Gevo Seeks to Raise $102 Million to Fund Biofuel Production

Gevo Inc., the U.S. biotechnology company backed by the French oil company Total SA and the specialty chemicals maker Lanxess AG, will sell stock and notes to raise $102 million.

Gevo priced a secondary offering of 12.5 million shares at $4.95 a share, expecting to raise almost $62 million before commissions and fees are deducted, according to a statement today. The company also priced $40 million worth of 7.5 percent convertible notes due in 2022.