Gevo Sells Luverne Ethanol Plant to A.E. Innovation
Reuters
Nov 04
Gevo Sells Luverne Ethanol Plant to A.E. Innovation
Gevo, Inc. has completed the sale of its wholly owned subsidiary Agri-Energy, LLC, including an 18-million-gallon-per-year ethanol production facility and a portion of adjacent land in Luverne, Minnesota, to A.E. Innovation, LLC. The transaction provides Gevo with $2 million in cash up front and $5 million in future installments, and eliminates annual idling costs of approximately $3 million. Gevo has retained ownership of most of the isobutanol production assets on site and about 30 acres of land. A.E. Innovation plans to restart ethanol production at the facility and make the site available for scaling up new technologies, while Gevo will continue to utilize its fermentation technologies to produce up to 1 million gallons per year of low-carbon isobutanol.
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