On June 1st, Poet LLC announced acquisition of competitor Flint Hills Resources. Poet will now operate 33 ethanol plants in eight states and will own terminals in Texas and Georgia. The acquisition increases Poet output by 40 percent to three billion gallons annually. Obviously, Poet anticipates an increase in demand for ethanol having idled plants in South Dakota and Iowa in 2020.
In commenting on the transaction, CEO Jeff Broin stated, "we have been a leader in the biofuels business for thirty-three years and have never wavered in our belief in the power of agriculture and biofuels to offer the most accessible, near-term solution to climate change. With this move we are demonstrating our commitment to the future of low-carbon, plant-based liquid fuels".