December 13, 2013

Gevo hoping for a better 2014

The clock is ticking for bio-isobutanol producer Gevo, and it needs to prove as soon as possible that its 18m gal/year Luverne, Minnesota, facility can successfully fully operate. The company needed an influx of cash very quickly and has announced this week a public offering of 18.53 million common shares at $1.35 each. The stock offering is expected to close on or about December 16. Funds raised by the offering at around $25 million in gross proceeds will be used to fully operate its isobutanol production at its facility in Luverne, Minnesota, and repay $5.1 million in long-term debt.

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