Current cost per gallon exceeds POET’s expectations for Project LIBERTY

By POET

POET announced today that cost reductions achieved over the past year of operating their cellulosic ethanol pilot plant have exceeded expectations in their drive to commercialize the process. Reductions in energy usage, enzyme costs, raw material requirements and capital expenses have reduced POET’s per gallon cost from $4.13 to $2.35 over the course of the past year, and the company’s goal is to be below $2 by commercial plant start-up.

Jeff Broin, CEO of POET, said he is pleased with the progress the company has made over the past year.

“POET has been working on cellulosic ethanol for close to a decade and there were some days that I wasn’t sure we’d be successful,” Broin said. “While we still have some challenges ahead, I can say unequivocably that Project LIBERTY will be commercially viable by the time we start up the plant.”

Project LIBERTY is POET’s planned 25 million-gallon-per-year cellulosic ethanol plant in Emmetsburg.

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