Gevo to sell stock, notes to raise funds for isobutanol production
10 December 2013 21:52 [Source: ICIS news]
HOUSTON (ICIS)--Gevo plans to sell common stock and senior note units in order to raise funds to ramp up bio-based isobutanol production at its Luverne, Minnesota, plant, the US company said on Tuesday.
Gevo also plans to use a portion of the proceeds from the senior note offering to repay $5.1m (€3.7m) in long-term debt obligations, the company said in a news release.
Earlier this year, Gevo started up its second million-litre fermenter and GIFT separation system at its bio-based isobutanol plant, which the company commissioned in May 2012.
Gevo’s isobutanol can be used as a building block to make jet fuel and chemical products in markets such as plastics and fibres, as well as solvents and coatings.
($1 = €0.73)By: Jeremy Pafford+1 713 525 2653
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