Gevo to sell Luverne, Minnesota ethanol facility to A.E. Innovation

Gevo (GEVO) announce that it has entered into a definitive agreement to sell Agri-Energy, a wholly owned subsidiary of Gevo, to A.E. Innovation, or $7 million. The transaction includes Agri’s 18-million-gallon-per-year ethanol-production facility located in Luverne, Minnesota. Gevo will retain ownership of certain isobutanol-production-related assets and a portion of the vacant land at the site for future use. With these retained assets, Gevo could potentially produce up to 1 million gallons per year of isobutanol, which can be sold as a specialty chemical, or converted into isooctane and jet fuel.