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Toray to convert Gevo's Para-Xylene to Bio-Polyester
30
May '14
Gevo, Inc. announced that it is selling para-xylene (PX) derived from its renewable isobutanol to Toray, one of the world's leading producers of fibers, plastics, films, and chemicals. PX is a primary raw material for the manufacture of bio-polyester (PET). PET has the largest global market share of all synthetic fibers and is also used in plastic bottles, films, and as a polymer for many other applications. The ability to produce PX as a building block for PET creates large market opportunities for Gevo and partners who desire bio-based plastic bottles, bio-based polyester fiber for apparel and textiles, and for many other products.
 
The PX was sold under a previously announced offtake agreement with Toray. Toray also provided funding assistance for the construction of Gevo's PX demo plant at its biorefinery at South Hampton Resources, where Gevo also produces other hydrocarbon products such as renewable jet fuel and renewable iso-octane. Toray expects to produce fibers, yarns, and films from Gevo's PX, for scale-up evaluation and market development purposes.
 
As a result of the shipment, Gevo will recognize revenue associated with both the sale of the PX, as well as the initial funding assistance provided by Toray for the project.
 
Gevo has also received support from The Coca-Cola Company for the development of its renewable PX technology. Research and development support was provided by The Coca-Cola Company under a previously announced Joint Development Agreement.
 
"We greatly appreciate the support that Toray and The Coca-Cola Company have provided Gevo in developing bio-PX. This is a groundbreaking achievement that we are very proud to have accomplished. This demonstrates that bio-isobutanol is truly a building block for the renewable chemicals industry," said Patrick Gruber, Gevo's Chief Executive Officer.
 

Gevo

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