The majority of the world's PET production is for synthetic fibers (in excess of 60 percent), with bottle production accounting for around 30 percent of global demand. Gevo's paraxylene, once converted to bio-based PET, has high potential for any commercial application currently served by petroleum-derived PET.
According to Yukichi Deguchi, Senior Vice President, Member of the Board, and General Manager of the R&D division at Toray, Toray's management policy states that all business strategies must place priority on the global environment in an effort to help realize a sustainable society. Under this policy, Toray is expanding its biomass-derived materials business centered on research and development of biomass-derived polymers. "PET is one of the major polymer products for Toray and the completion of this demonstration-scale facility by Gevo is a significant step to evaluate business potential for the fully renewable PET," Deguchi said.
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo has executed initial commercial-scale production runs at its isobutanol facility in Luverne, Minn., constructed in conjunction with ICM, a leading provider of proprietary ethanol process technology, and has a marquee list of partners including The Coca-Cola Company, Sasol Chemical Industries, and LANXESS, Inc., an affiliate of LANXESS Corporation, among others. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water. For more information, visit www.gevo.com.
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 include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. 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 the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company 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, 2012, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
CONTACT: Media Contact:
Robin PeakGevo, Inc.
T: (303) 815-4478
Mark SmithGevo, Inc.
T: (720) 267-8615
Source: Gevo, Inc.