August 16, 2010

Gevo files for $150m IPO

After the buzz on PetroAlgae's IPO filing plans last week Wednesday, biobutanol producer Gevo announced on Thursday its own IPO filing. Renewable companies are probably holding their breath and praying for their success so more can follow through...

Gevo has been in the news lately regarding the near commercialization of their bio-butanol product with the acquisition of an ethanol facility in Minnesota. Capital costs expected to incur in the retrofitting of the ethanol plant is $17 million to produce 18m gal/year of isobutanol.

Gevo also recently hooked up with German specialty chemicals company Lanxess on the development and production of bio-based isobutene for rubbermaking.  Gevo anticipates initial commercial production of their isobutanol in the first half of 2012, and aside from Lanxess, the company is currently negotiating the final terms of several definitive agreements with customers and partners such as Total Petrochemicals, Toray Industries, United Airlines and CDTech (a hydrocarbon technology provider).

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