Poet announces that cost reductions achieved over the past year of operating its cellulosic ethanol pilot plant have exceeded expectations in its drive to commercialize the process. Reductions in energy use, enzyme costs, raw material requirements and capital expenses have reduced Poet's per-gallon cost from $4.13 to $2.35 over the past year, and the company's goal is to be below $2 by commercial plant start-up.

Poet bills itself as the largest ethanol producer in the world, producing 1.54 billion gallons of ethanol annually from 26 facilities.