Gevo and Leaf Resources Sign a Joint Development Agreement for Potential use of Cellulosic Derived Sugars to Convert to Hydro...
September 10 2019 - 4:05PM
Gevo, Inc. (NASDAQ: GEVO) a leading renewable fuels and chemicals
manufacturer, announced today the signing of a Joint Development
Agreement (JDA) with Leaf Resources. Leaf is a Queensland,
Australia-based company and one of the world's leading companies in
converting plant biomass into industrial sugars. The JDA is to
explore the potential use of cellulosic derived sugars and glycerol
from Leaf and the ability to convert these to hydrocarbon molecules
useful as fuels or chemicals.
The JDA is structured around three phases of joint work designed
to establish a bankable project. Phase 1 will develop the
feasibility of a potential facility, followed by phases
investigating the commercial development and commercialization of
the project. Gevo and Leaf will carry their own costs during phase
1 of the project, with further funding to be determined by a future
written agreement after completion of the phase 1 milestones.
“Leaf’s progress in Malaysia and Queensland, in addition to the
comprehensive work it has undertaken with regard to its GlycellTM
process, creates the potential for a mutually beneficial
relationship with Gevo. We have already been supplying renewable
jet fuel to Virgin Australia and see the potential demand in
Australia and more broadly in Asia. Having a partner like Leaf in
the region will help drive our strategy forward with access to
sugars as feedstock and chemical and fuel markets in a rapidly
growing economic region,” said Dr. Patrick Gruber, Chief Executive
Officer at Gevo.
Alex Baker, CEO of Leaf Resources, said: “The synergies between
what Gevo is delivering in the market, and what we’ve developed
with Leaf’s technology, is clear to see. Subject to the necessary
R&D under this project, we see real potential to work with Gevo
in the delivery of renewable alternatives to petroleum-based
products, where we only expect demand to significantly increase
over time.”
About Gevo
Gevo is a next generation “low-carbon” fuel company focused on
the development and commercialization of renewable alternatives to
petroleum-based products. Low-carbon fuels reduce the carbon
intensity, or the level of greenhouse gas emissions, compared to
standard fossil-based fuels across their lifecycle. The most common
low-carbon fuels are renewable fuels. Gevo is focused on the
development and production of mainstream fuels like gasoline and
jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets for the production of
chemical intermediate products for solvents, plastics, and building
block chemicals. Learn more at our website: www.gevo.com
About Leaf Resources Ltd
Leaf Resources is one of the world's leading companies in
converting plant biomass into industrial sugars. Our proprietary
process for converting biomass-to-functional industrial sugars
enable a myriad of downstream technologies for the production of
renewable chemicals that will substitute petrochemicals used in
manufacturing today. With our project development and
continued technical innovation we are building a robust global
business centered on renewable carbon containing products to
deliver environmental and economic benefits to our shareholders and
our planet. More on www.leafresources.com.au
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 relate to a variety of matters, including, without
limitation, statements related to the Joint Development Agreement
with Leaf Resources, 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, 2018, as amended, 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 +1 415-226-7747
gevo@integra-ir.com
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Sep 2023 to Sep 2024