Praj-Gevo Joint Development Agreement to Enter Commercialization Phase (2022)

Praj-Gevo Joint Development Agreement to Enter Commercialization Phase (1)

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Praj-Gevo Joint Development Agreement to Enter Commercialization Phase

At the BIO World Congress on Industrial Biotechnology taking placein Montreal, Canada, Praj Industries Ltd (Praj) and Gevo, Inc.(Gevo) (NASDAQ:GEVO) unveiled a new commercial opportunity inrenewable bioproducts, jointly announcing that Gevo’s proprietaryisobutanol technology will now be available for licensing toprocessors of sugar cane juice and molasses. This follows on theback of Praj’s development work, adapting Gevo’s technology tosugar cane and molasses feedstocks.

A Joint Development Agreement and a Development LicenseAgreement were entered into between Praj and Gevo in November 2015.The goal of these agreements was for Praj to adapt Gevo’sisobutanol technology to using non-corn based sugars andlignocellulose feedstocks. The process technology development wasperformed at Matrix, Praj’s R&D center located in Pune,India.

In the first phase of development, Praj worked with Gevo’stechnology using sugar cane and molasses feedstocks, undertakingtest-runs in order to develop a process design package that willnow be offered for commercialization to cane juice andmolasses-based ethanol plants, as licensees of Gevo’s isobutanoltechnology. Licensing is expected to be focused on Praj plantslocated in India, South America and South East Asia, with initialcapacity targeted to come on-line in the 2019/2020 timeframe.

“We are pleased with the work that Praj has done in adapting ourtechnology using cane juice and molasses as feedstocks. Praj is agreat partner who shares our vision of low carbon fuels made fromsugars in high yields. Praj has a massive footprint across theworld. We look forward to working with Praj to license thetechnology out, leveraging their access and capabilities,” said Dr.Patrick Gruber, Chief Executive Officer of Gevo.

Pramod Chaudhari, Executive Chairman, Praj, added, “We areexcited to offer this technology to our global customers who standto benefit from an additional revenue stream from isobutanol. Prajhas worked on 750 projects for ethanol plants across 75 countries.This isobutanol platform can be offered as ‘bolt-on’ to an existingethanol plant or as a greenfield plant. This isobutanol technologyis the latest addition to Praj’s diverse product portfolio andreinforces our organization’s leadership in the bioenergyspace.”

Isobutanol has several direct applications as a gasolineblendstock or as a specialty chemical solvent, or it can be used asan intermediate which can be further converted into other chemicalproducts or hydrocarbons such as Gevo’s alcohol-to-jet fuel (ATJ)and isooctane.

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In comparison to other renewable jet fuels, Gevo’s ATJ has thepotential to offer the optimal solution in terms of operating cost,capital cost, feedstock availability and scalability. In additionto being a lower carbon alternative, ATJ also offers performanceadvantages such as lower particulates, low sulfur content and alower freezing point. Alaska Airlines, the U.S. Air Force, the U.S.Army and the U.S. Navy have all flown flights using Gevo’s ATJ,derived from isobutanol using corn and cellulosic materials asfeedstocks.

Isooctane and renewable gasoline made from cane juice- andmolasses-based isobutanol are expected to be very low in carboncontent, offering new approaches to markets where low carbon fuelsare valued, such as California and other geographies.

Gevo is expected to be the primary off-taker, marketer andinitial distributor for isobutanol produced from the plants builtby Praj that use Gevo’s isobutanol technology.

In the next phase of commercialization, Praj is working to adaptGevo’s technology to Praj’s 2nd generationbio-refineries, enabling the production of isobutanol fromlignocellulosic biomass.

About PRAJ

PRAJ is a global process solutions company driven by innovationand integration capabilities, offers solutions to add significantvalue to Bio-ethanol facilities, Brewery plants, Water &Waste-water treatment systems, Critical Process Equipment &Systems, Hi-Purity solutions and Bio-products. Over the past threedecades, PRAJ has focused on Environment, Energy and Agri processled applications. PRAJ has been a trusted partner for processengineering, plant & critical equipment and systems with over750 references across five continents. Solutions offered by PRAJare backed by its state of the art R&D Center called PRAJMatrix. Led by an accomplished and caring leadership, PRAJ is asocially responsible corporate citizen. PRAJ is listed on theBombay and National Stock Exchanges of India.

About Gevo

Gevo (NASDAQ:GEVO) is a leading renewable technology, chemicalproducts, and next generation biofuels company. Gevo has developedproprietary technology that uses a combination of syntheticbiology, metabolic engineering, chemistry and chemical engineeringto focus primarily on the production of isobutanol, as well asrelated products from renewable feedstocks. Gevo’s strategy is tocommercialize bio-based alternatives to petroleum-based products toallow for the optimization of fermentation facilities’ assets, withthe ultimate goal of maximizing cash flows from the operation ofthose assets. Gevo produces isobutanol, ethanol and high-valueanimal feed at its fermentation plant in Luverne, Minnesota. Gevohas also developed technology to produce hydrocarbon products fromrenewable alcohols. Gevo currently operates a biorefinery inSilsbee, Texas, in collaboration with South Hampton Resources Inc.,to produce renewable jet fuel, octane, and ingredients for plasticslike polyester. Gevo has a marquee list of partners including TheCoca-Cola Company, Toray Industries Inc. and Total SA, amongothers. Gevo is committed to a sustainable bio-based economy thatmeets society’s needs for plentiful food and clean air andwater.

Forward-Looking Statements

Certain statements in this press release may constitute"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These forward-lookingstatements, which include statements relating to Gevo’s technology,Praj’s development work adapting Gevo’s technology to sugar caneand molasses feedstocks, Praj’s commercialization efforts, theability of Gevo to license its technology in India or elsewhere inconnection with the development work of Praj, and the benefits,costs, scalability and physical properties of Gevo’s ATJ, are madeon the basis of the current beliefs, expectations and assumptionsof the management of Gevo and are subject to significant risks anduncertainty. Investors are cautioned not to place undue reliance onany such forward-looking statements. All such forward-lookingstatements speak only as of the date they are made, and Gevoundertakes no obligation to update or revise these statements,whether as a result of new information, future events or otherwise.Although Gevo believes that the expectations reflected in theseforward-looking statements are reasonable, these statements involvemany risks and uncertainties that may cause actual results todiffer materially from what may be expressed or implied in theseforward-looking statements. For a further discussion of risks anduncertainties that could cause actual results to differ from thoseexpressed in these forward-looking statements, as well as risksrelating to the business of Gevo in general, see the riskdisclosures in the Annual Report on Form 10-K of Gevo for the yearended December 31, 2016, and in subsequent reports on Forms 10-Qand 8-K and other filings made with the U.S. Securities andExchange Commission by Gevo.

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Praj-Gevo Joint Development Agreement to Enter Commercialization Phase (2)

Gevo Media Contact:David RodewaldThe David James Agency, LLC+1 805-494-9508gevo@davidjamesagency.comGevo Investor Contact:Shawn M. SeversonEnergyTech Investor, LLC+1 415-233-7094gevo@energytechinvestor.com @ShawnEnergyTechwww.energytechinvestor.comPraj Media Contacts: Sandeep JadhavPraj Industries Ltd +91-20-71802000 / 22941000sandeepjadhav@praj.netSuman SharmaAOR Marcomm+91 8600113106suman.aormarcomm@gmail.com

Praj-Gevo Joint Development Agreement to Enter Commercialization Phase (3)

Praj-Gevo Joint Development Agreement to Enter Commercialization Phase (6){{bbMessage.M_Alias}}{{bbMessage.MSG_Date}}{{bbMessage.HowLongAgo}}{{bbMessage.MSG_ID}}{{bbMessage.MSG_Subject}}
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