BioFuel Energy Plant Retrofits Would Produce High Volumes of Isobutanol
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Jun. 25, 2012--
Gevo, Inc. (NASDAQ: GEVO), a leading renewable chemicals and
next-generation biofuels company, today announced progress under a
collaboration with BioFuel Energy Corp (NASDAQ: BIOF) to explore
high-volume production of isobutanol.
“The capacity of BioFuel’s plants would allow us to begin delivering
isobutanol at the scale that refinery customers are likely to demand,”
said Dr. Patrick Gruber, CEO of Gevo. “We have the potential to be at
the forefront of the Advanced Biofuel market. BioFuel Energy recognizes
this potential and has agreed to explore a possible retrofit of their
assets to produce isobutanol.”
“Our philosophy has always been to actively explore emerging biofuel
technologies, particularly those with the potential to transform our
industry,” said Scott Pearce, CEO of BioFuel Energy. “Building on our
initial work together over the past several months, we believe that
collaborating with Gevo makes a lot of sense as a potential avenue to
becoming a leader in second-generation biofuels.”
Although Gevo and Biofuel Energy signed a Development Agreement earlier
this year, the companies only recently completed their preliminary
evaluation of technical feasibility. The companies plan to continue
working to develop large-scale production of isobutanol at an existing
or future BioFuel plant. Specific objectives include a more rigorous
assessment of technical feasibility and the development of timelines for
engineering, regulatory approvals, financing and construction. The two
companies will also explore the potential for seeking Advanced Biofuel
status for isobutanol, which would allow domestic corn-based biofuels to
compete more directly with biodiesel and imported ethanol produced from
sugarcane.
Gevo recently began the start up of its first commercial-scale
isobutanol plant in Luverne, Minn. with plans for another startup in
2013 at its Redfield, SD joint venture. By working with BioFuel Energy,
Gevo is continuing to execute on its growth strategy and setting a clear
path to achieving its projected volume targets.
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 Biofuel Energy
Headquartered in Denver, Colo., the company operates two 110 MGPY
ethanol production facilities in Fairmont, Minn. and Wood River, Neb.
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 are made on the
basis of the current beliefs, expectations and assumptions of the
management of Gevo and BioFuel Energy, respectively, and are subject to
significant risks and uncertainty. 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. For a further discussion of the risks
relating to the business of BioFuel Energy Corp., see the disclosures in
the Annual Report on Form 10-K 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 BioFuel Energy.
Source: Gevo, Inc.
Media:
Gevo, Inc.
Greta Thomsen, 303-715-8928
Director of
Marcom and PR
gthomsen@gevo.com
or
Investors:
Stern
IR for Gevo
Sarah McCabe, 267-909-9237
sarah@sternir.com