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Gevo Reports Second Quarter 2023 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. ET ENGLEWOOD, Colo., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”,
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. ET\n ENGLEWOOD, Colo., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”) today announced financial results for the second quarter of 2023 and recent corporate highlights. Recent Corporate Highlights Net-Zero 1 Project: On August 7, 2023, Gevo announced that its Net-Zero 1 ethanol-to-jet project had been invited by the U.S. Department of Energy (“DOE”) to the formal due diligence and term sheet negotiation phase for a $950 million loan guarantee under the Title 17 Clean Energy Financing Program. The invitation to Gevo was provided based on the DOE’s determination that Gevo’s Net-Zero 1 Project is highly qualified and suitable for a loan guarantee from the DOE. DOE's invitation is not an assurance that DOE will issue a loan guarantee, which is wholly dependent on the results of DOE’s review and determinations. Verity: Our Verity Tracker went live with our farmer partners in South Dakota and Minnesota this quarter. This tool will be used to measure, report and verify Carbon Intensity (“CI”) through the entire value chain, inclusive of climate-smart agriculture practices. We believe the rollout of this software tool is a key milestone in implementation of our previously announced strategy to source low-carbon grain from farmers and reward them for their contributions to overall CI reduction. In addition to the previously announced joint development agreement with Southwest Iowa Renewable Energy (SIRE), we recently entered into a joint development agreement with a second ethanol producer in the Midwest that has over 100 million gallons of capacity to use Verity to track their ongoing ethanol production and implement Verity to incorporate regenerative agriculture practices to unlock carbon value for voluntary markets and federal tax credit opportunities. Ethanol-to-Olefins (“ETO”) Technology: On April 12, 2023, Gevo announced it had entered into a joint development agreement with LG Chem, Ltd. (\"LG Chem”) a leading global chemical company to develop and scale up bio-propylene for renewable chemicals using Gevo’s ETO technology. LG Chem is expected to bear all scale-up costs for chemicals and make certain payments to Gevo. In the second quarter of 2023, Gevo received $1.3 million, before foreign taxes of $0.2 million, and expects to ...