Gevo Brings Second Million-Liter Fermenter and GIFT(R) System Online
August 01 2013 - 8:25AM
Gevo, Inc. (Nasdaq:GEVO), the world's only commercial producer of
bio-based isobutanol, today announced that it has brought its
second million liter fermenter and GIFT® system online at its
Luverne, Minn. facility.
"We have been successful in operating full-scale fermentations
using our GIFT® system – which separates the isobutanol from the
fermentation broth – on a second million-liter fermenter and GIFT
system," noted Patrick Gruber, Gevo's chief executive officer.
"This serves to further validate our technology and plant know-how.
We plan to bring the final fermenters and GIFT® system online at
Luverne later this year, testing run rates, then ramping up
production and sales over the balance of 2013 and in 2014."
Dave Vander Griend, ICM's chief executive officer, said, "We're
pleased to congratulate Gevo on their exciting announcement.
Through our collaboration over the years, ICM has supported Gevo's
efforts to become the global first commercial producer of renewable
isobutanol. We were thrilled to test Gevo's GIFT® technology at our
pilot plant in St. Joseph, Mo., in addition to constructing new
portions of their facility in Luverne. In doing this, it enabled us
to implement a model of retrofitting existing assets and
implementing new technology with broad market capabilities. Our
combined efforts enabled us to support Gevo in bringing their first
million-liter fermenter online, and then achieving the next
critical step of bringing a second fermenter online, which we're
celebrating today."
Gevo will sell the isobutanol it produces in the specialty
chemicals and specialty oxygenated fuel blendstock markets, and use
it as a building block to make jet fuel and chemical products, such
as paraxylene, which is converted into PET and used in the
production of bottles and fibers.
About Gevo
Gevo is a leading renewable chemicals and next-generation
biofuels company. Gevo's patent-protected, capital-light business
model converts existing ethanol plants into bio-refineries to make
isobutanol. This versatile chemical can be directly integrated into
existing chemical and fuel products to deliver environmental and
economic benefits. Gevo has executed initial commercial-scale
production runs at its isobutanol facility in Luverne, Minn.,
constructed in conjunction with ICM, a leading provider of
proprietary ethanol process technology, and has a marquee list of
partners including The Coca-Cola Company, Sasol Chemical
Industries, and LANXESS, Inc., an affiliate of LANXESS Corporation,
among others. Gevo is committed to a sustainable bio-based economy
that meets society's needs for plentiful food and clean air and
water. For more information, visit www.gevo.com.
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 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.
CONTACT: Media Contact:
Steve Halsey
Gibbs & Soell for Gevo
T: (212) 697-2600
shalsey@gibbs-soell.com
Investor Contact:
Chelsea DeLong
PR & Marketing Coordinator
T: (303) 588-6306
cdelong@gevo.com
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