Gevo Sells Renewable Jet Fuel to NASA
ENGLEWOOD, Colo., March 9, 2015 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO), announced today that the National Aeronautics and Space Administration (NASA) has purchased Gevo's renewable Alcohol-to-Jet fuel (ATJ) for aviation use at the NASA Glenn Research Center in Cleveland, OH. Gevo's ATJ is manufactured at its demonstration biorefinery located in Silsbee, TX, using renewable isobutanol produced at its Luverne, MN, isobutanol plant. The biorefinery, where Gevo also produces bio-paraxylene and bio-isooctane, is operated in conjunction with South Hampton Resources.
Since its founding, NASA has been dedicated to the advancement of aeronautics and space technologies. Over the past several years, NASA has been studying the effects of alternate biofuels on engine performance, emissions and aircraft-generated contrails at altitudes typically flown by commercial airliners. Results from recent tests showed that a blend of renewable jet fuel and standard jet fuel significantly reduced emissions, as compared to using standard jet fuel alone, while not affecting flight operations.
"Gevo's patented ATJ fuel is a true drop-in fuel, designed to be fully compliant with aviation fuel specifications and provide equal performance, including fit-for-purpose properties and engine compatibility," said Dr. Patrick Gruber, Gevo's chief executive officer. "It is exciting to be working with NASA, a true leader in innovation worldwide."
"Through testing initiatives, partners such as Lufthansa and the U.S. military are looking to certify our ATJ and accelerate its full-scale commercialization. ATJ from Gevo's isobutanol is a clean burning, homegrown, drop-in jet fuel enabling a route to deliver aviation biofuels at scale and at a competitive cost," Gruber added.
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 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 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.
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 regarding the completion, timing and size of the proposed public offering, Gevo's anticipated proceeds from the offering, and its use of those proceeds 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, 2013, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
CONTACT: Media & Investor Contact: Mike WillisGevo, Inc. T: (720) 267-8636 firstname.lastname@example.org