Friday, October 1, 2010

Gevo Plans $17M For Retrofit of Ethanol Plant

Englewood, Colorado-based Gevo, a developer of biofuels technology, revealed that it expects to spend approximately $17M in capital costs to retrofit its recently acquired 22 MGPY ethanol production facility in Minnesota. The firm, which inked a deal in August to buy the plant from Agri-Energy, said it expects to begin commercial production of isobutanol at the plant in the first half of 2012. The acquisition of the plant closed last week. The firm said it expects the plant to produce over 500 million gallons of isobutanol in 2014 from the plant. The facility currently produces and sells ethanol. Gevo said it expects the facility to continue to supply ethanol during its retrofit. Gevo is backed by venture firms Khosla Ventures and Virgin Fuels.