Gevo signs JDA with Land O'Lakes Purina Feed to Pursue Advanced
ENGLEWOOD, Colo., May 01, 2012 (BUSINESS WIRE) --Gevo, Inc. (NASDAQ: GEVO), a leading renewable chemicals and next generation biofuels company, announced the continuation and expansion of its relationship with Land O'Lakes Purina Feed LLC, a wholly-owned subsidiary of Land O'Lakes, Inc., a national, farmer-owned and agricultural cooperative. The companies signed a Joint Development Agreement that follows an off-take and marketing agreement entered into in January 2012. The agreement contemplates the companies' research and development efforts to upgrade isobutanol distiller grains (iDGsTM) for special value-added applications in animal feed markets.
Kevin Shriver, corporate vice president of Sourcing and Commodity Merchandising for Land O'Lakes Purina Feed, commented, "We want to position ourselves as 'the' marketer of iDGs(TM). Our relationship with Gevo, their technological advancements and scientific acumen provide a unique opportunity to integrate sustainable raw materials into our products while positively improving the quality of our animal feed and bringing better products to our consumers."
"Land O'Lakes Purina Feed's willingness to help develop products formulated with Gevo iDGs(TM) provides validation of the potential opportunities and applications of our high-protein animal feed," said Dr. Patrick Gruber, CEO of Gevo. "Our animal feed presents a unique opportunity for Land O'Lakes Purina Feed to develop new products with enhanced protein benefits. Land O'Lakes Purina Feed has consistently led the animal feed industry towards higher quality products, coupled with its scale and consumer reach, this agreement creates a wonderful opportunity for our Luverne operations," said Gruber.
Gevo also announced today that it has acquired a patent portfolio developed by AmbroZea, Inc., including U.S. Patent No. 7,309,602 entitled, "Compositions and Methods for Producing Fermentation Products and Residuals." The acquired technology covers compositions and methods designed to increase the value of animal feed. Working in conjunction with Land O' Lakes Purina Feed, Gevo believes this technology could further enhance the value of its iDGs(TM) in the animal feed market.
Land O'Lakes Purina Feed has a history with AmbroZea having committed meaningful resources to AmbroZea's R&D efforts to improve the nutritional value of ethanol distiller grains in ethanol plants several years ago. Gevo's recent purchase augments its ongoing initiatives to use bio-engineered yeast to produce enhanced iDGs(TM) including high-value amino acids and other nutrients. This technology compliments Gevo's existing intellectual property portfolio of more than 300 patents and applications.
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
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, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
SOURCE: Gevo, Inc.