Gevo, a renewable chemicals and biofuels company, has announced its plans to acquire the assets of Red Trail Energy, an ethanol producer based in North Dakota. The acquisition includes the ethanol production facility in Richardton as well as the management company that oversees operations. This move will allow Gevo to expand its presence in the biofuels industry and further its mission of reducing greenhouse gas emissions.
The Red Trail Energy facility has an annual production capacity of 63 million gallons of ethanol and utilizes a mix of corn and other grains as feedstock. Gevo plans to retrofit the facility to produce renewable biofuels using its patented technology, which is derived from corn and other renewable feedstocks. This conversion is expected to reduce the facility’s carbon footprint significantly.
Gevo’s CEO, Dr. Patrick Gruber, expressed excitement about the acquisition, highlighting the potential for synergy between the two companies. He emphasized the importance of producing sustainable biofuels that can help mitigate climate change and reduce reliance on fossil fuels. The acquisition aligns with Gevo’s commitment to developing renewable solutions that benefit both the environment and the economy.
Red Trail Energy’s CEO, Gerald Bachmeier, also spoke positively about the acquisition, stating that Gevo’s expertise in renewable chemicals and biofuels will be valuable in enhancing the facility’s operations. The acquisition is expected to be finalized within the next few months pending regulatory approvals.
Overall, the acquisition of Red Trail Energy’s assets marks an important step for Gevo in its efforts to expand its biofuels production capabilities. By leveraging its innovative technology and expertise, Gevo aims to contribute to a more sustainable future for the biofuels industry.
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