POET, LLC, a company engaged in the development, production and distribution of ethanol, completed the acquisition of 100% stake in Cloverdale ethanol plant from AltraBiofuels, Inc. an acquirer and developer of renewable energy projects. The project will produce about 90 million gallons annually and is located in Putnam County, Indiana, United States. The plant will have capacity to produce about 246,500 tons of Dakota Gold annually and will consume 31 million bushels of corn annually. The cost of the up gradation of the project will be approximately $30 million.

POET will upgrade the project by installing with its proprietary process technology; improve the plant design and patent pending fermentation process which uses enzymes instead of heat, reducing energy use by 10 to 15%. The company will also install a water recovery system and new pollution control equipment.

The project started its operations in the year 2008. The up gradation of the project is expected to complete with in 9 months.

Jeremy Liss and Patrick Groomes of Kirkland & Ellis LLP acted as legal advisor to POET for the transaction.

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