National Marine Manufacturers Association Endorses Use of Gevo's Isobutanol in the Marine Fuel Market
ENGLEWOOD, Colo., June 17, 2015 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO), received a key endorsement today for the use of its renewable isobutanol by the marine industry, following support and recommendation for the use of isobutanol by the National Marine Manufacturers Association (NMMA) as an effective, less damaging, more suitable biofuel alternative than ethanol for powering various types of marine and recreational boat engines.
The NMMA is the leading association representing the recreational boating industry in North America. Its member companies produce more than 80 percent of the boats, engines, trailers, accessories and gear used by boaters and anglers throughout the U.S. and Canada. Over the last five years, the NMMA has worked together with Gevo, the US Department of Energy (DOE), Argonne National Laboratory, the US Coast Guard and others on the testing of isobutanol in a variety of marine engines. During this time, the NMMA has gathered a great amount of data supporting the viability of isobutanol as the preferred renewable fuel blendstock for gasoline-powered marine engines.
The studies showed that isobutanol fuel blends are a preferable power source for the marina markets. Isobutanol solves concerns that many boaters have with ethanol-blended fuels, which can damage internal engine parts. In the studies several advantages of isobutanol-blended fuel were apparent, including:
- Provides higher energy content;
- Prevents moisture absorption & phase separation; and
- Reduces engine corrosion.
"We believe that the marine industry will be an important market for Gevo's isobutanol. The technical properties of isobutanol shine in this application. We appreciate the efforts and the collaboration between Gevo and the NMMA throughout the testing program. We are pleased to have provided, from our plant in Luverne, the isobutanol needed to make the 16% isobutanol blended fuels that the studies required, for both on-water tests and in the laboratory," said Dr. Patrick Gruber, Gevo's Chief Executive Officer. "We are delighted with the results of the testing and to have the endorsement of the NMMA. Isobutanol has proven to be an effective, highly compatible biofuel for the recreational boating industry."
"Based on years of collaborative testing across the industry, biobutanol fuel blends, such as the ones provided by Gevo during our test program, are a safe and viable alternative to ethanol for use in recreational marine engines and boats up to 16.1 percent by volume," said Jeff Wasil, Engineering Manager, Emissions Testing, Certification and Regulatory Development at BRP US Inc. (Bombardier Recreational Products), an NMMA member.
The formal announcement by the NMMA to endorse isobutanol as an industry-wide biofuel alternative comes as the fuel industry focuses on addressing the congressionally-mandated Renewable Fuel Standard (RFS), which requires 36 billion gallons of renewable fuel to be blended into the gasoline supply by 2022. These events will help broaden the market for Gevo's isobutanol fuel technology, enabling Gevo to support recreational boating in its efforts to move towards alternative, renewable fuels and chemicals.
National Marine Manufacturers Association (NMMA) is the leading association representing the recreational boating industry in North America. NMMA member companies produce more than 80 percent of the boats, engines, trailers, accessories and gear used by boaters and anglers throughout the U.S. and Canada. The association is dedicated to industry growth through programs in public policy advocacy, market statistics and research, product quality assurance and promotion of the boating lifestyle. For more information, visit www.nmma.org.
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.
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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