Gevo, a US-based producer of renewable chemicals and advanced biofuels, posted a net loss of $16.17 million in the second quarter, down 23% from the $12.46 million loss registered in the same period of last year, as ethanol sales plummeted, the company said late Tuesday.
Revenues on the three months ended June fell 52% to $7 million from $14.5 million in the year before due to suspended ethanol production at Gevo's 18 million gallons/year Luverne, Minnesota plant in May.
Gevo has halted output at Luverne to convert the plant to produce corn-based isobutanol, a chemical that can be used as a solvent or as a gasoline blendstock.
"Initial shipments of isobutanol occurred in July after quarter end. Suspension of ethanol production was expected as part of startup operations for production of biobased isobutanol at the Company's Luverne facility," the company said.
The Colorado-based company said it is continuing to explore additional capacity in the US to meet the production scale refinery customers require. Gevo has so far directed its shipments of isobutanol to chemical and non-automobile fuel customers, the statement said.
