Gevo enters into purchase and sale agreement for sustainable aviation fuel to supply Air TOTAL International
August 13 2019 - 4:05PM
Gevo, Inc. (NASDAQ: GEVO) announced today that Air TOTAL
International SA (“Air TOTAL”) and Gevo have entered into a
partnership agreement to produce and supply sustainable aviation
fuel (“SAF”) for use and distribution in France and other parts of
Europe.
With the finalization of this new supply
contract, Gevo will initially supply Air Total sustainable aviation
fuel from its facility in Silsbee Texas and later from Gevo’s
expanded Luverne Minnesota plant which is expected to be
constructed over the next several years.
Air TOTAL specializes in the manufacturing and
marketing of jet fuel and aviation gasoline for over 60 years. Air
TOTAL supplies the commercial, business and general aviation
sectors at more than 300 airports in 72 countries on five
continents.
“We are pleased to work with Air TOTAL as they join the crusade to
decarbonize aviation fuel in France and other parts of Europe”,
said Timothy J. Cesarek, Chief Commercial Officer of Gevo. “This
agreement with Air TOTAL is a crucial first step as we ramp up
supply to the environmentally conscious EU aviation sector”.
Gevo fractionates grain to produce protein and
animal feed while using the residual carbohydrate portion of the
grain for fermentation to produce the intermediate chemical:
isobutanol. The isobutanol is then chemically transformed using a
hydrocarbon processing facility into SAF meeting ASTM D7566
(Standard Specification for Aviation Turbine Fuel Containing
Synthesized Hydrocarbons). The SAF made by this process has very
low sulfur, low particulates, and slightly higher energy density
than petroleum-based jet fuel.
For every gallon of SAF produced, Gevo also
produces approximately 10 pounds of protein that goes into the food
supply chain and can sequester up to 2 pounds of carbon dioxide as
carbon into the soil making it one of the only renewable jet fuels
to produce both food and fuel while sequestering carbon dioxide and
lowering the GHG emissions as compared to traditional fossil-based
jet fuel.
A copy of the purchase and sale agreement
between Air TOTAL and Gevo has been filed with the U.S.
Securities and Exchange Commission on Form 8-K. To access the Form
8-K, please visit
https://www.sec.gov/edgar/searchedgar/companysearch.html.
About GevoGevo 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
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 agreement
with Air TOTAL, Gevo’s plans and ability to expand it Luverne,
Minnesota plan to produce greater quantities of
SAF, 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, 2017, 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 ContactShawn
M. SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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