{"id":10682,"date":"2012-05-25T10:03:15","date_gmt":"2012-05-25T08:03:15","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/gevo-starts-up-first-new-plant-shares-jump\/"},"modified":"2012-05-25T10:03:15","modified_gmt":"2012-05-25T08:03:15","slug":"gevo-starts-up-first-new-plant-shares-jump","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/gevo-starts-up-first-new-plant-shares-jump\/","title":{"rendered":"Gevo starts up first new plant, shares jump"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocatio\/spann\">May 24 (Reuters) &#8211; Gevo Inc started production at a<br \/>\nconverted ethanol plant in Minnesota, bringing on line the<br \/>\nworld&#8217;s first commercial-scale facility to make advanced<br \/>\nbiofuels and renewable chemicals. Shares rose more than 9<br \/>\npercent.<span><\/span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Gevo said it had flipped the switch on the plant, which will<br \/>\nproduce isobutanol from corn starch, on Wednesday and it expects<br \/>\nto ship the first rail cars of the chemical to its customer<br \/>\nSasol around the end of June.<\/p>\n<p><span><\/span><\/p>\n<p>Sasol will use the isobutanol as a feedstock in its chemical<br \/>\nproducts, although the organic compound can also be used as an<br \/>\nalternative to gasoline.<\/p>\n<p><span><\/span><\/p>\n<p>Chief Executive Officer Patrick Gruber told Reuters the<br \/>\ncompany would begin production slowly at the new facility<br \/>\nlocated in Luverne, Minnesota and planned to increase output to<br \/>\nabout 1 million gallons per month around the end of the year.<\/p>\n<p><span><\/span><\/p>\n<p>In addition to the isobutanol sales, Gevo will sell the corn<br \/>\nby-products into the animal feed market.<\/p>\n<p><span><\/span><\/p>\n<p>Gevo retrofitted the ethanol plant to use its own yeast and<br \/>\nfermentation technology to produce isobutanol. The company is<br \/>\ncurrently engaged in a legal dispute with Butamax, a joint<br \/>\nventure of BP Plc and DuPont over the technology.<\/p>\n<p><span><\/span><\/p>\n<p>The company is planning to start another larger facility in<br \/>\nRedfield, South Dakota next year.<\/p>\n<p><span><\/span><\/p>\n<p>Investors, who have been wary of shares in the new advanced<br \/>\nbiofuels makers, welcomed the news pushing its share price up<br \/>\n9.5 percent to $5.86 per share on the Nasdaq.<\/p>\n<p><span><\/span><\/p>\n<p>Analysts have attributed some of that market wariness to the<br \/>\ncompany&#8217;s plan to raise an estimated $75 million to $100 million<br \/>\naround mid-year.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We still have to raise money this year, and it&#8217;s question<br \/>\nof when we pull that trigger,&#8221; Gruber said.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>May 24 (Reuters) &#8211; Gevo Inc started production at a converted ethanol plant in Minnesota, bringing on line the world&#8217;s first commercial-scale facility to make advanced biofuels and renewable chemicals. Shares rose more than 9 percent. Gevo said it had flipped the switch on the plant, which will produce isobutanol from corn starch, on Wednesday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10682","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10682"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10682\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}