Gevo Options Site for Expansion Project
December 21 2020 - 9:00AM
Gevo, Inc. (“Gevo”) (NASDAQ: GEVO) announced today that it has
optioned the right to purchase approximately 239 acres of land near
Lake Preston, SD, and has met the initial milestone to secure
control of a site by the end of this year that meets the conditions
required by the contract that Trafigura Trading LLC (“Trafigura”)
and Gevo executed in August 2020. The production facility planned
for Lake Preston is contemplated to produce about 45,000,000
million gallons per year collectively of jet fuel and renewable
gasoline products. Gevo intends to make a decision on whether to
purchase the Lake Preston site in the future as part of the
Citigroup led project financing.
“We like the scale of plant that could be built at the Lake
Preston site, it has the potential to produce large amounts of our
products. It also has room to expand further, or add other
businesses,” said Patrick R. Gruber, Gevo’s Chief Executive
Officer.
A copy of the contract between Gevo and Trafigura was filed with
the U.S. Securities and Exchange Commission on Form 8-K on August
20, 2020.
About Gevo
Gevo is commercializing the next generation of renewable premium
gasoline, jet fuel and diesel fuel with the potential to achieve
zero carbon emissions, addressing 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, 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 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 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. 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 Trafigura, the contract with
Trafigura, the option to purchase the Lake Preston site, Gevo’s
ability to finance its business, Gevo’s business plans 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, 2019, 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 IR@gevo.com+1
720-647-9605
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