Gevo raises $18M in a public offering of common stock and warrants » 06:4507/0107/01/20
Gevo announced that it…
Gevo announced that it has priced a public offering of an aggregate of 30,000,000 shares of common stock (or common stock equivalents), together with accompanying warrants to purchase up to an aggregate of 30,000,000 shares of common stock, at a public offering price of $0.60 per share and accompanying warrant. The warrants have an exercise price of $0.60 per share, are immediately exercisable, and expire five years following the date of issuance. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
|Over a month ago|
Gevo's wind towers to begin commercial operations May 1 » 09:0604/2904/29/20
Gevo announced that the…
Gevo announced that the two wind turbines that will supply up to 5.0 MW of fully renewable electricity to Gevo's production facility located in Luverne, MN are being placed into service and will begin delivering energy. The electricity generated from wind is wired directly to the Luverne Facility, which is expected to enable the Luverne Facility to utilize the emissions-free energy to produce fuel in the future with a lower carbon intensity score under the Low Carbon Fuel Standard in California.
|Over a quarter ago|
Gevo hires Citigroup to assist with financings » 09:3004/0204/02/20
Gevo (GEVO) announced the…
Gevo (GEVO) announced the engagement of Citigroup Global Markets, Inc. (C) to assist Gevo in exploring financing for its operations, including its projects. Gevo is seeking financing to expand its production capabilities to supply its renewable jet fuel and isooctane pursuant to Gevo's "take or pay" contracts with Delta Air Lines, Inc. and HCS Group GmbH.
Gevo suspends production operations at Luverne facility, terminates 30 employees » 09:0403/3103/31/20
Gevo, Inc. announced that…
Gevo, Inc. announced that due to the impact the COVID-19 virus has had on the economy and Gevo's industry, Gevo has suspended production operations at its production facility in Luverne, Minnesota for the foreseeable future. In connection with the suspension of operations and the overall economic disruption caused by COVID-19, Gevo also made the difficult decision to terminate 30 employees, cutting across Agri-Energy's operations at the Luverne Facility and Gevo's headquarters in Colorado. The remaining employees that earn above a certain dollar threshold, including senior executives, have agreed to take a 20% salary reduction over the next three months, with the 20% portion to be paid in stock. With these steps, Gevo expects to save several million dollars of cash burn during 2020. Gevo expects to continue the production of renewable isooctane and sustainable aviation fuel from the plant in Silsbee, Texas. Additionally, Gevo intends to continue developing its hydrocarbon business, including the planned expansion of the Luverne Facility, and will continue to move forward in securing the project funding needed to expand the Luverne Facility. The expansion is designed to allow Gevo to produce large quantities of low carbon isobutanol, sustainable aviation fuel and renewable isooctane. Gevo also expects to continue engineering efforts for the expansion of isobutanol production and the construction of a commercial renewable hydrocarbon production facility, as well as additional decarbonization projects at the Luverne Facility. Furthermore, Gevo plans on continuing the development of its biogas projects in Northern Iowa, ensuring it is available for the plant expansion.
Gevo celebrates completion of construction of two wind turbines in Luverne, MN » 09:0603/1203/12/20
Gevo held a ribbon…
Gevo held a ribbon cutting ceremony to celebrate the completed construction of two wind turbines that will supply up to 5.0 MW of fully renewable electricity to Gevo subsidiary Agri-Energy's production plant located in Luverne, MN. The electricity generated from wind will be wired directly to Agri-Energy, which is expected to enable it to utilize the emissions-free energy towards a lower carbon intensity score under the Low Carbon Fuel Standard in California. The wind electricity is expected to be on-line and available to Agri-Energy in April. In connection with the wind project, Agri-Energy invested $1.5 million in the Series A preferred stock of Juhl's asset subsidiary Juhl Clean Energy Assets. Juhl, Harrison Street and other JCEA investors funded the remainder of the approximate $8.75 million project cost. Juhl will be the owner and operator of the wind project. Agri-Energy has agreed to purchase the electricity from the City of Luverne and will also purchase the Renewable Energy Credits associated with the wind project from an affiliate of Juhl.
Gevo signs agreement with Viva Energy to develop renewable hydrocarbons » 09:1003/0503/05/20
Gevo has signed a Heads…
Gevo has signed a Heads of Agreement with Viva Energy Australia Pty Ltd, one of Australia's leading energy companies and the exclusive supplier of Shell fuels and lubricants in Australia. The HOA will further solidify both parties' intent to work collaboratively on activities in Australia to establish the technical and commercial feasibility of converting biomass into sustainable jet fuel and renewable gasoline from regionally sourced renewable resources Under the HOA both Gevo and Viva will develop and enhance commercial and advocacy relationships to further foster the use of renewable hydrocarbons, including sustainable aviation fuel in Queensland and, more broadly, the country of Australia. Ultimately this HOA will support and strengthen the efforts by Gevo and the Queensland government under the Waste to Biofuels funding initiative.
Gevo secures funding from Queensland W2B fund » 09:1202/2702/27/20
Gevo has been awarded…
Gevo has been awarded part of The Queensland Waste to Biofutures Fund to support the development of waste to biofutures projects in Queensland, Australia. The W2B fund provides targeted funding for pilot, demonstration or commercially scalable biorefinery projects in Queensland that use conventional waste streams or biomass to produce bioenergy, biofuels and high-value bioproducts. Gevo supplied the renewable fuel used in Virgin Australia's trial of sustainable aviation fuel at Brisbane Airport which was completed in June last year. For this project, Gevo is evaluating the most likely 2G biomass to carbohydrate conversion process to use in conjunction with its proven carbohydrate to low carbon biofuel process.
Gevo initiated with an Outperform at Noble Capital » 09:1902/0602/06/20
Noble Capital analyst Poe…
Noble Capital analyst Poe Fratt initiated coverage of Gevo with an Outperform rating and $3 price target. He sees a large market opportunity for low carbon renewable fuels and said the company has made solid progress to date toward development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks.
Gevo receives certification from the Roundtable on Sustainable Biomaterials » 09:0702/0602/06/20
Gevo has received…
Gevo has received certification from the Roundtable on Sustainable Biomaterials. The certification is for Gevo's sourcing of sustainable corn at its production facility in Luverne, Minnesota, and its production of intermediate feedstock Isobutanol. This certification provides validation that Gevo's business model works from a sustainability point of view. RSB certification demonstrates that Gevo's production is sequestering carbon in the soil, meeting limits on the use of chemicals in the production of its bio-based feedstock, respecting water, land, labor rights, and ensuring food security.
Gevo supplies Avfuel with sustainable aviation fuel for Banyan Air Service » 09:0601/3101/31/20
Gevo announced it has…
Gevo announced it has supplied SAF to further support carbon neutrality goals in the aviation industry. Gevo's customer and global fuel supplier, Avfuel Corporation, delivered SAF to Banyan Air Service in Fort Lauderdale, Florida where they stated that the fuel accounts for a two metric ton reduction in lifecycle CO2 emissions, furthering sustainability goals for Banyan Air Service and Avfuel. The fuel was allotted to operators via commitments prior to its delivery. To supply the fuel, Avfuel acquires a concentrated delivery of SAF from Gevo and blends it with petroleum-based jet fuel. This mixture is then tested for fuel quality and to ensure it meets all standards associated with jet fuel.