Gevo Inc. released fourth quarter financial results on March 7, reporting that efforts are continuing to secure a U.S. Department of Energy loan guarantee to support the construction of the company’s proposed sustainable aviation fuel (SAF) facility. Gevo also reported that its renewable natural gas (RNG) project in Iowa operated at 91% capacity during the fourth quarter.&nbsp;Patrick Gruber, CEO of Gevo, discussed the company’s operations during a fourth quarter earnings call. The company’s proposed SAF project, Net-Zero 1, is planned for development in South Dakota. The 55 MMgy ethanol-to-jet project is working to secure a DOE loan guarantee. Gruber thanked the agency for its thorough and diligent work on the loan guarantee application.“We are laser focused on the delivering EPC contracts, a set of customer contracts with terms that work for the DOE loan guarantee, and a DOE project loan lockdown so that we can begin construction, which we estimate would take 24 months,” Gruber said. “We still have work to do in front of us. We are making progress on the DOE—and all the rest of it.”He also discussed operations at the company’s RNG project in Iowa, which expanded capacity from 350,000 to 400,000 MMBtus last year. RNG production was at 91% of nameplate capacity during the final quarter of 2023, according to Gruber. The company has filed an application with the California Air Resources Board for a Low Carbon Fuel Pathway with a carbon intensity (CI) score of negative 350 and is currently waiting for CARB approval.&nbsp;Gevo is also progressing with the Verity tracking platform, which went live with farmers in South Dakota and Minnesota during the third quarter of last year. Verity is a fee-based software-as-as-service business that enables tracking of CI end-to-end across value chains. The company said its tracked ethanol plant customers totaled approximately 2% of the U.S. ethanol industry by volume. &nbsp;Gevo ended the fourth quarter with cash, cash equivalents and restricted cash of $375.6 million. The company reported $4.4 million of revenue for the fourth quarter, which includes RNG sales of $200,000 and $4.2 million of net proceeds from sales of environmental attributes. Combined revenue and interest income was at $9.4 million, with loss from operations at $21.3 million for the quarter. Net loss per share was 8 cents.&nbsp;&nbsp;

2024-03-11 - Gevo continues work on DOE loan guarantee application for SAF plant, RNG project operates at 91% of capacity (3 publications)

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Gevo Inc. has reported that efforts are continuing to secure a U.S. DOE loan guarantee to support the construction of its proposed SAF facility. Gevo also reported that its RNG project in Iowa operated at 91% capacity during Q4. 

Gevo continues work on DOE loan guarantee application for SAF plant, RNG project operates at 91% of capacity

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