Gevo and Axens Ink Alliance for Ethanol-to-Jet Technology and Sustainable Aviation Fuel Commercial Project Development
October 12 2021 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) and Axens North America, Inc. (Axens)
have entered into an agreement that establishes
a strategic alliance aimed at accelerating the
commercialization of sustainable
ethanol-to-jet (ETJ) projects in the United
States. As part of the alliance, Axens brings technologies
with over 60 related patents; engineering packages; proprietary
catalysts; and certain proprietary equipment required to convert
ethanol into jet fuel. Axens would also provide process guarantees
for commercial ETJ projects. Gevo expects to develop, own, and
operate ETJ plants to produce sustainable aviation fuel (SAF),
utilizing its expertise in renewable alcohol production and
technologies; Net-Zero business model; project financing expertise;
customer relationships, and contracts.
Axens has a long history of developing and commercializing best
in class technology to convert olefins, such as ethylene,
propylene, and butylene into hydrocarbon fuels and blend stocks
such as gasoline, jet fuel, and diesel fuel:
- > 60 commercial olefin
oligomerization technology deployments
- > 30 years of commercial
operation
- Leader in the field of homogeneous
catalysis research recognized by the 2005 Nobel award Prize in
chemistry to IFPEN’s Yves Chauvin
- > 60 related patents across this
technology chain
Instead of making olefins from petroleum, it is now possible to
make them from ethanol and butanol, so the same commercially proven
technologies can be deployed to make renewable hydrocarbon
fuels.
“This agreement not only strengthens Axens’ existing
relationship with Gevo that currently includes technology
development and deployment in the isobutanol derived fuels, but
reiterates Axens’ commitment to Gevo’s growth potential, while
recognizing Axens’ innovative, commercially-proven, and
differentiated technology bundle approach. Gevo’s approach makes it
possible to decarbonize the ethanol supply chain and thus utilize
technologies originally developed and well-proven for
fossil-hydrocarbon production to produce renewable, drop-in fuels.
Finally, we are convinced that Gevo’s breakthrough approach to
scientifically tracking and accounting for carbon, emissions, and
sustainability across the whole of the business system is a true
differentiator that will enable growth of SAF production via
carbohydrate derived alcohols,” said Jean Sentenac, Chief Executive
Officer of Axens.
“Our customers want SAF and other low-carbon hydrocarbons
sooner, rather than later. The collaboration between
Gevo and Axens is expected to allow Gevo to rapidly partner
with existing ethanol producers to deploy proven
technologies at commercial scales consistent with the airline
industry’s sustainability goals. We see that there is great
potential to convert ethanol into SAF and other
hydrocarbons. Additionally, there is synergy with Gevo
proprietary isobutanol production technology that is expected to
result in unique product blending synergies for producing
low-carbon gasoline, SAF, and renewable diesel. We know from our
work on the Net-Zero business model that it is possible to drive
the fossil-based GHG and related emissions footprint very low or
even negative while producing drop-in hydrocarbon fuels like SAF
and we think the model can apply to ETJ too,” said Dr. Patrick R.
Gruber, Chief Executive Officer of Gevo.
“Axens is a great partner. They have a lot of patents,
expertise, and a track record of success with their technologies to
convert olefins into hydrocarbons. In short, Axens de-risks the
production technology. Gevo expects to build, own, and operate
alcohol-to-jet plants alone or with partners. To any ethanol plant
owners out there who want to change their game and get into
Net-Zero type SAF and hydrocarbons, please give us a call,”
continued Dr. Gruber.
About Gevo, Inc.
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
About Axens
Axens (www.axens.net) is a group providing a complete range of
solutions for the conversion of oil and biomass to cleaner fuels,
the production and purification of major petrochemical
intermediates, as well as natural gas treatment and conversion
options. The products and services offered include technologies,
equipment, furnaces, modular units, catalysts, adsorbents and
related services. Axens is ideally positioned to cover the entire
value chain from feasibility study to unit start-up and follow-up
throughout the entire unit cycle life. This unique position ensures
the highest level of performance with a reduced environmental
footprint. Axens global product and services are based on
highly trained human resources, modern production facilities and an
extended global network for industrial, technical support &
commercial services. Axens is an IFP Group company.
Forward-Looking StatementsCertain 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 agreement and alliance
between Gevo and Axens for Ethanol-to-Jet Technology and
Sustainable Aviation Fuel Commercial Project Development, Gevo’s
expertise in renewable alcohol production and technologies; Gevo’s
Net-Zero business model; Gevo’s project financing expertise and
customer relationships, Gevo’s contracts and ability to enter into
new contracts; the attributes of 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+1
720-647-9605IR@gevo.com
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