Client Partnership Reduces Carbon Footprint with Renewable EnergyNews | September 26, 2019
Kutak Rock congratulates Juhl Energy on its recent partnership with Gevo, Inc. to supply wind energy to Gevo’s biofuels plant in Luverne, Minnesota, a step forward that will reduce the carbon footprint of Gevo’s renewable transportations fuels.
Renewable fuel and chemical manufacturer Gevo, Inc. (NASDAQ: GEVO) recently announced that it has secured 5 MW of renewable electricity for its Luverne ethanol production plant from Juhl Energy, a renewable industry leader. The renewable electricity will be generated by two wind turbines, allowing Gevo’s Agri-Energy plant to claim the benefit of a lower carbon intensity score under California’s Low Carbon Fuel Standard for the ethanol and other renewable fuels, including jet fuel and isooctane.
As part of the transaction, Gevo agreed to invest $1.5 million in the preferred stock of a Juhl subsidiary as part of an otherwise larger financing round. The funding round will enable the acquisition and construction of the wind turbines needed to supply the Agri-Energy biofuels plant. The wind energy produced is expected to be on-line and available to the plant mid-year 2020. The transaction required the active involvement and cooperation from the Luverne’s municipal utility and its wholesale generation and transmission provider Missouri River Energy Services.
Firm lawyers Todd Guerrero, John Fletcher and Joel Wiegert represented Juhl in the transaction.