Renmatix and Gevo Sign a Joint Development Agreement to Evaluate the Commercial Feasibility of Creating Cellulosic Hydrocarbo...
December 06 2018 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) and Renmatix, the leader in affordable
cellulosic sugars, today announced a joint development agreement to
evaluate the commercial feasibility of creating renewable jet fuel
by integrating Renmatix’s Plantrose® Process with Gevo’s GIFTTM
technology and alcohol to jet process. Renmatix’s Plantrose Process
converts cellulosic feedstocks such as wood, agricultural residues,
or other cellulosic raw materials to cellulosic-based sugars, the
basic building blocks of sustainable fuels. Together, Renmatix and
Gevo will explore project opportunities for renewable and
low-emission fuel, isobutanol, jet fuel and isooctane in markets
where there is a convergence of low-cost biomass and low-carbon
fuel incentives.
This Agreement to evaluate the commercial feasibility of
developing renewable, low-carbon fuels from cellulosic material
also comes at a time when global refiners and airline carriers are
working toward reducing their own greenhouse gas
emissions by looking to enter into affordable and large-scale
agreements for the supply of renewable jet fuel and
gasoline.
“At Gevo, we are replacing fossil-based jet fuel and gasoline
with better-performing, renewable low-carbon jet fuel and isooctane
to lower greenhouse gas emissions. In addition to our approach that
produces protein for food chain use while generating fermentable
sugars used in the production of low-carbon fuels, we believe
Renmatix’s Plantrose Process could enable us to achieve a
cost-effective and sustainable means of producing low-carbon jet
fuel and gasoline from fermentable sugars using cellulosic
feedstocks. We look forward to working with Renmatix to create a
fully integrated system that is capable of converting cellulosic
materials to low-carbon renewable fuels at scale,” said Patrick
Gruber, Ph.D., CEO of Gevo.
Cellulosic sugars are one of the most abundant feedstocks in the
world, and in many geographies with dense vegetation, using woody
biomass feedstocks to generate useful sugars is the most
cost-effective solution. The Joint Development Agreement between
Renmatix and Gevo to evaluate the commercial feasibility to convert
cellulosic feedstocks into renewable, low-carbon products addresses
a major global need for automotive biofuels worldwide, as well.
Much like jet fuel, the automotive biofuels market is undergoing
rapid growth, expected to reach more than $195 billion by 2023, up
from nearly $119 billion in 2017, according to Research and
Markets. Demand for sustainable aviation fuels is also increasing;
according to the International Air Transportation Association
(IATA), incremental demand is expected to grow by 3 billion gallons
per year.
“Renmatix has been committed to cellulosic feedstocks as the
means to enabling the bio-based economy, from recent efforts to
liberate valuable fractions into food and cosmetic ingredients, to
our cellulosic sugar technology for jet fuel developments. Given
Gevo’s first cellulosic-based jet fuel and recent advancements, to
today, with demand for renewable jet fuel increasing, we believe
it’s an ideal time to explore our combined ability,” said Mike
Hamilton, CEO of Renmatix. “Despite continued innovation in
biofuels, it is impossible to make enough renewable fuels at the
scale that the world will ultimately need without unlocking the
massive resource of cellulosic sugars. Our Plantrose technology
produces high-quality, cost-effective sugars from a broad range of
feedstocks, which is why we’re working with Gevo to solve this
critical hurdle.”
About Gevo
Gevo 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
About Renmatix
Renmatix has developed the Plantrose® process, which converts
plant materials into valuable fractions of cellulose sugar,
crystalline cellulose and OMNO® polymers. As part of biorefinery
efforts, Renmatix is a leading technology licensor for the
conversion of biomass into cellulosic sugar, an enabling feedstock
for petroleum alternatives used in the global biochemical and
biofuels markets. The company’s proprietary Plantrose process
challenges conventional sugar economics by cheaply converting
cellulosic biomass – from wood waste to agricultural residue – into
useful, cost-effective sugars. Renmatix’s supercritical hydrolysis
technology deconstructs non-food biomass an order of magnitude
faster than other processes and enhances its cost advantage by
using no significant consumables. Renmatix is privately held, with
operations in Georgia, New York and Pennsylvania (USA). For more
information, visit renmatix.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 Joint Development Agreement
between Gevo and Renmatix, including any benefits to Gevo or
Renmatix, the demand for renewable fuels, including the demand for
fuels made from cellulosic biomass, the ability for Gevo to make
renewable fuels using Renmatix’s technology, the potential
technical and economic success of the combined technologies of Gevo
and Renmatix, 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 Contact Shawn M. Severson Integra Investor Relations
+1 415-226-7747 gevo@integra-ir.com |
|
Renmatix Media
ContactRenmatix@missionc2.com |
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