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Gevo Reports Fourth Quarter 2022 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. ET ENGLEWOOD, Colo., March 09, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company",
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. ET\nENGLEWOOD, Colo., March 09, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (\"Gevo\", the \"Company\", \"we\", \"us\" or \"our\") today announced financial results for the fourth quarter of 2022 and recent corporate highlights. Recent Corporate Highlights Following Gevo’s groundbreaking ceremony in September 2022, progress continues at the Lake Preston, South Dakota, Net-Zero 1 (“NZ1”) location. FEED work is substantially complete, the detailed engineering is in process and the operational start-up for NZ1 continues to be expected for 2025.Gevo’s renewable natural gas (\"RNG\") project in Northwest Iowa, with initial production capacity of 355,000 MMBtu per year, will be expanded to approximately 400,000 MMBtu of production capacity per year by the fourth quarter of 2023 and is expected to produce 350,000-375,000 MMBtu in 2023.Gevo is in the process of establishing Verity Carbon Solutions (“VCS”), which will be under the Gevo umbrella and is expected to serve Gevo and third-party customers by delivering its carbon tracking services through its proprietary Verity Tracking carbon measurement, verification, and reporting platform.In partnership with Axens, Burns and McDonnell, and Praj, Gevo has begun the engineering for its Net-Zero 2 project (“NZ2”) which is expected to be three times the size of NZ1 and is being designed to utilize fossil-free electricity, process energy, and hydrogen at a commercially advantaged location convenient to supply Chicago O’Hare International Airport with sustainable aviation fuel (“SAF”).Gevo executed a Hydrogen Development Services Agreement with Zero6 Energy for the development of a 20 megawatt hydrogen production facility in Lake Preston, South Dakota using Cummins Inc. electrolyzer technology.The Company recently announced the appointment of Carol Battershell as a new independent director who brings nearly 40 years of valuable energy sector experience to the Company’s Board of Directors.The Governor of Illinois recently signed SB 2951 which contains a SAF incentive of $1.50 per gallon for airlines that purchase the fuel and provides another example of state led support for this new generation of renewable fuels.Gevo is dual tracking the NZ1 capital raising efforts. In addition to attempting to utilize the private credit markets to finance N...