"Now is the time for the ethanol industry to take the next step"

6/14/2011

Jeff Broin, POET Chairman and CEO, made the following statement today following the vote to preserve the Volumetric Ethanol Tax Credit (VEETC).

"The ethanol tax credit has been responsible for building America's most successful renewable fuel into 10 percent of our gasoline supply. The decision of Congress to preserve this credit as a bridge to meaningful reform shows that America recognizes the importance of domestic, renewable fuels.

"Over the years as the tax credit has declined, we have been able to improve our efficiency and stay competitive with gasoline. Now it is time for the ethanol industry to take the next step in competing with oil. That can only happen if ethanol is allowed greater access to the fuel market.

"We must transition away from the tax credit and make a short-term investment that will reap long-term rewards. The expansion of flex pumps, dedicated ethanol pipelines and Flex Fuel Vehicles would create a competitive market between ethanol and gasoline that would lower prices at the pump."

About POET
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 10 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.
###