Department of Energy’s Chemical Catalysis for Bioenergy Consortium (ChemCatBio) Awards Funding to Support Project
Englewood, CO (GLOBE NEWSWIRE) - Gevo, Inc. (NASDAQ:GEVO), announced today that it will be partnering with Los Alamos National Laboratory (LANL) on a project to improve the energy density of certain Gevo hydrocarbon products, such as its alcohol-to-jet-fuel (ATJ), to meet product specifications for tactical fuels for specialized military applications such as RJ-4, RJ-6 and JP-10, which are currently purchased by the US Department of Defense (DoD). ChemCatBio, a consortium within the US Department of Energy, awarded funding to LANL in support of the project.
Gevo and LANL are looking to develop a low-cost, catalytic technology that would be bolted-on to Gevo’s existing isobutanol-to-hydrocarbons process to produce high energy density fuels (HEDFs). With the successful scale-up of this technology, it is believed that Gevo’s HEDFs could be produced at a lower cost than the petroleum-based equivalent, even at current oil prices.
HEDFs are currently used in air and sea-launched cruise missiles used by the US military forces. If this project is successful in scaling HEDFs cost-effectively, there may be an even broader application in the general aviation sector, enabling higher energy density jet fuel that would provide superior mileage to traditional aviation fuels.
“High energy density fuels have the potential to increase the range of an aircraft or increase the payload that could be carried,” said Dr. Andrew Sutton of Los Alamos National Laboratory. “That gives an obvious tactical advantage, but if this could eventually be scaled for wider use then translating these benefits to commercial airlines would have an even greater global impact.”
“Currently, certain HEDFs are supplied by limited suppliers, so the DoD is interested in supporting alternative sources of these fuels, and potentially at a lower cost,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer. “The added benefit that this would be a renewable fuel that helps reduce greenhouse gas emissions is just icing on the cake.”
Gevo is a renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo’s strategy is to commercialize bio-based alternatives to petroleum-based products to allow for the optimization of fermentation facilities’ assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, Minnesota. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, Texas, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc. and Total SA, among others. Gevo is committed to a sustainable bio-based economy that meets society’s needs for plentiful food and clean air and water.
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, which include statements relating to the partnership with LANL, cost of production of HEDFs by Gevo, demand for HEDFs that might be produced by Gevo in the future and the benefits of Gevo’s products, 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 Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo 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, 2016, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
© 2017 GlobeNewswire, Inc. All Rights Reserved.
SOURCE: Gevo, Inc.