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Business

Gevo Warns Investors Of Funding Shortage

by Melody M. Bomgardner
April 21, 2014 | APPEARED IN VOLUME 92, ISSUE 16

Gevo, a producer of isobutyl alcohol made from cornstarch, has alerted investors that it may not be able to obtain the financing it needs to pay for operations through the end of this year. In an annual filing with the Securities & Exchange Commission, Gevo reported it incurred a net loss of $66.8 million in 2013 and has an accumulated deficit of $262.2 million. The conditions raise substantial doubt about the firm’s ability to continue as a going concern, it warned. In 2013, Gevo worked to improve the technology at its retrofitted corn ethanol facility in Luverne, Minn., and earned only $8.2 million in revenue.

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