Governor Patty Judge said the funding insures that Iowa will continue to be a leader in renewable fuels innovation. “The new POET facility in Emmetsburg will be one of the first in the nation to produce cellulosic ethanol.” Judge said. “This represents the next generation in biofuels, and another step towards energy independence.”
POET CEO Jeff Broin said they were “humbled and honored to have the state of Iowa invest alongside us in the development of cellulosic ethanol production.”
Project LIBERTY is jointly funded by POET and the United States Department of Energy.