Gevo – Acquisition of Belongings in North Dakota Proceeds Following Approval Vote by Crimson Path Vitality’s Fairness Holders
ENGLEWOOD, Colo., Dec. 11, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), a number one developer of net-zero hydrocarbon fuels and chemical compounds, is happy to announce that its deliberate acquisition of the ethanol manufacturing plant and carbon seize and sequestration (“CCS”) belongings of Crimson Path Vitality, LLC (“Crimson Path Vitality”), handed an essential milestone because the fairness holders of Crimson Path Vitality voted overwhelmingly to approve the transaction. This acquisition will speed up Gevo’s mission to remodel renewable carbon and photosynthetic power into net-zero liquid transportation fuels and chemical compounds whereas abating carbon.
Gevo CEO, Dr. Patrick Gruber, stated :
On behalf of all the group at Gevo, and our board of administrators, stakeholders, shareholders, buyers, and prospects and trade companions, we want to thank the fairness holders of Crimson Path Vitality for approving the acquisition,
“With this funding, Gevo might be set on a path to changing into self-sustaining and worthwhile as an organization upfront of our Web-Zero 1 venture coming on-line. This acquisition additionally allows a perfect location for a ‘Web-Zero North’ plant to supply sustainable aviation gasoline (“SAF”). It additionally mitigates danger round carbon sequestration for our Web-Zero 1 plant web site in South Dakota.”
Gevo is buying the Crimson Path Vitality ethanol manufacturing belongings and the CCS belongings, each primarily based in Richardton, North Dakota, for $210 million in money, topic to customary closing changes. The transaction is predicted to shut by the primary quarter of 2025, topic to receipt of regulatory approvals and the satisfaction of different customary closing circumstances, together with procurement of financing for the acquisition. Gevo expects that these companies, with the potential to create and ship helpful biogenic carbon credit along with the supply of superior liquid fuels ought to ship superior worth to its shareholders.
Dr. Chris Ryan, President and COO of Gevo, stated :
We consider these belongings are perfect for furthering Gevo’s mission to create price-competitive home bio-based manufacturing pathways for SAF utilizing Gevo’s built-in alcohol-to-jet know-how and defossilized power, mixed with CCS,
“The CCS effectively offers us optionality for our Web-Zero-1 carbon sequestration in addition to regional synergies with Web-Zero 1, below improvement in Lake Preston, South Dakota, our improvement facility in Luverne, Minnesota, and our renewable pure gasoline (“RNG”) operations in Northwest Iowa. As Web-Zero 1 and different manufacturing services come on-line, the infrastructure and sources that we’ll have acquired in North Dakota supply super flexibility for a way we’d function within the space.”
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Gevo – Acquisition of Belongings in North Dakota Proceeds Following Approval Vote by Crimson Path Vitality’s Fairness Holders, supply
