Gevo Inc (NASDAQ:GEVO) (FRA:ZGV3) announced Monday that it has engaged Koch Project Solutions LLC to provide front-end engineering, design, and project execution management services for its expansion projects to transform renewable energy into low carbon liquid transportation fuels.
The Colorado-based fuel company is currently in the process of financing the projects with Citigroup Global Markets Inc.
"The world is changing rapidly. We appreciate being able to tap into Koch Project Solutions, a subsidiary of Koch Industries, and their vast experience,” said Gevo CEO Patrick Gruber in a statement.
READ: Gevo options 239 acres in South Dakota for a planned renewable hydrocarbon production facility as part of Trafigura contract
"Gevo's focus is on drop-in renewable resource-based hydrocarbons with a massively reduced carbon footprint. These hydrocarbons are the same as those derived from fossil-based oil, except that we make them from renewable resources. Because we use renewable resources, we can see how to reduce and eliminate tailpipe emissions, on a net-carbon basis and also reduce or even eliminate the pollutants that contribute to smog," Gruber added.
Gevo last month announced that it has optioned the right to purchase nearly 239 acres of land near Lake Preston, South Dakota for a planned fuel production facility. The production facility is contemplated to produce about 45 million gallons per year collectively of jet fuel and renewable gasoline products.
"We are excited to bring Koch resources to bear on the advancement of Gevo's low-carbon hydrocarbons," said Paul Switzer, president of Koch Project Solutions.
"Gevo and Koch Project Solutions have forged a beneficial partnership that will deliver this valuable technology at a meaningful scale. It fits well into the Koch vision to help deliver superior societal benefits from existing feedstocks."
Contact the author: patrick@proactiveinvestors.com
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