Gevo Grants Musket Corporation Exclusive Right to Supply Isobutanol Gasoline Blends in Greater Houston Region
February 08 2018 - 9:00AM
Gevo, Inc. (NASDAQ:GEVO), announced today that it has strengthened
its existing relationship with Musket Corporation, a national fuel
distributor under the umbrella of the Love’s Family of Companies,
by amending its existing isobutanol supply agreement to provide
Musket with the exclusive right to sell Gevo’s renewable isobutanol
within a 300 mile radius of Houston, Texas. This agreement
establishes a market region that encompasses Austin, Dallas, Fort
Worth, Oklahoma, Louisiana, as well as the majority of South and
East Texas.
Musket began distribution of isobutanol gasoline
blends in the Houston area in late 2016. Their ability to
source, transport and blend fuels has led to rapid growth in and
around Houston. Houston is classified as a Reformulated
Gasoline (RFG) market under the EPA guidelines. Nearly all
RFG gasoline is formulated with ethanol as the oxygenate.
Isobutanol enables an ethanol free blended gasoline in RFG areas
that meet all the EPA guidelines.
“Gasoline made with isobutanol is another
offering we can provide to the marketplace to meet demand in RFG
areas. We are pleased to expand our relationship and region with
Gevo,” said JP Fjeld-Hansen, vice president of Musket.
“We believe Musket is an excellent partner to
expand the use of isobutanol in gasoline blends for the ethanol
free gasoline market in Houston and adjacent areas. Musket
has a strong national market reach in the fuel distribution arena
and is well positioned to grow the market. This exclusive
arrangement incents Musket and Gevo to continue their collaborative
marketing efforts, and it is expected to deliver a bigger network
of distribution and retail outlets as demand for these ethanol free
gasoline products develops,” said Dr. Patrick Gruber, Chief
Executive Officer of Gevo.
About Gevo
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 biobased 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, Minnesota. Gevo
has also developed technology to produce hydrocarbon products from
renewable alcohols. Gevo currently operates a biorefinery in
Silsbee, Texas, 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.
About Musket Corporation
Musket Corporation is part of the privately held Love’s Family
of Companies specializing in commodity supply, trading and
logistics across North America. Musket is headquartered in Houston,
Texas, with additional offices in Oklahoma City, Oklahoma, and
Phoenix, Arizona. The Love’s Family of Companies includes Love’s
Travel Stops & Country Stores with more than 380 retail
locations in 40 states. For more information, visit
www.musketcorp.com or www.loves.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 that are
not purely statements of historical fact, including, without
limitation, statements related to Gevo’s ability to produce and
increase its production of renewable isobutanol, Musket’s
willingness to purchase and distribute renewable isobutanol from
Gevo pursuant to the agreement the parties entered into, the size
of the markets for renewable isobutanol and customer demand for
renewable isobutanol. 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, including whether Musket will
purchase any isobutanol pursuant to the agreement with Gevo.
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, 2016 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.
Media and Investor ContactShawn M.
SeversonEnergyTech Investor, LLC+1
415-233-7094shawn@energytechinvestor.com@ShawnEnergyTechwww.energytechinvestor.com
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