POET cellulosic ethanol efforts could have nearly $38 billion impact on Iowa
New analysis outlines jobs, economic output of Project LIBERTY work
Friday, December 17, 2010 - Project LIBERTY/Cellulosic Ethanol
POET’s Project LIBERTY will generate as much as $37.8 billion in economic activity over 20 years and could employ more than 2,800 people, an independent analysis claims.
A report done by Impact DataSource of Austin, Texas outlines short-term and long-term impacts of various projects receiving grants from the Iowa Power Fund. Project LIBERTY is POET’s planned 25 million-gallon-per-year cellulosic ethanol plant in Emmetsburg, Iowa.
The analysis includes three scenarios of low, medium and high long-term impacts from the project and replication of the technology at other Iowa ethanol plants.
- Economic Output: low of $11.8 billion, mid of $24.4 billion, high of $37.8 billion.
- Jobs: low of 861, mid of 1,807, high of 2,846
- Worker Earnings: low of $394 million, mid of $815 million, high of $1.3 billion
“Project LIBERTY will not only employ people at the plant, it will add revenue to farmers’ incomes through biomass harvesting and add local jobs through increased economic activity,” Project LIBERTY Director Jim Sturdevant said. “When that technology is replicated at other plants in Iowa, those benefits will increase many times over.”
The Iowa Power Fund released the full report at a press conference in Des Moines, Iowa Thursday.
POET, the largest ethanol producer in the world, is a leader in biorefining through its efficient, vertically integrated approach to production. The 23-year-old company has a production capacity of more than 1.7 billion gallons of ethanol and 9 billion pounds of high-protein animal feed annually from 27 production facilities nationwide. POET also operates a pilot-scale cellulosic ethanol plant, which uses corn cobs and light stover as feedstock, and will commercialize the process in Emmetsburg, Iowa. For more information, visit http://www.poet.com.
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