Gevo’s Wind Towers to Begin Commercial Operation on May 1st
Gevo’s two wind turbines will officially be placed into service on May 1, 2020, staging the Luverne Facility plant for lower carbon transportation fuels
ENGLEWOOD, Colorado – April 29, 2020 – Gevo, Inc. (NASDAQ: GEVO) announced that the two wind turbines that will supply up to 5.0 MW of fully renewable electricity to Gevo’s production facility located in Luverne, MN (the “Luverne Facility”) are being placed into service and will begin delivering energy. The electricity generated from wind is wired directly to the Luverne Facility, which is expected to enable the Luverne Facility to utilize the emissions-free energy to produce fuel in the future with a lower carbon intensity score under the Low Carbon Fuel Standard in California.
A special thanks to all who have helped to make this project possible, including: Juhl Energy, local landowners, City of Luverne, Rock County, Faith Technologies, First Farmers and Merchants Bank, Missouri River Energy Services, and GE.
Gevo is commercializing the next generation of jet fuel, gasoline and diesel fuel with the potential to achieve zero carbon emissions and address the market need of reducing greenhouse gas emissions with sustainable alternatives. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes. As a result, Gevo is able to produce low-carbon fuels with substantially reduced carbon intensity (as measured by the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their lifecycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the environmental problems of fossil-based carbon fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology that enables the use of a variety of low-carbon sustainable feedstocks to produce price-competitive, low carbon products, such as jet fuel, gasoline components like isooctane and isobutanol and diesel fuel, yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business. Learn more at 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 production of wind energy from the renewable wind project, Gevo’s ability and plans to produce renewable fuels at the Luverne Facility, Gevo’s success in claiming the benefit of a lower carbon intensity score under the Low Carbon Fuel Standard in California 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, 2019 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.
Investor and Media Contact
Shawn M. Severson
Integra Investor Relations