In Colorado, Gevo announced its FY 2015 Q4 results with revenue of $7.3 million for the quarter. The company also announced it would resume isobutanol production at its Luverne, Minnesota plant, which it paused in 2015 in order to perform $5 million in upgrades to the facility. The plant maintains a target of up to 1 million gallons of isobutanol in 2016 and expects the production cost to go down to $3.00- $3.50 per gallon, with an expected average selling price of $3.50- $4.50/ gallon.
Other highlights from the Q4 report include:
- The company entered into a license agreement and joint development agreement with Porta Hnos S.A. to construct new isobutanol plants in Argentina using corn as a feedstock. The first facility is anticipated to begin production in 2017.
- The ASTM International Committee approved the revision of the standard for aviation fuels to include alcohol to jet (ATJ) aviation biofuels derived from renewable isobutanol.
- EPS of $0.44, cash and cash equivalents of $17 million, and non-GAAP cash EBITDA loss of $4.2 million
More on the story.
