Gevo and LG Chem Extend Joint Development Agreement for Bio-Propylene to Accelerate Commercialization Using Gevo Ethanol-to-Olefins Technology
12 12월 2024 - 10:30PM
Gevo, Inc. (NASDAQ: GEVO) and LG Chem, Ltd. (KRX: 051910), leading
global chemical companies committed to producing sustainable
products, are extending their joint development agreement (the
“Agreement”). The agreement extension enables LG Chem to assess
existing assets for deploying Gevo’s Ethanol-to-Olefins (“ETO”)
technology while accelerating commercialization activities,
considering project scale and end-product markets.
“Gevo’s partnership with LG Chem is a great example of how we
intend to accelerate development and commercialization of our
patented ETO technology to enable renewable chemicals with our
world-class partner,” said Gevo’s Chief Carbon and Innovation
Officer, Dr. Paul Bloom. “Our ethanol-to-olefin process holds
immense promise to decarbonize a substantial portion of the market
for propylene, and LG Chem is starting commercial activities ahead
of the timeline we originally planned.”
Gevo’s patented ETO technology can target carbon-neutral or
carbon-negative drop-in replacements for traditional
petroleum-based building blocks. These are core olefins, that can
be used for renewable fuels and chemicals, including sustainable
aviation fuel and bio-propylene. ETO technology is just one of
multiple patented technologies that Gevo is bringing to bear on the
challenges of developing cost-effective bio-based renewable fuels
and chemicals.
“LG Chem is committed to scaling pathways to sustainable
products, and leveraging partnerships is a proven way to gain
access to proprietary technologies and share ours,” said Dong-hyun
Cho, Vice President, Head of LG Chem’s Petrochemicals R&D. “Our
joint development agreement with Gevo is already helping LG Chem to
shape sustainable and eco-friendly future business strategies.”
Because it can replace fossil-based products as a renewable raw
material for various plastic products, bio-propylene is expected to
play a pivotal role in the rapid growth of the bioplastic market
and circular economy. Once commercialization is achieved,
bio-propylene could be used as a drop-in replacement for use in a
range of products from auto parts to flooring to diapers to replace
petroleum products with bio-based materials with a low or negative
carbon footprint.
About Gevo Gevo's mission is to convert
renewable energy and biogenic carbon into sustainable fuels and
chemicals with a net zero or better carbon footprint. Gevo’s
innovative technology can be used to make a variety of products,
including sustainable aviation fuel (“SAF”), motor fuels,
chemicals, and other materials. Gevo’s business model includes
developing, financing, and operating production facilities for
these renewable fuels and other products. It currently runs one of
the largest dairy-based renewable natural gas (“RNG”) facilities in
the United States. It also owns the world’s first production
facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals.
Gevo emphasizes the importance of sustainability by tracking and
verifying the carbon footprint of their business systems through
its Verity subsidiary.
For more information, see www.gevo.com.
About LG ChemLG Chem is a leading global
chemical company with a diversified business portfolio in the key
areas of petrochemicals, advanced materials, and life sciences. The
company manufactures a wide range of products from high-value-added
petrochemicals to renewable plastics, specializing in cutting-edge
electronic and battery materials, as well as drugs and vaccines to
deliver differentiated solutions for its customers. LG Chem is
committed to reaching carbon-neutral growth by 2030 and net-zero
emissions by 2050 by managing the impacts of climate change and
making positive contributions to society through renewable energy
and responsible supply chains. Headquartered in Seoul, Korea, LG
Chem has multiple operation sites worldwide and generated
consolidated revenue of KRW 55.2 trillion (USD 42.3 billion) in
2023.
For more information, visit www.lgchem.com.
Forward-Looking StatementsCertain 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 ETO technology, the
commercial benefits of bio-propylene, whether the ETO technology
will be commercialized, the benefits that might accrue as a result
of the Agreement with LG Chem, and other statements that are not
purely statements of historical fact. These forward-looking
statements are made based on 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, 2023, 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.
Media ContactHeather ManuelVice President,
Stakeholder Engagement & PartnershipsPR@gevo.com
IR ContactEric FreyVice President of Corporate
DevelopmentIR@Gevo.com
Gevo (NASDAQ:GEVO)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Gevo (NASDAQ:GEVO)
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부터 12월(12) 2023 으로 12월(12) 2024