Ethanol producer POET picks site for third Indiana facility

New York (Platts)--3May2007

Ethanol producer POET Thursday said it has selected a site near North
Manchester, Indiana, for its third ethanol production facility in the state.

POET, which is a "dry-mill" ethanol producer, said in a statement that
construction on the 200-acre site is expected to start later this year and
last 12 to 14 months. POET, a company formerly known as Broin, said the $130
million facility will use 21 million bushels of corn per year to produce 65
million gal of ethanol and 178,000 tons of premium distillers products. It
will market both the ethanol and distillers products.

In addition to the planned North Manchester plant, the company is
building a facility in Portland, Indiana, which it expects to begin operations
later this year. Construction of another plant, in Alexandria, Indiana, is
scheduled to be completed in the first or second quarter of 2008.

POET says that it currently manages 19 ethanol production facilities in
the US, with the opening of a 20th on Friday. With the addition of that
facility, in Corning, Iowa, the company said its total ethanol production
capacity will be more than 1 billion gal/year.