Initial Focus on Marine and Off-Road Fuel Markets
ENGLEWOOD, Colo., Sept. 30, 2014 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO), the world's only commercial producer of renewable isobutanol, announced that it is selling renewable isobutanol to Gulf Racing Fuels for their new line of marine and off-road fuels. The new biofuels will meet Gulf Racing Fuels' requirement for an oxygenated off-road fuel. The renewable isobutanol is being produced at Gevo'sLuverne, Minnesota facility.
Initially, Gulf Racing Fuels will create three new fuels that will target marine uses and all-terrain vehicles (ATV). Each fuel will use a 16.1% isobutanol blend for delivering lower emissions and superior performance characteristics. These fuel blends are designed to meet EPA emission requirements for marine and off road engines without suffering from water solubility issues. The overall market opportunity in the U.S, for marine and off-road fuels is estimated to be over 1.7 billion gallons per year as per the EIA Annual Energy Outlook.
"We set out to create an innovative fuel that is unlike any fuel on the market today," said Jess Hewitt, President of Gulf Racing Fuels. "We selected Gevo's isobutanol over other alternatives because it is moisture resistant and has a lower vapor pressure than ethanol. It is also renewable and reduces emissions. We believe there is a large unmet market need that will sustain good profitability."
"We are very pleased to have a partner like Gulf Racing Fuels, who has a long history of excellence in fuels, to supply our renewable isobutanol for marine and off-road applications and we look forward to growing this market together," said Patrick Gruber, Gevo's Chief Executive Officer.
Gevo is a leading renewable technology, chemical products, and next generation biofuels company. Gevo's underlying technology uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production and sale of isobutanol, as well as related products from renewable feedstocks. Gevo's strategy is to commercialize biobased 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 first fermentation plant in Luverne, MN.Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates its first biorefinery in Silsbee, TX, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc., Total SA 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.
About Gulf Racing Fuels
The "legend is back." Gulf Racing Fuels has returned to the track with its new racing fuels designed for the legendary vintage and historic racing cars as well as the latest racing and street cars. Gulf Racing Fuels include high octane unleaded and leaded fuels as well as marine and small engine fuels featuring isobutanol. All fuels are distributed nationally by HYPERFUELS based in Houston, Texas.
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, 2013 and in subsequent reports on Form 10-Q and Form 8-K and other filings made with the Securities Exchange Commission by Gevo.
CONTACT: Media Contact:
Robin PeakGevo, Inc.
T: (720) 267-8632
Mike WillisGevo, Inc.
T: (720) 267-8636