Business
Gevo Reports Fourth Quarter 2019 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT ENGLEWOOD, Colo., March 17, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT\nENGLEWOOD, Colo., March 17, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the fourth quarter of 2019 and recent corporate highlights.\n Recent Corporate Highlights Gevo now has approximately $500 million of take-or-pay off-take agreements in place for a combination of renewable jet fuel and renewable isooctane for gasoline. This represents the revenue forecasted of 17 million gallons per year of off-take across the life of the contracts, with delivery expected to begin in 2023. The full revenue potential is subject to the completion of an expansion to Gevo’s production facility in Luverne, Minnesota (the “Luverne Facility”), which is expected to be constructed over the next several years. On December 17, 2019, Gevo announced that Delta Air Lines, Inc. agreed to purchase 10 million gallons per year of advanced renewable biofuels from Gevo, subject to the completion of the expansion of the Luverne Facility. On December 2, 2019, Gevo announced that Avfuel Corporation had begun delivery of Gevo’s renewable jet fuel to Bombardier for new customer aircraft deliveries in Canada, and on January 31, 2020, Gevo announced that it supplied renewable jet fuel to Avfuel for delivery to Banyan Air Service in Fort Lauderdale, Florida. On November 14, 2019, Gevo announced that it signed a Fuel Sales Agreement with Scandinavian Airline System to produce and supply renewable jet fuel for use and distribution in low carbon fuel regions of the United States from the planned expansion of the Luverne Facility. On March 12, 2020, Gevo announced that it 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 the Luverne Facility, 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 (“LCFS”). On February 6, 2020, Gevo announced that it received certification from the Roundtable on Sustainable Biomaterials for its sourcing of sustainable corn at the Luverne Facility and its production of intermediate feedstock isobutanol, which is in addition to Gevo’s certification from International Sustainability and Carbon Certification under the ISCC PLUS sche...