Gevo, Redfield Energy form JV ethanol-to-isobutanol retrofit

Gevo, Redfield Energy form JV for ethanol-to-isobutanol retrofit

5:11 PM, 17th June 2011
Gevo, Redfield Energy form JV for ethanol-to-isobutanol retrofit

The joint venture brings company closer to achieving 2015 production goal of 350 MGPY of isobutanol.

ENGLEWOOD, US: Gevo Inc has entered into a joint venture with Redfield Energy, to retrofit Redfield’s existing ethanol plant into an isobutanol plant with an expected production capacity of approximately 38 million gallon per year (MGPY). The retrofit is expected to commence by year end 2011 and Gevo expects to begin commercial production of isobutanol at the facility in the fourth quarter of 2012.

“This transaction demonstrates the attractiveness of our joint venture model for potential partners. Isobutanol production creates more value and across diversified markets,” reflected Patrick Gruber, CEO, Gevo.

Gevo will provide the technology and capital necessary to retrofit Redfield’s existing 50 MGPY ethanol facility and in exchange, will receive an equity interest in Redfield. This JV validates the attractive economics for both Gevo and Redfield and is consistent with Gevo’s business plan.

“Isobutanol provides an excellent opportunity to expand our potential markets, improve our profit margins and create a more predictable and sustainable business. We are very happy to be working with Gevo to upgrade our facility to a second-generation biorefinery,” said Tom Hitchcock, CEO, Redfield.

(C) WOC News




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