USA— POET the world’s largest producer of biofuels and a leading producer of bioproducts, has signed a purchase agreement with Savannah Marine Terminal (SMT) to acquire its rail-to-container transload facility in Savannah, Georgia.
Located just three miles from the Port of Savannah, Savannah Marine Terminal is the fourth largest container port in the U.S. Its three warehouses offer 80,000 square feet of secure storage and its advanced inventory control systems ensure accurate records and the highest level of product safety.
The Port of Savannah’s global carrier network, superior location and faster-to-market service record provide vital links to international markets. Thus, it offers geographic synergy with several of POET’s key global markets for its animal feed products, including Dakota Gold dried distillers’ grains and its corn fermented protein product, NexPRO.
The acquisition will include all equipment and real estate to operate the grain transload facility.
“Obtaining this transload facility — optimally located in the port of Savannah — will help us better serve our customers all over the world, which is especially important as we face global supply chain challenges,” said Greg Breukelman, president of POET Bioproducts.
The facility will also strengthen POET’s shipping process, ensuring even greater traceability and transparency for its customers.
“POET has a decades-long track record of service and reliability and has been a valued customer of SMT for many years,” said Victor Vanderlugt, SMT president and CEO. “This transaction will serve to benefit both entities in our next respective phases of growth.”
Producing 3 billion gallons of bioethanol, 14 billion pounds of distillers grains, and 975 million pounds of corn oil per year, POET is currently the 36th-largest container shipper, exporting to more than 20 countries around the world — and growing.
Jeff Broin, POET founder and CEO said that the acquisition is yet another indicator of POET’s confidence in the future of the bioeconomy.
According to Marketsandmarkets, the global bioethanol market size is projected to grow from US$ 33.7 billion in 2020 to US$ 64.8 billion by 2025, at a CAGR of 14.0%, from 2020 to 2025.
The demand for bioethanol is largely attributable to mandatory use of bioethanol fuel blends in many countries, to reduce greenhouse gas (GHG) emissions and increase the fuel efficiency of the vehicles.
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