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Reports EPS of ($0.35) including $2.0 million non-cash gain from the change in fair value of embedded derivatives contained in Gevo's convertible notes
Ended the quarter with cash and cash equivalents of $41 million
Net cash used of $13.5 million in second quarter of 2013
Resumed commercial production of isobutanol at Luverne, Minn. plant in June
Expanded production to second production train at Luverne, Minn. plant in July
Supplied the U.S. Coast Guard with finished fuel blended with 16% renewable isobutanol
ENGLEWOOD, Colo., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO) today announced its financial results for the three months ended June 30, 2013 and provided an update on recent corporate highlights.
"Resuming production of isobutanol at our Luverne plant and being able to see firsthand the processing advantages from the use of our proprietary Gevo Integrated Fermentation Technology
®) system are the most significant events of the second quarter," said Patrick Gruber Ph.D., chief executive officer of Gevo. "I am pleased to report that our initial single train production runs have shown that our GIFT
® systems work well and that we can manage microbial contamination at the plant. We've brought up another million-liter fermenter and GIFT
® system that serves to further validate our technology and plant know-how. We plan to bring the final fermenters and GIFT
® system online at Luverne in the second half of 2013, testing run rates with all the fermenters and GIFT
® systems, then settling into an ongoing production mode, and ramping up production and sales over the balance of 2013 and into 2014. The task at hand is to bring the whole plant up and begin supplying customers on a reliable basis."
On June 18, 2013, Gevo announced that it resumed commercial production of isobutanol at its Luverne, Minn. plant in single production train mode. In its initial production, the company successfully used its proprietary GIFT
® system, an important step toward further validation of the company's technology. Gevo plans to bring all of its fermenters and GIFT
® systems online in the second half of 2013, testing run rates, then ramping up production and sales in 2014.
On August 1, 2013, Gevo announced that it had increased commercial production of isobutanol at its Luverne facility by bringing online a second production train utilizing its proprietary GIFT
® system. By bringing online a second million-liter fermenter and GIFT
® system at its facility in Luverne, Gevo has significantly increased its current isobutanol production capacity following the initial resumption of production in June 2013.
In June the company supplied the U.S. Coast Guard Research & Development Center (USCG) through its contractor Science Applications International Corporation with finished fuel blended with 16% renewable isobutanol. The USCG R&D Center is using the Gevo-blended fuel as part of a 12-month, long-term operational study on marine engines that began during June 2013. The testing is being performed under a Cooperative Research and Development Agreement (CRADA) between the USCG, Honda, and Mercury and will focus on two of the Coast Guard's platform boats – 38-foot Special Purpose Craft -Training Boat & 25-foot Response Boat - Small. The USCG completed a 3 month round of testing in Florida earlier this year under the CRADA with Honda engines running on fuel supplied by Gevo which contained 16.1% renewable isobutanol.