Business
Gevo Reports Third Quarter 2021 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. EST/2:30 p.m. MST ENGLEWOOD, Colo., Nov. 10, 2021 (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. EST/2:30 p.m. MST\nENGLEWOOD, Colo., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the third quarter of 2021 and recent corporate highlights. Recent Corporate Highlights On October 25, 2021, Gevo announced that it signed a memorandum of understanding (“MoU”) with Archer-Daniels-Midland Company (“ADM”) to support the production of sustainable aviation fuel (“SAF”) and other low carbon-footprint hydrocarbon fuels. The MoU contemplates the production of both ethanol and isobutanol that would then be transformed into renewable low carbon-footprint hydrocarbons using Gevo’s processing technology and capabilities.On October 12, 2021, Gevo announced that it entered into an agreement with Axens North America, Inc. (“Axens”) that establishes a strategic alliance aimed at accelerating the commercialization of sustainable ethanol-to-jet projects in the United States. The production technology to convert ethanol to hydrocarbons has been exclusively licensed to Gevo in the United States by Axens and incorporates more than 60 patents, as well as proprietary production technology and know-how.On October 7, 2021, Gevo announced that it engaged Kiewit Energy Group Inc. to lead the Front End Engineering Design (“FEED”) effort for its Net-Zero 1 Project in Lake Preston, South Dakota.On September 23, 2021, Gevo announced that it entered into an asset purchase agreement with Butamax Advanced Biofuels LLC (“Butamax”) and its affiliate, Danisco US Inc., to acquire certain patents, leaving Gevo as the only entity with full rights to sublicense the entire Gevo/Butamax isobutanol and isobutanol derivatives patent estate in the fields of fuels, isooctane, industrial chemicals, isobutylene, oligomerized isobutylene, and para-xylene.On September 9, 2021, Gevo announced that it signed a letter of intent with Chevron U.S.A. Inc. (“Chevron”), a subsidiary to Chevron Corporation, to jointly invest in building and operating one or more new facilities that would process inedible corn to produce sustainable aviation fuel, which can lower the lifecycle carbon intensity of fuels used in the aviation industry. 2021 Third Quarter Financial Highlights Ended the quarter with cash, cash equivalents, restricted cash and marketable securities of $522.4 million compared to $5...