Thursday, October 8, 2020
Sioux Falls, SD (October 8, 2020) – Today POET applauds the United States Department of Agriculture (USDA) for awarding the first round of grants through the Higher Blends Infrastructure Incentive Program (HBIIP). This is a critical step toward increasing access to higher blends of biofuel, which will create a growing market for US commodities and provide consumers with a cleaner fuel option. Biofuels replace toxic chemicals found in gasoline and are proven to clean the air and improve human health.
HBIIP funds will be used to assist fuel retailers across the US with converting pumps and infrastructure for higher biofuel blends at retail locations across the country. Higher biofuel blends include E15, which is fuel containing 15 percent ethanol, often sold as UNL88. HBIIP will initially expand access to higher biofuel blend options at additional retail locations in 14 states.
Many farmers today are facing mounting challenges including trade wars, increasing year-over-year carryouts and decreasing profits. Increasing access to higher blends of biofuels provides a market-driven solution to put agriculture back on the path toward long-term success. It also offers a growing domestic market necessary for the economic health of rural America.
At the same time higher blends of biofuel replace toxic chemicals found in traditional gasoline with a plant-based alternative that curbs harmful emissions, helping to clean the air we breathe.
“Right now, it’s harder than ever to be a profitable American farmer. Yields are increasing, prices are decreasing, and export markets are unreliable,” said POET Founder and CEO Jeff Broin. “But biofuels hold the key to successful agriculture. We need to literally return to our roots. The only way to attain supply-demand balance for America’s farmers is to gain a higher percentage of the gas tank. The HBIIP program will not only boost rural economies – it will also clear the air in our nation’s cities and begin to reverse the negative impact fossil fuels have had on climate change.”
HBIIP represents an important step in expanding market access to affordable, American-made biofuels across the nation, resulting in additional clean fuel options for motorists and economic opportunities for rural America. However, more work is needed to fully realize the potential of nation-wide E15 adoption including revisiting the Environmental Protection Agency’s required on-pump labeling of E15.
POET, headquartered in Sioux Falls, SD, is the world’s largest biofuels producer. POET is a leader in biorefining through its efficient, vertically integrated approach to production. Started in 1987, the company today has a network of 28 production facilities across 7 states. At full run rates, POET purchases 5% of US corn and produces 2 billion gallons of ethanol, 10 billion pounds of distillers dried grains, and 600 million pounds of corn oil annually. In 2019, Fast Company recognized POET on its annual list of “Most Innovative Companies” for transportation and FORTUNE recognized POET on its list of companies that are changing the world. For more information, visit poet.com.