In order to restart the production of
isobutanol at Luverne, Minnesota, Gevo needs instant cash influx to
continue with the stats of 18 million gallon per year. As per the latest
report, the company has publicly offered common shares of 18.53 million, rated
$1.35 each which is targeted at raising funds of about $25 million that will be
enough to go for the next 2-3 quarters although the share offering is ought to
close on December 16. From the fund, $5.1 million will be expensed at long term
debts because Gevo has already ended the last third quarter production at cash
flow of $25.7 million. With two extra fermenters to be inducted in this year,
Gevo is set up for the steady production of isobutanol with the help of total 4
fermenters in 1st quarter of 2014.
The company has already signed a contract with
IGPC ethanol to license GIFT systems, processing technology which will boast of
ultimate flexibility in isobutanol production as per demands; with use of
cheaper corn mash in contrast of expensive feedstock dextrose by October. In
fact, Gevo is facing difficulties of cash burn in court litigations against
Butamax due to patent infringement allegations. Khosla Ventures have already
bought 1111111 common shares, which hold 40% shares of Gevo at $1.85 each. Hopes
are still alive for the booming renewable and bio-isobutanol production with
expectations of bigger turnover next year from companies such as Amyris, Gevo,
Solazyme, Metabolix and Codexis targeting higher at the commercial level.
Hiç yorum yok:
Yorum Gönder