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The founders/managing partners of Claeris and Gevo, Inc. (NASDAQ: GEVO) founded Gevo Development in 2009 to commercialize Gevo’s breakthrough proprietary technology for the production of advanced biofuels and renewable chemicals. Gevo Development was formed to acquire, retrofit, finance, and operate a fleet of advanced bio-refineries to serve the refining and chemical industries. Gevo’s products provide sustainable, cost-effective, and environmentally responsible alternatives for the advanced biofuels and petrochemical markets. Gevo’s proprietary technology is designed to be retrofitted to an existing ethanol facility.
Gevo website: www.gevo.com |
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September 2009: Gevo Development formed |
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September 2010: Gevo Development acquired Agri-Energy (a 22 million gallon ethanol plant) to be retrofitted to produce isobutanol |
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September 2010: Gevo Development closes $17 million of financing from Triplepoint Capital to fund the acquisition of Agri-Energy |
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February 2011: Gevo consummates an initial public offering raising over $120 million and realizing a market capitalization of over $400 million. UBS Investment Bank, Piper Jaffray and Citi acted as joint book-running managers, with Simmons & Company International acting as a co-manager for the offering |
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June 2011: Gevo Development enters into joint venture with Redfield Energy, LLC (a 50 million gallon ethanol plant) to be retrofitted to produce isobutanol |
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October 2011: Gevo Development closes $20 million in financing from Triplepoint Capital to fund retrofit of Agri-Energy |
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January 2012: Gevo Development signs MOU with ethanol producer representing 70 percent of Gevo 2015 expected future isobutanol production |
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• Gevo’s common equity value increased: 460%
• Gevo’s total equity value increased: 330%
• Formation of Gevo Development to Gevo IPO: 17 months |
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The founders/managing partners of Claeris founded ASAlliances Biofuels (“ASAB”), a pioneering company in the biofuels sector. ASAB was the largest ethanol development project in the world with a production capacity of 330 million gallons per year. ASAB became one of the first dynamic business enterprises to emerge out of the highly fragmented ethanol industry. |
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January 2005: ASAB formed |
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February 2006: ASAB was capitalized with $432 million of debt and equity. The financing was and remains the largest ethanol financing ever completed and was awarded the Project Finance Institute 2006 Environmental Deal of the Year |
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September 2006: ASAB filed a registration statement on Form S-1 with the SEC. UBS, Lehman Brothers, Morgan Stanley, Credit Suisse, and FBR were named as underwriters in the proposed $300 million equity offering |
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August 2007: ASAB was sold to Verasun Energy Corporation for $725 million |
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• IRR on invested equity: 410%
• Development to capitalization: 14 months
• Capitalization to exit: 18 months |
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