Gevo - Luverne, MN shutting down. Cannot be the only ethanol plant to go idle.
ENGLEWOOD, Colorado – March 31, 2020 – Gevo, Inc. (NASDAQ: GEVO) announced today that due to the impact the COVID-19 virus has had on the economy and Gevo’s industry, Gevo has suspended production operations at its production facility in Luverne, Minnesota (the “Luverne Facility”) for the foreseeable future. In connection with the suspension of operations and the overall economic disruption caused by COVID-19, Gevo also made the difficult decision to terminate 30 employees, cutting across Agri-Energy’s operations at the Luverne Facility and Gevo’s headquarters in Colorado. The remaining employees that earn above a certain dollar threshold, including senior executives, have agreed to take a 20% salary reduction over the next three months, with the 20% portion to be paid in stock. With these steps, Gevo expects to save several million dollars of cash burn during 2020.