Porta Hnos S.A. Signs Agreement to Become Exclusive Licensee of Gevo's GIFT(R) Technology in Argentina
March 06 2014 - 9:00AM
Gevo, Inc. (Nasdaq:GEVO), the world's only commercial producer of
renewable isobutanol, announced today that Porta Hnos S.A.
("Porta") has signed a letter of intent to become the exclusive
licensee of GIFT® in Argentina to produce renewable isobutanol.
"Isobutanol's versatility and hydrocarbon-like properties make
it an ideal renewable fuel and chemical for Argentina and Gevo's
GIFT® technology is the most efficient way to produce it," said
Fernando Porta, Vice President of Porta. "Porta is already a
leading ethanol producer in Argentina and we would like to expand
our footprint to other high-value renewable alcohols such as
isobutanol."
Porta is a 132 year old family owned company in Argentina that
produces liquor, vinegars and has a 120 m3/day corn ethanol plant.
In addition, Porta has designed and built two 250 m3/day ethanol
plants for others and they are working on 2 more ethanol plants for
2014. Half of all current ethanol plants in Argentina were designed
by Porta, and they have a joint venture with Alpha Laval to provide
separation and evaporation expertise.
"Commercial licensing of our GIFT® technology in the US and
abroad is the next step in Gevo's business model and we are very
pleased to be working in Argentina with an industry leader like
Porta," said Patrick Gruber, Gevo's chief executive officer.
"Commercial licenses demonstrate the value of Gevo's GIFT®
technology to the market place and enables a low-capital route to
building out renewable isobutanol capacity globally."
About Gevo
Gevo is a leading renewable chemicals and next-generation
biofuels company. Gevo's patent-protected, capital-light business
model converts existing ethanol plants into bio-refineries to make
isobutanol. This versatile chemical can be directly integrated into
existing chemical and fuel products to deliver environmental and
economic benefits. Gevo has executed initial commercial-scale
production runs at its isobutanol facility in Luverne, Minn.,
constructed in conjunction with ICM, a leading provider of
proprietary ethanol process technology, and has a marquee list of
partners including The Coca-Cola Company, Sasol Chemical
Industries, and LANXESS, Inc., an affiliate of LANXESS Corporation,
among others. Gevo is committed to a sustainable bio-based economy
that meets society's needs for plentiful food and clean air and
water. For more information, visit www.gevo.com.
About Porta Hnos S.A.
Porta Hnos is one of the leading alcohols companies in
Argentina, producing almost 100 million liters annually. Porta Hnos
is diversified across 6 independent divisions: Alcohol, Beverages,
Distillery, Softeners, Vinegars & Balsamic Vinegars and Porta
Engineering. Porta Hnos was founded in Córdoba, Argentina, by
Italian immigrants in the 1882, and now is directed by fourth
generation family members and employs over 350 people. For more
information, visit http://en.portahnos.com.ar.
Forward-Looking Statements
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 include statements that are not purely statements of
historical fact, and can sometimes be identified by our use of
terms such as "intend," "expect," "plan," "estimate," "future,"
"strive" and similar words. 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 the company undertakes no obligation to update or revise
these statements, whether as a result of new information, future
events or otherwise. Although the company 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, 2012,
as amended, and in subsequent reports on Forms 10-Q and 8-K and
other filings made with the SEC by Gevo.
CONTACT: Media Contact:
Robin Peak
Gevo, Inc.
T: (720) 267-8632
rpeak@gevo.com
Investor Contact:
Mike Willis
Gevo, Inc.
T: (720) 267-8636
mwillis@gevo.com
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