Total Cray Valley and Gevo, Inc. (NASDAQ: GEVO) announced today the
successful completion of phase 1 of their Joint Development
Agreement (JDA) to upgrade fusel oils into renewable isoamylene.
The companies are now seeking to advance to Phase 2 of the JDA,
which will allow for scale up of Gevo’s technology at a
demonstration scale.
Fusel oils, made during the production of ethanol, equate to
approximately 1 million tons of bio-based feedstock. The JDA,
signed in 2020, is based on Gevo’s chemical-based catalytic
processes that selectively convert low-value fusel oils, a mixture
of alcohols that are byproducts from fermentation processes such as
ethanol or isobutanol production, into higher-value renewable
chemicals such as isoprene, ketones, aldehydes, or olefins, in this
case isoamylene.
Isoamylene is used in a diverse set of applications, including
resins, pesticides, flavors and fragrances, pharmaceuticals,
healthcare products, adhesives, antioxidants, and UV stabilizers.
For Cray Valley, isoamylene is used as a raw material in resin
manufacturing.
“We were very satisfied with the results of pilot tests during
Phase 1. Gevo’s technology was found to be robust and flexible and
the initial economic assessment shows potential for a profitable
business” said Valérie Goff, Senior Vice President
Polymers at Total. “This
JDA between Total Cray Valley and Gevo is an excellent example of
collaboration to develop the materials of the future produced from
bio-based feedstock and meets a strong demand from our
customers.”
“The team has achieved an important milestone with the success
of Phase 1 to deliver plant based, low carbon solutions to our
partner, Total Cray Valley. We look forward to continuing our track
record of success at the demonstration scale,” stated Dr.
Paul Bloom, Chief Technology and Innovation Officer at
Gevo. Dr. Bloom continued, “This is a new way to think
about decarbonization and biogenic carbon sequestration. Now this
byproduct from ethanol, instead of being burned, can be converted
into usable products that take CO2 out of the atmosphere while
delivering drop-in performance in final products on the market
today. For every pound of biobased isoamylene made and used in
durable products like resins, it is essentially the equivalent of
sequestering 2.5 pounds of biogenic CO2 from the atmosphere,
compared to that carbon being combusted. Another example of how
Gevo is advancing our focus to net zero and beyond.”
The companies are currently exploring options for scale-up and
commercialization of the technology, which would provide the US
market with a renewable source of isoamylenes, a world first.
About Total Cray ValleyTotal Cray Valley is the
premier global supplier of specialty chemical additives,
hydrocarbon specialty chemical, and liquid and powder tackifying
resins used as ingredients in adhesives, rubbers, polymers,
coatings and other materials. Total Cray Valley has pioneered the
development of these advanced technologies, introducing hundreds of
products that enhance the performance of products in energy,
printing, packaging, construction, tire manufacture, electronics,
and other demanding applications. For more information, please
visit www.crayvalley.com.
About TotalTotal is a broad energy company that
produces and markets fuels, natural gas and electricity. Our
100,000 employees are committed to better energy that is more
affordable, more reliable, cleaner and accessible to as many people
as possible. Active in more than 130 countries, our ambition is to
become the responsible energy major.
About GevoGevo’s mission is to transform
renewable energy and carbon into energy-dense liquid hydrocarbons.
These liquid hydrocarbons can be used for drop-in transportation
fuels such as gasoline, jet fuel and diesel fuel, that when burned
have potential to yield net-zero greenhouse gas emissions when
measured across the full life cycle of the products. 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, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their life cycle). 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 problems of
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 enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low-carbon products such as gasoline components, jet fuel and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion-dollar
business.Gevo believes that the Argonne National Laboratory GREET
model is the best available standard of scientific-based
measurement for life cycle inventory or LCI.Learn more at Gevo’s
website: www.gevo.com
Total ContactsMedia Relations: +33 (0)1 47 44
46 99 l presse@total.com l @TotalPressInvestor Relations: +44
(0)207 719 7962 l ir@total.com
Gevo ContactsInvestor and Media Relations: +1
720-647-9605 l IR@gevo.com
Cautionary noteThis press release, from which
no legal consequences may be drawn, is for information purposes
only. The entities in which Total SE directly or indirectly owns
interests are separate legal entities. Total SE shall not be held
liable for their acts or omissions. The terms “Total,” “Total
Group” and “Group” may be used in this document for convenience.
Similarly, the words “we”, “us” and “our” may also be used to refer
to affiliates or to their employees. This document may contain
forward-looking information and statements that are based on
business and financial data and assumptions made in a given
business, financial, competitive and regulatory environment. They
may prove to be inaccurate in the future and are subject to a
number of risk factors. Neither Total SE nor any of its
subsidiaries or affiliates assumes any obligation to investors or
other stakeholders to update in part or in full any forward-looking
information or statement, objective or trend contained in this
document, whether as a result of new information, future events or
otherwise.
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, the JDA between Gevo, Inc. and Total Petrochemicals
& Refining USA, Inc. (Total Cray Valley), the
ability of the parties to scale up and/or commercialize the fusel
oil technology that is the subject of the JDA, 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
Total Cray Valley 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 and Total Cray
Valley undertakes no obligation to update or revise these
statements, whether as a result of new information, future events
or otherwise. Although Gevo and Total Cray Valley believe 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, 2020,
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.
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