Gevo acquires ethanol plant
In the city of Luverne, Minnesota, US, biofuels company Gevo is to acquire an ethanol plant currently owned by biofuels producer Agri-Energy.
Once the deal is closed Gevo will begin retrofitting the facility to produce isobutanol in addition to ethanol. While the retrofit is taking place it is thought that the plant will continue with its production of ethanol. The plant is predicted to begin making isobutanol at the beginning of 2012.
‘This transaction is another important step in achieving our goal of bringing commercial volume of renewable isobutanol to the market as soon as possible,’ the CEO of Gevo Patrick Gruber said. ‘We expect the facility will be the first among many and want it to be a model project for the future.’
Gevo’s technology, GIFT, which has been designed to fit into existing ethanol-producing plants, also has the ability the produce isobutanol from a number of feedstocks, including corn, wheat, sorghum, barley and sugarcane.
Agri-Energy’s founding member and co-op coordinator David Kolsrud said: ‘We see biobutanol as the next logical step in the industry’s development. We believe isobutanol can be sold into many markets and has product attributes that make it a compelling product for current ethanol producers.’
In related news Gevo has filed for an initial public offering (IPO).
The company did not disclose when it plans to file for the IPO or how many shares it is looking to sell but it is hoped that the firm will raise in the region of $150 million (€116.4 million).
Gevo’s shares will be listed in the NASDAQ stock exchange and the money raised will be put towards acquiring ethanol production facilities.
Source: Green Street Journal
Once the deal is closed Gevo will begin retrofitting the facility to produce isobutanol in addition to ethanol. While the retrofit is taking place it is thought that the plant will continue with its production of ethanol. The plant is predicted to begin making isobutanol at the beginning of 2012.
‘This transaction is another important step in achieving our goal of bringing commercial volume of renewable isobutanol to the market as soon as possible,’ the CEO of Gevo Patrick Gruber said. ‘We expect the facility will be the first among many and want it to be a model project for the future.’
Gevo’s technology, GIFT, which has been designed to fit into existing ethanol-producing plants, also has the ability the produce isobutanol from a number of feedstocks, including corn, wheat, sorghum, barley and sugarcane.
Agri-Energy’s founding member and co-op coordinator David Kolsrud said: ‘We see biobutanol as the next logical step in the industry’s development. We believe isobutanol can be sold into many markets and has product attributes that make it a compelling product for current ethanol producers.’
In related news Gevo has filed for an initial public offering (IPO).
The company did not disclose when it plans to file for the IPO or how many shares it is looking to sell but it is hoped that the firm will raise in the region of $150 million (€116.4 million).
Gevo’s shares will be listed in the NASDAQ stock exchange and the money raised will be put towards acquiring ethanol production facilities.
Source: Green Street Journal
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