$GEVO,,,Just announced earnings,,,, Gevo Reports
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Posted On: 08/03/2017 4:18:05 PM
$GEVO,,,Just announced earnings,,,,
Gevo Reports 2nd Quarter 2017 Financial Results
Print Share
- Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 MDT -
Reports net loss per share of ($0.66) for the quarter
Reports non-GAAP Adjusted Net Loss Per Share1 of ($0.44) for the quarter
Ended the quarter with cash and cash equivalents of $16.3 million
Reports revenue of $7.5 million for the quarter
Reports loss from operations of $6.2 million for the quarter
Reports non-GAAP Cash EBITDA Loss2 of $4.4 million for the quarter
ENGLEWOOD, Colo., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) today announced financial results for the quarter ended June 30, 2017. Key highlights for the second quarter of 2017 and key subsequent events included:
On July 25, 2017, Gevo announced, in conjunction with Praj Industries Ltd., that Gevo’s proprietary isobutanol technology will now be available for licensing to processors of sugar cane juice and molasses. Licensing efforts are expected to be focused on Praj plants located in India, South America and South East Asia, with initial capacity targeted to come on-line in the 2019/2020 timeframe.
On June 20, 2017, Gevo and an entity affiliated with Whitebox, the holder of Gevo’s issued and outstanding Senior Secured Convertible Notes, due June 23, 2017 (the “2017 Notes”), exchanged (the “Exchange”) all $16.5 million of the existing 2017 Notes for $16.5 million of the Gevo’s newly created 12.0% Convertible Senior Secured Notes due March 15, 2020 (the “2020 Notes”). The 2020 Notes are convertible, at the option of the holder, into shares of Gevo’s common stock. The 2020 Notes have an initial conversion price (the “Conversion Price”) equal to $0.7359 per share. Upon completion of certain equity issuances by Gevo, the holder will have a one-time right to reset the Conversion Price (i) through September 18, 2017, at a 25% premium to the common stock price in the equity issuance and (ii) from September 19, 2017 and through December 17, 2017, at a 35% premium to the common stock share price in the equity issuance.
On June 9, 2017, Gevo entered into a private exchange agreement with a holder of Gevo’s 7.5% convertible 2022 Notes (the “2022 Notes”) to exchange an aggregate of $485,000 of principal amount of 2022 Notes for an aggregate of 736,671 shares of common stock. In addition, on July 3, 2017, Gevo repurchased $175,000 of the 2022 Notes. Currently, $515,000 principal amount of the 2022 Notes remain issued and outstanding.
On May 23, 2017, Gevo announced that a bill recently signed by Arizona Governor Doug Ducey will let gas stations sell isobutanol-blended gasoline, including Gevo’s isobutanol, for on-road vehicles, enabling higher performing finished fuels with renewable content for drivers in the state.
On April 28, 2017, Gevo signed a supply agreement with HCS Holding GmbH (HCS) to supply isooctane under a five-year offtake agreement. Gevo expects to supply this isooctane from its first commercial hydrocarbons facility, which is likely to be built at Gevo’s isobutanol production facility located in Luverne, Minnesota (the “Luverne Facility”).
Commenting on the Company’s most recently completed fiscal quarter, Dr. Patrick Gruber stated, “A key goal we set out for ourselves in 2017 was to restructure our balance sheet in a manner that addresses the debt that was coming due this year, and that helps us to execute on our long-term strategy and business development plan. Following the debt exchange with Whitebox, we believe that this target was met. Our new debt facility with Whitebox comes due in March of 2020, which we expect will occur following the completion and startup of the expanded Luverne Facility. This puts us in a much stronger position in terms of financing and executing the buildout of the expanded Luverne Facility.”
Dr. Gruber continued, "We remain mindful of the need to operate the business in a manner that extends our runway as we continue to develop the isobutanol and hydrocarbons markets. In terms of isobutanol, we see promising growth in several key regions, namely Texas and Arizona, where isobutanol is being used in gasoline blends servicing primarily the on-road, off-road and marine markets. We anticipate 1-2 additional regions of the country to follow suit in the coming 1-2 years. With respect to hydrocarbons, we are currently discussing or negotiating terms for long-term supply agreements with two potential customers for our jet and isooctane products that we believe have the potential to allow us to achieve our 2017 goal of obtaining binding supply contracts for a combination of isobutanol and related hydrocarbon products equal to at least fifty percent (50%) of the capacity of the anticipated expanded Luverne Facility that we plan to construct. Given the configuration of our Luverne plant, and the relatively high cost of production, we will continue to produce isobutanol at a pace that optimizes the use of cash, allows us to provide product to customers, and provides the means of improving our technology.”
Outlook for 2017
The following are the operational and financial targets and milestones that Gevo previously established for 2017:
Restructure Gevo’s balance sheet in a manner that addresses the debt represented by the outstanding convertible notes and that allows Gevo to execute on its long-term strategy and business development plan. Gevo believes that this target was met as a result of the Exchange with Whitebox that closed on June 20, 2017.
Obtain binding supply contracts for a combination of isobutanol and related hydrocarbon products equal to at least fifty percent (50%) of the capacity of the anticipated expanded Luverne Facility that Gevo plans to construct.
Gevo estimates that its maximum annual isobutanol production capacity at the Luverne Facility to be currently over 1 million gallons per year, however, Gevo expects to produce isobutanol at levels that better match market development sales in 2017. Based on the current operational plan at the Luverne Facility that is described in more detail in this press release, Gevo now expects that it will produce less than 500,000 gallons of isobutanol during 2017.
Gevo plans to achieve a corporate-wide EBITDA burn rate (excluding stock-based compensation) of $18.0 - $20.0 million for the fiscal year ending December 31, 2017.
Operational Summary for the Quarter
In the second quarter of 2017, Gevo focused 100% of its production activities at the Luverne Facility to the production of ethanol. This is consistent with Gevo’s previous production guidance to align isobutanol production with its isobutanol sales efforts and technology development goals, such that over certain periods Gevo would only produce ethanol at the Luverne Facility. Given the Luverne Facility has only one production line suitable for isobutanol, Gevo’s current isobutanol production costs exceed the expected sales price for isobutanol. As a result, the cash flow profile of the Luverne Facility is improved by dedicating production to ethanol, rather than co-producing isobutanol and ethanol.
For the balance of 2017, Gevo expects to maintain limited production of isobutanol to better conserve its cash. Gevo expects to produce some level of isobutanol in the second half of 2017, with the primary goals being to continue to optimize Gevo’s isobutanol fermentation processes and decrease production costs, as well as to generate data which Gevo believes will assist in the design and engineering of the expansion Gevo expects to undertake at the Luverne Facility (the “Luverne Facility Expansion”). As a result, Gevo does not expect to meet its previously stated guidance of producing 500,000 gallons of isobutanol during 2017.
In the second quarter of 2017, Gevo’s isobutanol market development efforts remained focused on gaining market acceptance in its core gasoline blendstock markets such as marinas and on-road gasoline fueling stations, while maintaining its targeted selling price. Gevo continued to work with its distribution partners to make investments to develop end-customer relationships, as well as to establish value chains to deliver its isobutanol to those end-customers.
Gevo’s market development efforts related to its renewable hydrocarbon products continued to be mainly targeted towards entering into binding supply agreements to underpin the economics of the Luverne Facility Expansion. Gevo has been in discussions with numerous potential alcohol-to-jet fuel (ATJ) and isooctane customers to enter into long term supply agreements, with a goal in 2017 of signing contracts representing the majority of the isobutanol production volumes to be produced at the expanded Luverne Facility. In April 2017, as noted above, Gevo entered into its first long term supply agreement with HCS, which Gevo estimates would represent approximately 10-15% of the isooctane production from the Luverne Facility following the Luverne Facility Expansion.
As Gevo develops markets for its products, there will be a mismatch in timing between isobutanol production and sales. As a result, at times Gevo will build isobutanol inventory levels. At June 30, 2017, Gevo had approximately 270,000 gallons of isobutanol and approximately 51,000 gallons of renewable hydrocarbons in inventory.
Financial Highlights
Revenues for the second quarter of 2017 were $7.5 million compared with $8.1 million in the same period in 2016. During the second quarter of 2017, revenues derived at the Luverne Facility related to ethanol sales and related products were $6.8 million, a decrease of approximately $0.3 million from the same period in 2016. This was primarily a result of lower ethanol and distiller grain prices in the second quarter of 2017 versus the same period in 2016.
During the second quarter of 2017, hydrocarbon revenues were $0.7 million, down $0.1 million as compared to the same period in 2016. Gevo’s hydrocarbon revenues are comprised of sales of ATJ, isooctane and isooctene.
Gevo generated grant and other revenue of $43,000 during the second quarter of 2017, down $0.2 million as compared to the same period in 2016, mainly as a result of Gevo’s contract with the Northwest Advanced Renewables Alliances ending in 2016.
Cost of goods sold was $9.7 million for the three months ended June 30, 2017, compared with $10.0 million in the same period in 2016. Cost of goods sold included approximately $8.2 million associated with the production of ethanol, isobutanol and related products and approximately $1.5 million in depreciation expense.
Gross loss was $2.2 million for the three months ended June 30, 2017, versus $1.9 million in the same quarter in 2016.
Research and development expense increased by $0.4 million during the three months ended June 30, 2017, compared with the same period in 2016, due primarily to an increase in employee-related expenses and costs associated with the production of hydrocarbons.
Selling, general and administrative expense was essentially flat during the three months ended June 30, 2017, compared with the same period in 2016.
Loss from operations in the three months ended June 30, 2017 was $6.2 million, compared with $5.5 million in the same period in 2016.
Non-GAAP cash EBITDA loss in the three months ended June 30, 2017 was $4.4 million, compared with $3.6 million in the same period in 2016.
Interest expense in the three months ended June 30, 2017 was $0.6 million, down $1.6 million as compared to the same period in 2016, due to a decrease in outstanding principal balances of our debt.
During the three months ended June 30, 2017, the estimated fair value of the derivative warrant liability decreased, resulting in a non-cash gain of $2.3 million from a change in the fair value of derivative warrant liability. During the same period, the estimated fair value of the embedded derivatives associated with the 2020 Notes increased, resulting in a non-cash loss of $1.7 million from a change in the fair value of the 2020 Notes embedded derivative.
During the three months ended June 30, 2017, there was no change in the value of the embedded derivatives in the 2022 Notes, as the derivatives have had no meaningful value since the third quarter of 2014.
During the three months ended June 30, 2017, Gevo also incurred a non-cash loss of $4.0 million associated with exchanges of debt, primarily due to the exchange of the 2017 Notes for the 2020 Notes.
The net loss for the three months ended June 30, 2017 was $10.2 million, compared with $21.5 million during the same period in 2016.
The non-GAAP adjusted net loss for the three months ended June 30, 2017 was $6.8 million, compared with $7.5 million during the same period in 2016.
The cash position at June 30, 2017 was $16.3 million and the total principal face value of the debt outstanding was $17.2 million.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT) will be Dr. Patrick Gruber, Chief Executive Officer, Mike Willis, Chief Financial Officer, and Geoff Williams, General Counsel. They will review Gevo’s financial results and provide an update on recent corporate highlights.
To participate in the conference call, please dial 1 (888) 771-4371 (inside the U.S.) or 1 (847) 585-4405 (outside the U.S.) and reference the access code 45172485. A replay of the call and webcast will be available two hours after the conference call ends on August 3, 2017. To access the replay, please dial 1-888-843-7419 (inside the US) or 1-630-652-3042 (outside the US) and reference the access code 45172485#. The archived webcast will be available in the Investor Relations section of Gevo's website at www.gevo.com.
About Gevo
Gevo is a renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo’s strategy is to commercialize bio-based alternatives to petroleum-based products to allow for the optimization of fermentation facilities’ assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, Minnesota. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, Texas, in collaboration with South Hampton Resources Inc., to produce ATJ, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc. and Total SA, among others. Gevo is committed to a sustainable bio-based economy that meets society’s needs for plentiful food and clean air and water.
Forward-Looking Statements
Gevo Reports 2nd Quarter 2017 Financial Results
Print Share
- Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 MDT -
Reports net loss per share of ($0.66) for the quarter
Reports non-GAAP Adjusted Net Loss Per Share1 of ($0.44) for the quarter
Ended the quarter with cash and cash equivalents of $16.3 million
Reports revenue of $7.5 million for the quarter
Reports loss from operations of $6.2 million for the quarter
Reports non-GAAP Cash EBITDA Loss2 of $4.4 million for the quarter
ENGLEWOOD, Colo., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) today announced financial results for the quarter ended June 30, 2017. Key highlights for the second quarter of 2017 and key subsequent events included:
On July 25, 2017, Gevo announced, in conjunction with Praj Industries Ltd., that Gevo’s proprietary isobutanol technology will now be available for licensing to processors of sugar cane juice and molasses. Licensing efforts are expected to be focused on Praj plants located in India, South America and South East Asia, with initial capacity targeted to come on-line in the 2019/2020 timeframe.
On June 20, 2017, Gevo and an entity affiliated with Whitebox, the holder of Gevo’s issued and outstanding Senior Secured Convertible Notes, due June 23, 2017 (the “2017 Notes”), exchanged (the “Exchange”) all $16.5 million of the existing 2017 Notes for $16.5 million of the Gevo’s newly created 12.0% Convertible Senior Secured Notes due March 15, 2020 (the “2020 Notes”). The 2020 Notes are convertible, at the option of the holder, into shares of Gevo’s common stock. The 2020 Notes have an initial conversion price (the “Conversion Price”) equal to $0.7359 per share. Upon completion of certain equity issuances by Gevo, the holder will have a one-time right to reset the Conversion Price (i) through September 18, 2017, at a 25% premium to the common stock price in the equity issuance and (ii) from September 19, 2017 and through December 17, 2017, at a 35% premium to the common stock share price in the equity issuance.
On June 9, 2017, Gevo entered into a private exchange agreement with a holder of Gevo’s 7.5% convertible 2022 Notes (the “2022 Notes”) to exchange an aggregate of $485,000 of principal amount of 2022 Notes for an aggregate of 736,671 shares of common stock. In addition, on July 3, 2017, Gevo repurchased $175,000 of the 2022 Notes. Currently, $515,000 principal amount of the 2022 Notes remain issued and outstanding.
On May 23, 2017, Gevo announced that a bill recently signed by Arizona Governor Doug Ducey will let gas stations sell isobutanol-blended gasoline, including Gevo’s isobutanol, for on-road vehicles, enabling higher performing finished fuels with renewable content for drivers in the state.
On April 28, 2017, Gevo signed a supply agreement with HCS Holding GmbH (HCS) to supply isooctane under a five-year offtake agreement. Gevo expects to supply this isooctane from its first commercial hydrocarbons facility, which is likely to be built at Gevo’s isobutanol production facility located in Luverne, Minnesota (the “Luverne Facility”).
Commenting on the Company’s most recently completed fiscal quarter, Dr. Patrick Gruber stated, “A key goal we set out for ourselves in 2017 was to restructure our balance sheet in a manner that addresses the debt that was coming due this year, and that helps us to execute on our long-term strategy and business development plan. Following the debt exchange with Whitebox, we believe that this target was met. Our new debt facility with Whitebox comes due in March of 2020, which we expect will occur following the completion and startup of the expanded Luverne Facility. This puts us in a much stronger position in terms of financing and executing the buildout of the expanded Luverne Facility.”
Dr. Gruber continued, "We remain mindful of the need to operate the business in a manner that extends our runway as we continue to develop the isobutanol and hydrocarbons markets. In terms of isobutanol, we see promising growth in several key regions, namely Texas and Arizona, where isobutanol is being used in gasoline blends servicing primarily the on-road, off-road and marine markets. We anticipate 1-2 additional regions of the country to follow suit in the coming 1-2 years. With respect to hydrocarbons, we are currently discussing or negotiating terms for long-term supply agreements with two potential customers for our jet and isooctane products that we believe have the potential to allow us to achieve our 2017 goal of obtaining binding supply contracts for a combination of isobutanol and related hydrocarbon products equal to at least fifty percent (50%) of the capacity of the anticipated expanded Luverne Facility that we plan to construct. Given the configuration of our Luverne plant, and the relatively high cost of production, we will continue to produce isobutanol at a pace that optimizes the use of cash, allows us to provide product to customers, and provides the means of improving our technology.”
Outlook for 2017
The following are the operational and financial targets and milestones that Gevo previously established for 2017:
Restructure Gevo’s balance sheet in a manner that addresses the debt represented by the outstanding convertible notes and that allows Gevo to execute on its long-term strategy and business development plan. Gevo believes that this target was met as a result of the Exchange with Whitebox that closed on June 20, 2017.
Obtain binding supply contracts for a combination of isobutanol and related hydrocarbon products equal to at least fifty percent (50%) of the capacity of the anticipated expanded Luverne Facility that Gevo plans to construct.
Gevo estimates that its maximum annual isobutanol production capacity at the Luverne Facility to be currently over 1 million gallons per year, however, Gevo expects to produce isobutanol at levels that better match market development sales in 2017. Based on the current operational plan at the Luverne Facility that is described in more detail in this press release, Gevo now expects that it will produce less than 500,000 gallons of isobutanol during 2017.
Gevo plans to achieve a corporate-wide EBITDA burn rate (excluding stock-based compensation) of $18.0 - $20.0 million for the fiscal year ending December 31, 2017.
Operational Summary for the Quarter
In the second quarter of 2017, Gevo focused 100% of its production activities at the Luverne Facility to the production of ethanol. This is consistent with Gevo’s previous production guidance to align isobutanol production with its isobutanol sales efforts and technology development goals, such that over certain periods Gevo would only produce ethanol at the Luverne Facility. Given the Luverne Facility has only one production line suitable for isobutanol, Gevo’s current isobutanol production costs exceed the expected sales price for isobutanol. As a result, the cash flow profile of the Luverne Facility is improved by dedicating production to ethanol, rather than co-producing isobutanol and ethanol.
For the balance of 2017, Gevo expects to maintain limited production of isobutanol to better conserve its cash. Gevo expects to produce some level of isobutanol in the second half of 2017, with the primary goals being to continue to optimize Gevo’s isobutanol fermentation processes and decrease production costs, as well as to generate data which Gevo believes will assist in the design and engineering of the expansion Gevo expects to undertake at the Luverne Facility (the “Luverne Facility Expansion”). As a result, Gevo does not expect to meet its previously stated guidance of producing 500,000 gallons of isobutanol during 2017.
In the second quarter of 2017, Gevo’s isobutanol market development efforts remained focused on gaining market acceptance in its core gasoline blendstock markets such as marinas and on-road gasoline fueling stations, while maintaining its targeted selling price. Gevo continued to work with its distribution partners to make investments to develop end-customer relationships, as well as to establish value chains to deliver its isobutanol to those end-customers.
Gevo’s market development efforts related to its renewable hydrocarbon products continued to be mainly targeted towards entering into binding supply agreements to underpin the economics of the Luverne Facility Expansion. Gevo has been in discussions with numerous potential alcohol-to-jet fuel (ATJ) and isooctane customers to enter into long term supply agreements, with a goal in 2017 of signing contracts representing the majority of the isobutanol production volumes to be produced at the expanded Luverne Facility. In April 2017, as noted above, Gevo entered into its first long term supply agreement with HCS, which Gevo estimates would represent approximately 10-15% of the isooctane production from the Luverne Facility following the Luverne Facility Expansion.
As Gevo develops markets for its products, there will be a mismatch in timing between isobutanol production and sales. As a result, at times Gevo will build isobutanol inventory levels. At June 30, 2017, Gevo had approximately 270,000 gallons of isobutanol and approximately 51,000 gallons of renewable hydrocarbons in inventory.
Financial Highlights
Revenues for the second quarter of 2017 were $7.5 million compared with $8.1 million in the same period in 2016. During the second quarter of 2017, revenues derived at the Luverne Facility related to ethanol sales and related products were $6.8 million, a decrease of approximately $0.3 million from the same period in 2016. This was primarily a result of lower ethanol and distiller grain prices in the second quarter of 2017 versus the same period in 2016.
During the second quarter of 2017, hydrocarbon revenues were $0.7 million, down $0.1 million as compared to the same period in 2016. Gevo’s hydrocarbon revenues are comprised of sales of ATJ, isooctane and isooctene.
Gevo generated grant and other revenue of $43,000 during the second quarter of 2017, down $0.2 million as compared to the same period in 2016, mainly as a result of Gevo’s contract with the Northwest Advanced Renewables Alliances ending in 2016.
Cost of goods sold was $9.7 million for the three months ended June 30, 2017, compared with $10.0 million in the same period in 2016. Cost of goods sold included approximately $8.2 million associated with the production of ethanol, isobutanol and related products and approximately $1.5 million in depreciation expense.
Gross loss was $2.2 million for the three months ended June 30, 2017, versus $1.9 million in the same quarter in 2016.
Research and development expense increased by $0.4 million during the three months ended June 30, 2017, compared with the same period in 2016, due primarily to an increase in employee-related expenses and costs associated with the production of hydrocarbons.
Selling, general and administrative expense was essentially flat during the three months ended June 30, 2017, compared with the same period in 2016.
Loss from operations in the three months ended June 30, 2017 was $6.2 million, compared with $5.5 million in the same period in 2016.
Non-GAAP cash EBITDA loss in the three months ended June 30, 2017 was $4.4 million, compared with $3.6 million in the same period in 2016.
Interest expense in the three months ended June 30, 2017 was $0.6 million, down $1.6 million as compared to the same period in 2016, due to a decrease in outstanding principal balances of our debt.
During the three months ended June 30, 2017, the estimated fair value of the derivative warrant liability decreased, resulting in a non-cash gain of $2.3 million from a change in the fair value of derivative warrant liability. During the same period, the estimated fair value of the embedded derivatives associated with the 2020 Notes increased, resulting in a non-cash loss of $1.7 million from a change in the fair value of the 2020 Notes embedded derivative.
During the three months ended June 30, 2017, there was no change in the value of the embedded derivatives in the 2022 Notes, as the derivatives have had no meaningful value since the third quarter of 2014.
During the three months ended June 30, 2017, Gevo also incurred a non-cash loss of $4.0 million associated with exchanges of debt, primarily due to the exchange of the 2017 Notes for the 2020 Notes.
The net loss for the three months ended June 30, 2017 was $10.2 million, compared with $21.5 million during the same period in 2016.
The non-GAAP adjusted net loss for the three months ended June 30, 2017 was $6.8 million, compared with $7.5 million during the same period in 2016.
The cash position at June 30, 2017 was $16.3 million and the total principal face value of the debt outstanding was $17.2 million.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT) will be Dr. Patrick Gruber, Chief Executive Officer, Mike Willis, Chief Financial Officer, and Geoff Williams, General Counsel. They will review Gevo’s financial results and provide an update on recent corporate highlights.
To participate in the conference call, please dial 1 (888) 771-4371 (inside the U.S.) or 1 (847) 585-4405 (outside the U.S.) and reference the access code 45172485. A replay of the call and webcast will be available two hours after the conference call ends on August 3, 2017. To access the replay, please dial 1-888-843-7419 (inside the US) or 1-630-652-3042 (outside the US) and reference the access code 45172485#. The archived webcast will be available in the Investor Relations section of Gevo's website at www.gevo.com.
About Gevo
Gevo is a renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo’s strategy is to commercialize bio-based alternatives to petroleum-based products to allow for the optimization of fermentation facilities’ assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, Minnesota. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, Texas, in collaboration with South Hampton Resources Inc., to produce ATJ, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc. and Total SA, among others. Gevo is committed to a sustainable bio-based economy that meets society’s needs for plentiful food and clean air and water.
Forward-Looking Statements
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