Gevo announces results, signs agreement with Sasol

Gevo announces results, signs agreement with Sasol

1:00 PM, 2nd August 2011
Gevo announces results, signs agreement with Sasol
Dr Patrick Gruber, CEO, Gevo.

 

ENGLEWOOD, US: Gevo Inc announced its financial results for the second quarter ended June 30, 2011 and updated expectations about its isobutanol commercialization progress.

Revenues for the second quarter of 2011 were $14.5 million compared to $0.5 million in the same period in 2010, as a result of revenues from Agri-Energy in Luverne, MN, which the company acquired in September 2010.  

Research and development expense increased to $5.3 million in the second quarter of 2011, from $3.2 million for the same period in 2010. The net loss for the second quarter of 2011 was $12.5 million compared to $8.6 million for the second quarter of 2010. Gevo reported cash and cash equivalents on hand of $105.2 million as of June 30, 2011.

“Gevo has made great progress on all fronts and we are exceeding our original commercialization plans. We are particularly excited about the commercial agreement we’ve achieved with Sasol and our joint venture with Redfield that we announced in mid-June. The ability to consummate our first off-take while at the same time proving the value of our retrofit model sets an excellent precedent and significantly de-risks our platform,” said Dr Patrick Gruber, CEO, Gevo.

“Additionally, our intellectual property position is strengthening. Our relationship with Lanxess is progressing as planned. We’re looking forward to supplying isobutanol to Lanxess at its facility in Sarnia, Ontario,” added Gruber.

Further, Gevo and Sasol Chemical Industries Ltd have formed a definitive commercial off-take agreement commencing in 2012. This three-year agreement anticipates the utilization of the majority of Gevo’s 2012 and 2013 planned production capacity and includes specific volume and price commitments.

(C) WOC News

 

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