Gevo Announces Plans for Hydrocarbon-Process Pilot Unit at Luverne Facility
September 07 2021 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO), announced that it plans to install an
alcohol-to-hydrocarbon process pilot unit at its facility located
in Luverne, Minnesota (the “Luverne Facility”). The pilot unit is
being designed to produce market development quantities of
sustainable aviation fuel (“SAF”), renewable premium gasoline,
other renewable fuel products, as well as provide capability to
supply market development quantities of chemical products. The
installation is estimated to begin in Q3 2022 with startup
demonstration production expected in Q4 2022.In addition, we expect
to test and evaluate certain potential unit operations that may be
incorporated into Gevo’s state-of-the-art Net-Zero 1 production
facility that is expected to begin production in 2024 in Lake
Preston, South Dakota. Installation of the pilot unit at the
Gevo-Luverne facility is part of the plan to use the facility as a
technology development and piloting site. The pilot unit will also
be used in training of employees for Net-Zero 1 and other future
projects.
“The work we do at the Luverne facility will be critical in
establishing a smooth startup of Net-Zero 1 and future Net-Zero
projects for ramping up capacity right out of the gate,” stated Dr.
Paul Bloom, Chief Carbon & Innovation Officer of Gevo. Dr.
Bloom continued, “We also plan to use the new pilot capability to
support our robust pipeline of new renewable fuel and chemical
projects in the future, which is also a first step in converting
Luverne into a hydrocarbon facility. We couldn’t do that
effectively without the support we’ve received from the City of
Luverne and the State of Minnesota. We’re excited to bring more
high-quality jobs to the area and to continue to be a part of the
Luverne community.” Agri-Energy, LLC, Gevo’s wholly-owned
subsidiary that owns the Luverne Facility, rehired multiple former
employees in the beginning of August, and is in the process of
hiring additional employees to produce the isobutanol (IBA) that is
the feedstock for the hydrocarbon pilot unit. Additional operations
staff will be required for the hydrocarbon production, though a
certain number cannot yet be attributed to it. About
Gevo Gevo’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
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, without limitation, including the Luverne Facility, the
Luverne Facility’s ability to produce IBA, SAF or other products,
the Net-Zero 1 project, Gevo’s technology, Gevo’s products, 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, 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.
Investor and Media Contact IR@gevo.com+1
720-647-9605
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