ENGLEWOOD, Colo., April 12, 2016 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO), announced today that ASTM International has now completed its process of approving the revision of ASTM D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) to include alcohol to jet synthetic paraffinic kerosene (ATJ-SPK) derived from renewable isobutanol. As previously announced on March 28, 2016, the proposed revision passed on the committee ballots, but ASTM still needed to complete the Society Review, perform a final ballot tally, and publish the new specification. The ASTM process is now completed in all respects.
As a result, ASTM International has published the revision of ASTM D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) on its website (http://www.astm.org/Standards/D7566.htm) and Gevo’s renewable alcohol to jet fuel (“ATJ”) is now eligible to be used as a blending component in standard Jet A-1 for commercial airline use in the United States and in many other countries around the globe. Gevo’s ATJ is eligible to be used for up to a 30% blend in conventional jet fuel for commercial flights.
“We have been eagerly awaiting the completion of the ASTM approval process. With this significant milestone achieved, we look forward to making the first test flight with Alaska Airlines a reality. We fundamentally believe that our ATJ is one of the most cost competitive bio-based jet alternatives in the market place, and we anticipate being able to announce further partnerships across the aviation industry in the near future. Jet fuel is one of Gevo’s core market segments and this ASTM revision represents the next step in building a profitable business from this market vertical,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.
Gevo is a leading 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, MN. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a 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. 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. Learn more at our website: 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 relate to a variety of matters, including, without limitation, statements related to the receipt and timing of final ASTM International approvals, the timing of commercial test flights utilizing Gevo’s ATJ, the ability to develop a profitable business around renewable ATJ, the characteristics and qualities of Gevo’s renewable jet fuel product and the potential market for such product and other statements that are not purely statements of historical fact. 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 Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo 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, 2014, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
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