WASHINGTON (Reuters) - Poet, the largest U.S. ethanol maker, said on Monday it will decline $105 million in loan aid from the Department of Energy because a joint venture will help it reach its advanced biofuel goals.
Poet said earlier on Monday it will partner with Royal DSM, a life sciences company, to commercially demonstrate and license cellulosic ethanol.
"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," Jeff Broin, the chief executive of privately owned Poet, said in a release.