The Iowa Department of Economic Development has approved the award of the final $5.25 million in financial assistance to POET’s Project LIBERTY, a commercial-scale cellulosic ethanol plant that will produce ethanol from corn cobs.
The final approval brings Iowa’s total contribution to the project to $20 million. The initial $14.75 million, from the Iowa Power Fund, was approved in February 2009. In 2008, POET and the Iowa Department of Economic Development agreed to terms surrounding the project. The latest approval finalised these terms.
Project LIBERTY is a 25 million gallon-per-year cellulosic ethanol plant in Emmetsburg, Iowa, USA that uses corn cobs as feedstock. POET plans to begin construction on the plant this year. The plant will be co-located with the company’s current grain ethanol plant at the site. POET’s pilot-scale plant in Scotland, South Dakota, USA is already producing cellulosic ethanol at a rate of about 20,000 gallons per year.
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