Gevo's revenues grow to USD 17.5m in Q3 2011

Nov 2, 2011 - US advanced biofuels firm Gevo Inc (NASDAQ:GEVO) on Tuesday said it generated USD 17.5 million (EUR 12.7m) in revenues in the third quarter of 2011 versus USD 1.5 million a year ago.

The increase reflects revenues from ethanol sales from the facility in Luverne, Minnesota, which the company bought in September 2010.

Gevo is in the middle of commercialising renewable isobutanol and, as part of that process, it is retrofitting the Luverne facility. Yesterday it said it was on track to start isobutanol production in the first half of 2012. Gevo also said that the Luverne plant would continue to deliver revenue from ethanol and related products during the isobutanol retrofit.

In the third quarter, the company saw its net loss narrow to USD 12.3 million from USD 17.3 million a year ago. Research and development costs rose to USD 5.2 million from USD 3.6 million, while selling, general and administrative expenses fell to USD 7.6 million from USD 11.6 million.

Gevo is turning existing ethanol facilities into biorefineries and plans to produce isobutanol and renewable hydrocarbons that can be integrated into existing chemical and fuel products on a "drop in" basis.

(USD 1 = EUR 0.728)

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