Biofuel company Gevo, Inc., has filed for an initial public offering (IPO) of up to $150 million.
The exact number of shares to be offered and the price range have not yet been determined.
Gevo's technology platform converts renewable raw materials into
isobutanol and renewable hydrocarbons that can be directly integrated on
a "drop in" basis into existing fuel and chemical products to deliver
environmental and economic benefits.
The company says it is currently able to convert almost 94% of the plant sugars theoretically available in a feedstock--which is a remarkably high yield.
Khosla Ventures holds the largest stake in the compan at more than 40%. Other venture capital investors include Burrill & Company, Malaysian Life Sciences Capital Fund, Lanxess and Virgin Green Fund.
In July, Gevo signed a non-binding supply agreement to supply renewable jet fuel to United Airline at its major hub airport in Chicago. Gevo anticipates that the initial quantity will be 10,000 barrels per day, beginning in 4Q12--with a goal of ramping up to 30,000 barrels per day by 2015 and 60,000 barrels per day by 2020.
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