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Project Liberty fundng
- Updated: August 10, 2011 - 10:27 AM
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Government grants will pay 38 percent of the estimated $250 million price tag for Poet LLC's planned cellulosic ethanol plant in Emmetsburg, Iowa. Poet received $17 million in grants for research.
Source Plant R&D
U.S. Energy Dept. $85M $12M
State of Iowa* $10M $5M
Poet LLC $155M $40M
Total $250M $57M
*Grant requires Poet to make payments to Iowa for several years if the technology is used at other plants. Payment terms are not public. Poet intends to finance its share with a $105 million federal loan and $50 million in private capital. Sources: U.S. Energy Dept., Iowa Economic Development Dept., Poet LLC
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