Gevo Announces First Pump Sales of Isobutanol-Blended Gasoline at Express Lube Service Station in Texas
ENGLEWOOD, Colo., July 30, 2015 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO), has announced that Express Lube of Fredericksburg, Texas, is the first U.S. service station to sell gasoline blended with Gevo's renewable isobutanol at the pump. This is anticipated to be the first of many retail locations to offer Gevo's product as the company rolls out its isobutanol to the marina, outdoor equipment and off-road gasoline markets.
According to Express Lube owner Adam Sheffield, he decided to sell isobutanol-blended gasoline because its moisture resistance and capacity to reduce engine corrosion are ideal for equipment and vehicles that are used intermittently. Sheffield learned about Gevo's renewable isobutanol from Kino Oil, a local distributor that sells the product in drums. Kino began to offer the fuel made with isobutanol after finding that it is ethanol-free and is excellent for use with marine and off-road engines.
As a result of this improved performance provided by isobutanol-blended gasoline, Express Lube has been selling its fuel at over a 50 percent premium in comparison to local E10 gasoline blends (10 percent ethanol).
Gevo's isobutanol is blended with gasoline to help meet renewable fuel and clean air standards, and after several years of work and testing, has successfully obtained registration with the U.S. EPA as a fuel additive. Recently, the National Marine Manufacturers Association officially endorsed isobutanol as a drop-in fuel for marine and recreational boat engines. Gevo believes that retail sales of isobutanol-blended gasoline by Express Lube will help establish the value proposition for other fuel retailers.
"Isobutanol is great for weed eaters, mowers and farm or ranch equipment that sits unused for long periods of time – because it does not cause carburetors to gum up the way ethanol does," says Sheffield. "I tried it myself after discovering that the ethanol-blended gasoline sitting in my riding mower over the winter had ruined the carburetor. It cost me $700 to replace. That's when I switched to isobutanol."
"We welcome Express Lube as the very first retail service station to sell gasoline made with our isobutanol. It's only a matter of time before other distributors and gas stations across the U.S. and in other parts of the world discover the benefits of isobutanol, and begin to offer our product commercially as well," said Dr. Patrick Gruber, Chief Executive Officer of Gevo.
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.
About Express Lube
The Express Lube service station in Fredericksburg, Texas, near Hill Country, is dedicated to providing the highest quality oil and fuel products available. This includes products for cars, trucks, ATVs, lawn care, farm & ranch equipment, chain saws, gas generators, marine and recreational boats, and racing vehicles.
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 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 SEC by Gevo. Certain statements in this press release are based on publicly available published studies conducted by the National Marine Manufacturers Association, marine engine manufacturers, the United States Coast Guard, national laboratories, the United States Department of Energy and others.
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