Gevo completes sale of Luverne, Minnesota, ethanol facility to A.E. Innovation

Gevo (GEVO) announces that it has completed the sale transaction of Agri-Energy, a wholly owned subsidiary of Gevo, to A.E. Innovation. The transaction includes Agri’s 18-million-gallon-per-year ethanol-production facility and a portion of the adjacent land, located in Luverne, Minnesota. For Gevo, this is a divestiture of a non-core asset that provided $2 million in cash up front and $5 million in future cash installments, while saving annual idling costs of approximately $3 million per year. Under the terms of the sale, Gevo retained ownership of the majority of the isobutanol production assets onsite and approximately 30 acres of land.