Gevo and Beta Renewables (Chemtex/TPG) Sign Agreement to Develop Integrated Process for Cellulosic Isobutanol
10 Juli 2012 - 2:30PM
Business Wire
Gevo, Inc. (NASDAQ: GEVO), a leading renewable chemicals and
next-generation biofuels company, signed a Joint Development
Agreement (JDA) with Beta Renewables, a joint venture between
Chemtex and TPG, to develop an integrated process for the
production of bio-based isobutanol from cellulosic, non-food
biomass.
The project would integrate Beta’s PROESATM technology and
Gevo’s GIFT® and ATJ technologies, with anticipated production
plants to be located where cellulosic feedstocks such as
switchgrass, miscanthus, agriculture residues and other biomass
will be readily available. The agreement also anticipates
commercialization of the technology upon project success, which
could enable renewably sourced, competitively priced jet fuel as
well as other chemicals and fuels made from isobutanol.
“Gevo has always said that we are feedstock agnostic and, when
the technology and feedstock supply chain are ready, we would use
our isobutanol process with cellulosic feedstocks. This allows us
to access a larger carbohydrate pool as feedstock for isobutanol
production, which help keep costs down and enables production
facilities in regions of the world rich in biomass resources,” said
Gevo COO and President Chris Ryan in a presentation at the U.S.
Department of Energy’s BIOMASS 2012 conference. “With the success
of our Luverne, Minn. plant startup and Beta Renewables’ cellulosic
sugar technology, we’re ready to position Gevo to be on the
forefront of cellulosic isobutanol and isobutanol derivatives, such
as jet fuel, through the integration of the companies’ respective
technology platforms. Beta Renewables is a leader in cellulosic
conversion technology and we look forward to a range of
collaborations, including partnering with Beta to meet the
requirements of the U.S. government’s Defense Production Act Title
III project.”
“This is the latest example of Beta Renewables’ PROESA
technology enabling lower-cost delivery of bio products – whether
cellulosic ethanol from our first-in-the-world, commercial-scale
plant in Crescentino, or from GraalBio’s multiple plants; from jet
fuel produced in partnership with Gevo or from other bio-based
chemicals. Gevo is a leader in the fermentation of sugar into
isobutanol and a great partner for this effort,” said Dario
Giordano, Chief Technology Officer of Beta Renewables and M&G
Corporate Director.
The companies are evaluating future opportunities to partner on
other U.S. and international projects with a long-term goal of
developing a licensable package for future interested third
parties.
Beta Renewables is currently building a 60,000 metric ton
(approximately 20 million gallon) per year bio-refinery in
Crescentino, Italy that will produce cellulosic ethanol using its
PROESA™ process as well as ‘green’ electricity. Construction has
begun and plant startup is targeted for the end of 2012.
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 Beta Renewables
Beta Renewables is the leader in making non-food cellulosic
biomass practical and cost-competitive for the production of
advanced biofuels and biochemicals. Beta Renewables is a unique
$350 million (€250M) joint venture formed from the Chemtex division
of Gruppo Mossi & Ghisolfi and TPG. The company benefits from
over 60 years of success in process development and commercializing
hundreds of plants worldwide. Beta Renewables has invested over
$200 million (€140M) in the development of the PROESA™ process. The
company is currently building the world’s first commercial-scale
cellulosic ethanol facility in Crescentino, Italy, expected to
start operations by the end of 2012.
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.
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