Gevo and BioFuel Energy Announce Collaboration to Pursue Large-scale Isobutanol Production
June 25 2012 - 3:05PM
Business Wire
Gevo, Inc. (NASDAQ: GEVO), a leading renewable chemicals and
next-generation biofuels company, today announced progress under a
collaboration with BioFuel Energy Corp (NASDAQ: BIOF) to explore
high-volume production of isobutanol.
“The capacity of BioFuel’s plants would allow us to begin
delivering isobutanol at the scale that refinery customers are
likely to demand,” said Dr. Patrick Gruber, CEO of Gevo. “We have
the potential to be at the forefront of the Advanced Biofuel
market. BioFuel Energy recognizes this potential and has agreed to
explore a possible retrofit of their assets to produce
isobutanol.”
“Our philosophy has always been to actively explore emerging
biofuel technologies, particularly those with the potential to
transform our industry,” said Scott Pearce, CEO of BioFuel Energy.
“Building on our initial work together over the past several
months, we believe that collaborating with Gevo makes a lot of
sense as a potential avenue to becoming a leader in
second-generation biofuels.”
Although Gevo and Biofuel Energy signed a Development Agreement
earlier this year, the companies only recently completed their
preliminary evaluation of technical feasibility. The companies plan
to continue working to develop large-scale production of isobutanol
at an existing or future BioFuel plant. Specific objectives include
a more rigorous assessment of technical feasibility and the
development of timelines for engineering, regulatory approvals,
financing and construction. The two companies will also explore the
potential for seeking Advanced Biofuel status for isobutanol, which
would allow domestic corn-based biofuels to compete more directly
with biodiesel and imported ethanol produced from sugarcane.
Gevo recently began the start up of its first commercial-scale
isobutanol plant in Luverne, Minn. with plans for another startup
in 2013 at its Redfield, SD joint venture. By working with BioFuel
Energy, Gevo is continuing to execute on its growth strategy and
setting a clear path to achieving its projected volume targets.
About Gevo
Gevo is converting existing ethanol plants into biorefineries to
make renewable building block products for the chemical and fuel
industries. The Company plans to convert renewable raw materials
into isobutanol and renewable hydrocarbons that can be directly
integrated on a “drop in” basis into existing chemical and fuel
products to deliver environmental and economic benefits. Gevo is
committed to a sustainable biobased economy that meets society’s
needs for plentiful food and clean air and water. For more
information, visit www.gevo.com.
About Biofuel Energy
Headquartered in Denver, Colo., the company operates two 110
MGPY ethanol production facilities in Fairmont, Minn. and Wood
River, Neb.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Gevo and BioFuel
Energy, respectively, and are subject to significant risks and
uncertainty. These forward looking statements include statements
that are not purely statements of historical fact, and can
sometimes be identified by our use of terms such as “intend,”
“expect,” “plan,” “estimate,” “future,” “strive” and similar words.
These forward-looking statements are made on the basis of the
current beliefs, expectations and assumptions of the management of
Gevo and are subject to significant risks and uncertainty.
Investors are cautioned not to place undue reliance on any such
forward-looking statements. All such forward-looking statements
speak only as of the date they are made, and the company undertakes
no obligation to update or revise these statements, whether as a
result of new information, future events or otherwise. Although the
company believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2011, as amended, and in subsequent reports on
Forms 10-Q and 8-K and other filings made with the SEC by Gevo. For
a further discussion of the risks relating to the business of
BioFuel Energy Corp., see the disclosures in the Annual Report on
Form 10-K for the year ended December 31, 2011, as amended, and in
subsequent reports on Forms 10-Q and 8-K and other filings made
with the SEC by BioFuel Energy.
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