POET, partner plan bold project

POET and Royal DSM have announced an ambitious project aimed at commercially demonstrating and licensing cellulosic bio-ethanol.
The new partnership — POET-DSM Advanced Biofuels — expects to start production in the second half of 2013 at one of the first commercial-scale cellulosic ethanol plants in the U.S.
POET is the parent company of an ethanol plant southwest of Portland. Royal DSM is a global company active in health, nutrition, and materials which has been working in the area of environmental progress and technological advancement. DSM has a leadership position in conversion technologies — yeast and enzymes — for converting cellulosic biomass to ethanol.
The partnership will start with POET’s Emmetsburg, Iowa, plant, where Project Liberty is being constructed adjacent to the existing corn ethanol plant.
POET-DSM Advanced Biofuels intends to replicate and license the technology it is developing to additional plants that will be built at POET’s 26 other corn ethanol plants, including the one in Jay County.
It also intends to license its integrated technology package that converts corn crop residue to cellulosic bio-ethanol to third parties.
As a result of launching the new joing venture, POET also announced it does not plan to use a $105 million loan guarantee that was awarded by the U.S. Department of Energy.
That loan guarantee was approved Sept. 23, but POET founder and CEO Jeff Broin said it has now become unnecessary.
“The loan guarantee commitment from the DOE was an important milestone in our quest to commercialize cellulosic ethanol, and we are appreciative of the work they put into the due diligence process,” Broin said in a prepared statement.
“This joint venture brings together two companies leading the transition from a fossil-based economy,” Broin said. “The partnership has set an ambitious goal: to make cellulosic bio-ethanol competitive with corn ethanol, which is the most competitive liquid transportation fuel on the market today.”
Royal DSM has 22,000 employees globally and net annual sales of about 9 billion Euros.
Based in The Netherlands, it began in 1902 as a coal mining company.

Win national contest
Employees of Buffalo Wings and Rings, Portland, all received new iPod Shuffles this week as first prize in a national gift card contest conducted by the franchise.
More than 40 Buffalo Wings and Rings locations competed for the top prize. The win came as a surprise to staff and employees because the Portland location is the smallest in the nation in terms of population served.
The iPods have a total value of more than $1,500.

Sales, earnings up
Allegheny Technologies, parent company Portland Forge, announced this week that it had posted year-end sales figures of $5.18 billion, up 28 percent from 2010. Net income was $214.3 million.
The company ended the year with $380.6 million in cash on hand. It reported gross cost reductions during 2011 that saved $123.5 million.

Mercer Ohio’s lowest
Mercer County posted the lowest unemployment rate in Ohio again in December.
The neighboring county had a jobless rate of 4.9 percent. The state unemployment rate was 6.3 percent.

Buying regional bank
Old National Bancorp will be growing again with the acquisition of Indiana Community Bancorp of Columbus.
Old National is already the largest bank based in Indiana.
The deal is valued at more than $79 million.
Based in Evansville, Old National has abut $8.9 billion in assets and more than 180 branches, including one in Portland.
Indiana Community has about $1 billion in assets and bout 20 branches.
Declares dividend
Park National Corporation, parent company of Second National Bank in Mercer and Darke counties, has declared a common share quarterly cash dividend of 94 cents per share.
It will be payable on March 9 to shareholders of record as of Feb. 24.
Marks 100 years
Preferred Insurance Center, Coldwater, Ohio, is marking its 100th anniversary in 2012. The company traces its roots to Boeke Insurance Agency, founded in 1912 by John H. Boeke and Aloys Link.
The current owners arfe John Boeke, Roger Rindler, and Dan Muhlenkamp.

Donation to John Jay
First Bank of Berne has donated $2,500 to John Jay Center for Learning to cover the cost of interior window coverings for the John Jay Center.
The bank also pledged equal disbursements to follow over the next three years.
John Jay Center partners with Ivy Tech, Jay Schools, Indiana Wesleyan University, and other institutions to provide continuing education the residents of Jay and surrounding counties. It also provides lifelong learning opportunities through a growing curriculum of interest-based courses.
For more information about the center and course offerings, go to johnjaycenter.com.

Prices going up
Farmland in Mercer County is now selling at an average price of $8,500 to $9,000 an acre, and auctioneers there told The Daily Standard of Celina that they expect the rising prices to have an impact on Jay County as well.
“Some need more land to put manure on and some of the livestock industry has moved north because we’re maxed out,” Fort Recovery auctioneer Larry Keller told The Standard.[[In-content Ad]]