POET will be reopening its bioprocessing facility in Cloverdale, Indiana, which was idled in 2019, now that federal and state policymakers have taken action to safeguard domestic markets for low-carbon biofuels.
The facility will create 50 full-time local jobs and generate demand for 34 million bushels of corn from Indiana farmers annually. Restarting the Cloverdale facility will bring POET’s network to a total of 34 bioprocessing plants across eight Midwest states, five of which are located in Indiana.
“We are very excited to be reopening our Cloverdale facility,” said Jeff Broin, POET Founder and CEO. “The plant will undergo significant upgrades to include the same industry-leading advantages operating at other POET plants, and we are confident it will be a strong asset to the POET portfolio. We are grateful to the Putnam County Council and the Putnam County Economic Development Corporation for supporting this investment.”
The plant was initially idled in 2019 due in part to the Environmental Protection Agency’s mismanagement of small refinery exemptions (SREs) which weakened the incentive for retailers to offer higher biofuel blends. The Biden Administration has made strides recently showing support for biofuels, including the waiver in April lifting outdated restrictions on E15 for this year. On the state level, Indiana’s strong support for E15 — including actions by the Governor, Lieutenant Governor, and legislature — was a key factor in POET’s decision to reinvest in the state.