Gevo, Inc. : Gevo Signs Malaysian Collaboration to Produce Cellulosic Isobutanol for SE Asia
06/19/2012| 04:05pm US/Eastern
Gevo, Inc. (NASDAQ: GEVO), a leading renewable chemicals and
next-generation biofuels company, signed a collaborative agreement today
with the intent to site a cellulosic biomass isobutanol facility in
Southeast Asia. Gevo's President and Chief Operating Officer, Chris
Ryan, signed the collaborative agreement with representatives from the
Malaysian government's East Coast Economic Region Development Council
(ECERDC), Malaysian Biotechnology Corp (BiotechCorp) and the State
Government of Terengganu.
After a year of ongoing development work in Malaysia, Gevo is
strategically partnering along the supply chain to provide biobased
isobutanol at a cost competitive price. The company is in the final
stages of evaluating additional partners to complete the biomass to
isobutanol value chain. The collaboration offers a diversified
feedstock, organized approach and the opportunity to develop an
economically advantaged business plan to meet this expanding market.
"The technology for a sustainable cellulosic feedstock is expected to be
commercially viable this year, so now is the appropriate time to begin
our cellulosic platform," said Ryan. "We're excited to follow the
demand, especially since Southeast Asia is one of the fastest growing
chemical markets, and Malaysia provides an excellent growth opportunity
for Gevo. Our ambition is to move toward definitive agreements by the
second half of 2012 with a target of having a cellulosic plant
operational by late 2015 or early 2016."
The current plan under consideration is to construct a fermentation
facility to produce bio isobutanol made from cellulosic biomass. The
proposed site is in the State of Terengganu at the world-class
Biorefinery Complex in Kertih.
"The establishment of a Gevo facility in East Coast Economic Region
Malaysia is further testament to investors' confidence in the Region and
we look forward to facilitating Gevo's investment in Malaysia," said
Chief Executive Officer of the ECERDC, Jebasingam Issace John.
The Terengganu State Government was represented by its State Secretary,
Mazlan Ngah and BiotechCorp was represented by its Chief Executive
Officer, Dr. Mohd Nazlee Kamal. The document exchange ceremony was held
in conjunction with the Bio International Convention and Exhibition that
is currently taking place in Boston, Mass.
Gevo is converting existing ethanol plants into biorefineries to make
renewable building block products for the chemical and fuel industries.
The Company plans to convert renewable raw materials into isobutanol and
renewable hydrocarbons that can be directly integrated on a "drop in"
basis into existing chemical and fuel products to deliver environmental
and economic benefits. Gevo is committed to a sustainable biobased
economy that meets society's needs for plentiful food and clean air and
water. For more information, visit www.gevo.com.
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 include statements
that are not purely statements of historical fact, and can sometimes be
identified by our use of terms such as "intend," "expect," "plan,"
"estimate," "future," "strive" and similar words. 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
the company undertakes no obligation to update or revise these
statements, whether as a result of new information, future events or
otherwise. Although the company 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, 2011,
as amended, and in subsequent reports on Forms 10-Q and 8-K and other
filings made with the SEC by Gevo.
Greta Thomsen, 303-715-8928
Marcom & PR
IR for Gevo
Sarah McCabe, 267-909-9237
© Business Wire 2012