Economic Development News
Tuesday, August 15 2017
Hundreds of Farmers, Area Leaders Join Poet CEO in Commemorating Start of Construction, New Jobs, New Grain Demand
Marion, OH -- POET Biorefining – Marion broke ground today to expand its production capacity from 70 million gallons per year to 150 million gallons per year. The project will also increase production of dried distillers grains from the current 178,000 tons annually to 360,000 tons. With the groundbreaking, site work has officially begun, with project completion slated for Q3 of 2018.
“This expansion will add 26 million bushels of new corn demand annually for the local area and create new jobs and economic activity for rural Ohio," POET CEO Jeff Broin said. “In recent years, I know farmers are struggling with low commodity prices, which is creating lower farm incomes and decreasing land values. Biofuels have been the only real growth sector for ag commodities in the past decade. We will need to see biofuels increase as a percentage of the US and world fuel supply, and as a percentage of our gas tanks to stabilize worldwide ag prices and land values. We are excited that the Marion plant expansion can play a small role in this important arena."