ENGLEWOOD, Colo., March 6, 2014 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO), the world's only commercial producer of renewable isobutanol, announced today that Porta Hnos S.A. ("Porta") has signed a letter of intent to become the exclusive licensee of GIFT® in Argentina to produce renewable isobutanol.
"Isobutanol's versatility and hydrocarbon-like properties make it an ideal renewable fuel and chemical for Argentina and Gevo's GIFT® technology is the most efficient way to produce it," said Fernando Porta, Vice President of Porta. "Porta is already a leading ethanol producer in Argentina and we would like to expand our footprint to other high-value renewable alcohols such as isobutanol."
Porta is a 132 year old family owned company in Argentina that produces liquor, vinegars and has a 120 m3/day corn ethanol plant. In addition, Porta has designed and built two 250 m3/day ethanol plants for others and they are working on 2 more ethanol plants for 2014. Half of all current ethanol plants in Argentina were designed by Porta, and they have a joint venture with Alpha Laval to provide separation and evaporation expertise.
"Commercial licensing of our GIFT® technology in the US and abroad is the next step in Gevo's business model and we are very pleased to be working in Argentina with an industry leader like Porta," said Patrick Gruber, Gevo's chief executive officer. "Commercial licenses demonstrate the value of Gevo's GIFT® technology to the market place and enables a low-capital route to building out renewable isobutanol capacity globally."
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo has executed initial commercial-scale production runs at its isobutanol facility in Luverne, Minn., constructed in conjunction with ICM, a leading provider of proprietary ethanol process technology, and has a marquee list of partners including The Coca-Cola Company, Sasol Chemical Industries, and LANXESS, Inc., an affiliate of LANXESS Corporation, among others. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water. For more information, visit www.gevo.com.
About Porta Hnos S.A.
Porta Hnos is one of the leading alcohols companies in Argentina, producing almost 100 million liters annually. Porta Hnos is diversified across 6 independent divisions: Alcohol, Beverages, Distillery, Softeners, Vinegars & Balsamic Vinegars and Porta Engineering. Porta Hnos was founded in Córdoba, Argentina, by Italian immigrants in the 1882, and now is directed by fourth generation family members and employs over 350 people. For more information, visit http://en.portahnos.com.ar.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2012, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.