Thursday, August 12, 2010
Gevo, With Ties To Caltech and UCLA, Files For IPO
Gevo, a startup which is developing renewable chemicals and biofuels technology, has filed for an IPO, according to an S-1 filing by the firm Thursday afternoon. Gevo--which is now based in Englewood, Colorado--was started in Pasadena, and has licensed technology from both the University of California, Los Angeles, and Caltech. Gevo is using both technology from UCLA to produce next-generation biofuels through genetically modified Escherichia coli (E. coli) bacteria, as well as technology from Caltech from the lab of Dr. Frances Arnold. Gevo said it will raised up to $150M on the Nasdaq Global Market, trading as GEVO. The IPO is being undewritten by UBS Investment Bank, Goldman, Sachs & Co., and Piper Jaffray. Gevo is venture backed backed by Khosla Ventures, Virgin Green Fund, Total Energy Ventures, Burrill Life Sciences Capital Fund, and the Malaysian Life Sciences Capital Fund. Gevo moved to Colorado in 2008, due to what CEO Pat Gruber attributed to issues with local permitting and regulations, in an interview with socalTECH at that time.