Gevo Secures Funding from Queensland Waste to Biofutures (W2B) Fund
February 27 2020 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) has been awarded part of The Queensland
Waste to Biofutures (W2B) Fund to support the development of waste
to biofutures projects in Queensland, Australia.
The W2B fund provides targeted funding for pilot, demonstration
or commercially scalable biorefinery projects in Queensland that
use conventional waste streams or biomass to produce bioenergy,
biofuels and high-value bioproducts.“We are thrilled to be awarded
funding from W2B, which will allow us to further our assessment of
a contemplated second generation (2G) feedstock to biofuel project
in Queensland. Queensland is rich in renewable biomass resources
and has expressed the desire to invest in the future of biofuels.
This opportunity opens the door for the development of a project
that not only supplies low carbon gasoline to Queensland, but also
the possibility to supply commercial quantities of 2G sustainable
aviation fuel (SAF) to the Brisbane Airport, expanding upon our
demonstrations of SAF supply to commercial airlines like those
conducted with Virgin Australia over the last several months,” said
Patrick Gruber, Chief Executive Officer of Gevo.
Gevo supplied the renewable fuel used in Virgin Australia’s
trial of sustainable aviation fuel at Brisbane Airport which was
completed in June last year.
Speaking from the Bio Based Aviation and Marine Fuels Summit in
Gladstone, Queensland, the Minister for State Development, Cameron
Dick, said, “The Queensland Government was excited to be supporting
Gevo’s research collaboration with the Queensland University of
Technology to turn Queensland sugarcane waste and wood waste into
SAF.
"Gevo has recognized that Queensland is the place to be when it
comes to the future of biofuels and we look forward to an ongoing
partnership which has the potential to bring even more business to
Queensland, as demand for biofuels grows. In addition to offering
environmental benefits by reducing the carbon footprint of plane
travel, this project will also help position Queensland as a
world-leading location for investment in the manufacture and
distribution of this fuel in the global bioproducts and services
market. Gevo’s participation in the successful sustainable aviation
fuel trial at the Brisbane Airport led to Queensland being
considered as the location for the company’s first biorefinery
outside of the United States.
“Having the ability to turn our agriculture waste into
sustainable fuel means more jobs in agriculture and biofutures
across our regions," Minister Dick concluded.
For this project, Gevo is evaluating the most likely 2G biomass
to carbohydrate conversion process to use in conjunction with its
proven carbohydrate to low carbon biofuel process.
Presently, at Gevo’s facility in Luverne, Minnesota, Gevo
fractionates grain from sustainably produced crops 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 renewable gasoline,
diesel and 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 renewable hydrocarbons produced, like our SAF, 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.
About GevoGevo is commercializing the next
generation of jet fuel, gasoline and diesel fuel with the potential
to achieve zero carbon emissions and address the market need of
reducing greenhouse gas emissions with sustainable alternatives.
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. As a result, Gevo is able to produce low-carbon fuels
with substantially reduced carbon intensity (as measured by the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their lifecycle). 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
environmental problems of fossil-based carbon 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 that enables the use of a variety of low-carbon
sustainable feedstocks to produce price-competitive, low carbon
products, such as jet fuel, gasoline components like isooctane and
isobutanol and diesel fuel, yields the potential to generate
project and corporate returns that justify the build-out of a
multi-billion-dollar business. Learn more at www.gevo.com.
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,
including, without limitation, statements related to Queensland
Waste to Biofuels (W2B) Fund, the technical analysis, Gevo’s plans
and ability to do business in Queensland, Gevo’s ability to produce
greater quantities of SAF, including commercial quantities of 2G
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, 2018, 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
415-226-7747info@integra-ir.com
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