Gevo Awarded Patent for Process to Upgrade or Convert Ethanol and Bio-based Alcohols to Drop-In Hydrocarbon Fuels
27 September 2021 - 11:00PM
Gevo, Inc. (NASDAQ: GEVO), announced that it has received a patent
from the United States Patent and Trademark Office (“USPTO”) for a
process that encompasses upgrading ethanol and bio-based alcohols
into drop-in, bio-based diesel and jet-fuel products.
The USPTO has awarded Gevo U.S. Patent No. 11,078,433 titled
“Conversion of Mixtures of C2-C8 Olefins to Jet Fuel and/or Diesel
Fuel in High Yield from Bio-Based Alcohols.” The patented process
establishes a new technology and route to hydrocarbons that did not
previously exist. This creates an opportunity for Gevo to diversify
ethanol production to help meet increasing demand for renewable
diesel and jet fuel. Securing the patent falls in line with Gevo’s
business model to develop, apply, and scale technology that can be
used to produce drop-in hydrocarbon fuels. These fuels, when
coupled with Gevo’s integrated-systems approach that includes
regenerative agriculture and non-fossil-based renewable energy,
could produce net-zero greenhouse gas (GHG) emissions over the
lifecycle of the product.
“We have been working on the conversion of alcohols into
hydrocarbons for many years. Ethanol, when produced using renewable
energy in combination with other sustainable practices, could be a
good feedstock. The technology in this patent is different from
what others have done in that it provides high yields of quality
diesel fuel, and can also produce SAF if we want,” says Dr. Patrick
Gruber, Chief Executive Officer of Gevo. “We are believers in the
‘net-zero’ approach. We need to account for carbon and related
emissions across the whole of the business system. We must pay
attention to the source of renewable carbon and the energy involved
with manufacturing fuel products. But that alone isn’t enough. We
also have to pay attention to additional key sustainability
attributes in the business system, like agricultural practices,
land use, protein production, water, and all the rest. From our
work on Net-Zero 1, we have a deep conviction that net-zero
hydrocarbons are possible and commercially viable. We need to work
to further decarbonize ethanol.”
“This patent covers technology that has the flexibility to make
quality renewable diesel fuel or jet fuel from ethanol in a simple
catalytic process. Producing renewable diesel makes sense in some
regions of the world, whereas in others, producing high levels of
jet fuel might be the right economic answer. There is a lot of
overlap in the production technology used for the conversion of
ethanol or isobutanol to hydrocarbons, so it shouldn’t surprise
anyone that we would broaden our scope,” commented Dr. Paul
Bloom, Chief Carbon and Innovation Officer of Gevo. “The
combination of using decarbonized, plant-based alcohols, with our
proprietary innovations to processing techniques known in the
chemical industry can be a very powerful approach to dial-in the
desired renewable hydrocarbon fuel product mix.
Gevo believes the grant of this patent adds additional value to
the company’s intellectual property portfolio, which has previously
been valued at greater than $400 million by Peak Value IP LLC in
2020.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full life cycle
of the products. Gevo uses low-carbon renewable resource-based
carbohydrates as raw materials, and is in an advanced state of
developing renewable electricity and renewable natural gas for use
in production processes, resulting in low-carbon fuels with
substantially reduced carbon intensity (the level of greenhouse gas
emissions compared to standard petroleum fossil-based fuels across
their life cycle). Gevo’s products perform as well or better than
traditional fossil-based fuels in infrastructure and engines, but
with substantially reduced greenhouse gas emissions. In addition to
addressing the problems of fuels, Gevo’s technology also enables
certain plastics, such as polyester, to be made with more
sustainable ingredients. Gevo’s ability to penetrate the growing
low-carbon fuels market depends on the price of oil and the value
of abating carbon emissions that would otherwise increase
greenhouse gas emissions. Gevo believes that its proven, patented
technology enabling the use of a variety of low-carbon sustainable
feedstocks to produce price-competitive low-carbon products such as
gasoline components, jet fuel and diesel fuel yields the potential
to generate project and corporate returns that justify the
build-out of a multi-billion-dollar business.
Gevo believes that the Argonne National Laboratory GREET model
is the best available standard of scientific-based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, Gevo’s patent awards, Gevo’s patent portfolio, Gevo’s
technology, Gevo’s products, the value of Gevo’s patents, Gevo’s
ability to produce products with a “net-zero” greenhouse gas
footprint, Gevo’s plans and strategy, and other statements that are
not purely statements of historical fact. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Gevo and are
subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2020,
and in subsequent reports on Forms 10-Q and 8-K and other filings
made with the U.S. Securities and Exchange Commission by Gevo.
Investor and Media Contact+1
720-647-9605IR@gevo.com
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