Gevo Q2 revenues up $14m

ERJ staff report (LMH)

Englewood, Colorado -- Gevo, Inc. reported second quarter revenues of $14.5 million, up from $0.5 million during the same period in 2010.

The renewable chemicals and advanced biofuels company said this increase was as a result of the revenues from Agri-Energy in Luverne, Minnesota, which the Company acquired in September 2010.

The net loss for the second quarter of 2011 was $12.5 million compared to $8.6 million for the second quarter of 2010.

The company also announced in a 1 Aug statement that it had entered into a definitive commercial off-take agreement with Sasol Chemical Industries Ltd, commencing in 2012. Gevo said the three-year agreement anticipates the use of the majority of Gevo's 2012 and 2013 production capacity and includes specific volume and price commitments.

Gevo noted that it has completed the detail planning and design for the retrofit of its Luverne facility and the company continues to expect the facility to produce renewable isobutanol in the first half of 2012.

“Gevo has made great progress on all fronts and we are exceeding our original commercialisation plans. We are particularly excited about the commercial agreement we've achieved with Sasol and our joint venture with Redfield that we announced in mid-June,” said Patrick Gruber, CEO of Gevo.

He added, “The ability to consummate our first off-take while at the same time proving the value of our retrofit model sets an excellent precedent and significantly de-risks our platform.”

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Press release from Gevo