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Finance

Gevo incurs loss in first quarter

Renewable chemicals and advanced biofuels company Gevo, Inc. saw a loss of $19.3 million following an increase in expenses in the first quarter of 2012.

The company's total revenue for the three months ended March 31, 2012 was $14.9 million compared with $15.3 million for the same period in 2011.

The company saw a decrease in their ethanol sales following a lowering of market prices. They also saw an increase in selling and administrative expenses for the first quarter. Company expenses were at $13.1 million this year, compared with $5.2 million last year.

Major spending was attributed to Gevo's ongoing litigation with Butamax Advanced Biofuels (See related story.)

The company also incurred $13.3 million in retrofit-related capital expenditures during the first quarter for their plant in Luverne, Minnesota.

The company has been working on equipping the Luverne facility to produce renewable isobutanol on a commercial scale. The facility currently produces ethanol with a capacity of 22 million gallons per year. By June 30, the facility should be able to produce 18 MGPY of isobutanol.

Isobutanol is a naturally occurring four carbon alcohol that can replace petroleum-derived chemicals and can also be used as a drop-in biofuel.– EcoSeed Staff



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