ENGLEWOOD, Colo., Aug. 1, 2013 (GLOBE NEWSWIRE) -- 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.
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.
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.
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