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National & World Ag News Headlines
Poet Closes Iowa Cellulosic Ethanol Plant
USAgNet - 10/22/2020

Poet, the nation's largest ethanol producer, idled the plant in July and laid off 52 workers this year. The company blamed the closure on federal actions that decreased ethanol demand and an overall drop in fuel use during the coronavirus pandemic.

According to the Associated Presss, the federal government provided $100 million for the plant and the state of Iowa kicked in about $20 million through grants, forgivable loans, sales tax refunds and tax credits. To receive the full amount, Poet needed to retain 35 employees at the Emmetsburg plant through 2024.

As part of the settlement, Poet will not get $2.5 million in tax credits it had not yet earned, but the Economic Development Authority will not seek to be repaid the benefits that Poet already received.

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