LEVERKUSEN, GERMANY (Feb. 17, 2011)—Lanxess A.G. has increased its minority holding in Gevo Inc., an Englewood, Colo-based company that is focused on producing synthetic rubber from biobased raw materials.
Leverkusen-based Lanxess initially invested $10 million in a private placement of Gevo shares in May. Now the company has invested an additional $17 million in the company's initial public offering.
Lanxess now owns a 9.1 percent stake in Gevo.
In a Feb. 15 news release, Lanxess said the increased equity stake “reflects the good progress made by both companies in developing isobutene from renewable resources.”
Gevo was founded in 2005 and currently has about 100 employees.