December 16, 2024 [Gevo]- Gevo, Inc. (NASDAQ: GEVO) and LG Chem, Ltd. (KRX: 051910), leading global chemical companies committed to producing sustainable products, are extending their joint development agreement (the “Agreement”). The agreement extension enables LG Chem to assess existing assets for deploying Gevo’s Ethanol-to-Olefins (“ETO”) technology while accelerating commercialization activities, considering project scale and end-product markets.
“Gevo’s partnership with LG Chem is a great example of how we intend to accelerate development and commercialization of our patented ETO technology to enable renewable chemicals with our world-class partner,” said Gevo’s Chief Carbon and Innovation Officer, Dr. Paul Bloom. “Our ethanol-to-olefin process holds immense promise to decarbonize a substantial portion of the market for propylene, and LG Chem is starting commercial activities ahead of the timeline we originally planned.”
Gevo’s patented ETO technology can target carbon-neutral or carbon-negative drop-in replacements for traditional petroleum-based building blocks. These are core olefins, that can be used for renewable fuels and chemicals, including sustainable aviation fuel and bio-propylene. ETO technology is just one of multiple patented technologies that Gevo is bringing to bear on the challenges of developing cost-effective bio-based renewable fuels and chemicals.
“LG Chem is committed to scaling pathways to sustainable products, and leveraging partnerships is a proven way to gain access to proprietary technologies and share ours,” said Dong-hyun Cho, Vice President, Head of LG Chem’s Petrochemicals R&D. “Our joint development agreement with Gevo is already helping LG Chem to shape sustainable and eco-friendly future business strategies.”
Because it can replace fossil-based products as a renewable raw material for various plastic products, bio-propylene is expected to play a pivotal role in the rapid growth of the bioplastic market and circular economy. Once commercialization is achieved, bio-propylene could be used as a drop-in replacement for use in a range of products from auto parts to flooring to diapers to replace petroleum products with bio-based materials with a low or negative carbon footprint.
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