The world’s largest producer of biofuel has purchased the Obion ethanol plant.
POET, of Sioux Falls, South Dakota, has announced the purchase of Green Plains Obion.
The purchase of the facility increases POET’s production to 35 plants, with an annual capacity of 3.1 billion gallons of biofuel.
Following the purchase, POET founder and CEO Jeff Broin released a statement saying the acquisition enables the company to produce even more high quality, American made biofuels and bioproducts.
Broin said the ownership of the Obion County facility will continue to create grain markets for local farmers and reduce the dependence on foreign oil.
Green Plains Obion was commissioned in 2008 and had an annual production capacity of 120 million gallons of bioethanol.
The sale of Green Plains to POET Biorefining-Obion LLC was listed at $170 million dollars.
