Gevo, Inc. · NASDAQ:GEVO
Gevo — Investor Presentation (September 2018)
23 slides from Gevo's investor presentation, Sep 5, 2018
Slide 1: We Are Gevo
We Are Gevo
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS ®% gevo Any statements in this presentation about our future expectations, plans, outlook and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may” and similar expressions, constitute forward-looki
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS + Attractive Addressable Markets: — Gasoline — Jet Fuel — Multiple petrochemical market segments + Proven Technology: — Gevo has shown that its patented 7 “de-carbonization” technologies work and that there is a growing market for its products a Zevo + Key Growth Drivers: — Lar
Slide 4: The Problem & Solution
THE PROBLEM & SOLUTION a% gevo * Atmospheric COZ ‘Transportation fuels, ‘electricity generation, heat, ‘chemical production, ‘manufacturing, ete. Reduced THE PROBLEM: THE SOLUTION: Burning of Fossil Carbon Sources Decarbonization Generates Increased GHGs
Slide 5: "Decarbonize" to Capture Added Value
“DECARBONIZE” TO CAPTURE ADDED VALUE ™% gevo Produce and Sell Fuels, Chemicals, Protein with Gevo Technology, while lowering “carbon score” or “carbon index”. The lower the score, the higher the price that Gevo can charge in certain markets ‘THE MISSION ~5kg high protein Reduce and Eliminate Fossil
Slide 6: Gevo Technology and Products Address the Problem
GEVO TECHNOLOGY AND PRODUCTS ADDRESS THE PROBLEM 2% gevo Raw Materials ot ee s eae Gevo makes and sells low a Isobutanol to Jet Fuel Plant carbon renewable high and Isooctane Plant Ethanol /Isobutanol performance fuel products Fully Renewable isooctane for Gasoline High Performance Oxygenate Blendst
Slide 7: Proprietary Technology Leads to Enormous Markets
PROPRIETARY TECHNOLOGY LEADS TO ENORMOUS MARKETS 2% gevo Mainstream markets of billions of $ Solvents: 1.2B gallons 9B gallons Via renewable Jet Fuel Via re, ible Butenes: 2.1B gallons © iayiens Off-Road Gasoline Blendstock: 1.8B gallons via renewable Xylene PX: 17.5B gallons Via renewable octane On
Slide 8: Plan for Revenue Growth
PLAN FOR REVENUE GROWTH? ™% gevo PROJECTED PROJECTED 2018 2020 TBD/202? TBD Current Value added Expand Luverne Future large IBA products and plant to produce plant with lower fossil IBA, Jet Fuel, 26MGPY energy at and Isooctane hydrocarbons Luverne plant Product Capacity Revenue Capacity Revenue? Ca
Slide 9: Key Deals
KEY DEALS + Ethanol — Eco-Energy * Markets and Distributes Gevo ethanol Isobutanol — Musket blends IBA-off-take agreement signed + Blend IBA into gasoline and distributes it — Buc-ee’s developing retail market in Houston + Expanded from 2 to ~200 pump in 2017 Jet Fuel — AvFuel + Off-take agreement f
Slide 10: Isooctane: The Other ~80-90% of Gasoline
ISOOCTANE: “THE OTHER ~80-90% OF GASOLINE” %% 8CVO + It works; we are making it and selling it (zp Paltermann ¢ Low carbon and clean (low sulfur, low aromatics, 2 BCD low olefins) Tora Pov 2 ™ % gevo’ Certificate of Analysis Product Code: |8F007 le sooctane 10
Slide 11: Low Carbon Isooctane
LOW CARBON ISOOCTANE x gevo Gevo is the only company to date with proven technology to produce larger quantities of renewable isooctane + Specialty properties add value to specialty fuels (like racing fuels) Value + Low carbon isooctane could substitute for gasoline, and can be cost competitive Prop
Slide 12: Isobutanol as a Gasoline Blendstock
ISOBUTANOL AS A GASOLINE BLENDSTOCK 2% gevo Isobutanol delivers better properties than other renewable alcohol blendstocks + Isobutanol can replace ethanol resulting in a higher performing gasoline blend Value (higher energy, no water separation issues, no incompatibility issues) Proposition + Isobu
Slide 13: Jet Fuel from Isobutanol
JET FUEL FROM ISOBUTANOL x gevo Large market with mandate-driven demand + Potentially competitive with fossil based jet + Jet fuel from isobutanol has higher energy density, lower particulates, lower sulfur, and lower fossil carbon than petro-jet + Helps airlines and other carriers meet the industry
Slide 14: Jet Fuel: A True Drop In Fuel
JET FUEL: A TRUE DROP IN FUEL % gevo Proven, we've done it: In Planes, ground equipment, and in the Infrastructure Gevo Jet Fuel Meets ASTM D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) * No Sulfur + No Aromat + Higher Overall Energy Density thru igher
Slide 15: Aviation Industry Has an Opportunity and a Problem
AVIATION INDUSTRY HAS AN OPPORTUNITY AND A PROBLEM 2% gevo World Jet Fuel Demand They are expecting to experience strong smo Year over Year Projected Jet Fuel Demand Growth: ~3BGPY growth... om —, * The Aviation Industry is expected to double in wa | sonar hal aaa passengers over the 20 years to 203
Slide 16: Business Models for IBA and Hydrocarbons
BUSINESS MODELS FOR IBA AND HYDROCARBONS a gevo BUILD OUT STRATEGIES Side-by-Side at Luverne validates the model of isobutanol/ethanol co-production Add value to existing Ethanol Plants by adding IBA production Opportunities exist to completely retrofit and transform underperforming ethanol plants G
Slide 17: Adding Value with Gevo Products
ADDING VALUE WITH GEVO PRODUCTS ™% gevo By Decarbonizing... Gre Sang Price Gevo Gross Seling RINS Margins Price LCFS and EU RED Returns Mandates on e . . Other Capex > “Strategic Value Margins and Returns on Market Price of Petro Product In some cases, Gevo can simply wi on price... By delivering te
Slide 18: Summary
SUMMARY The Problem: + Fossil fuels emit fossil greenhouse gasses (GHGs) + Companies want to mitigate liability * Governments want to reduce GHG emissions + Consumer’s care about pollution and want GHGs addressed The Solution: + "Decarbonize”. Lower the carbon footprint of fuels by replacing the fos
Slide 19: Thank You
Thank You % gevo
Slide 20: Gevo Summary Overview
GEVO SUMMARY OVERVIEW Business Overview + Headquarters: Englewood, CO + Founded: 2005 + Employees: ~50 (20 in Colorado, 30 in Minnesota) + Proprietary technology position (patents and know- how) for the production of isobutanol and hydrocarbon fuels and chemicals + Technologies work + Produces: Etha
Slide 21: Balance Sheet
BALANCE SHEET GEvo,INC. Consolidated Balance Sheets (Ga thousands, except share and per share amounts) (waasaites) ‘ene, December 31, 201 2017 st (Curent ase: (Cah ad cas eguvalen Accounts rccvable Tventaries, Prepaid expenses and ober caren assets ‘otal cunt assts Property, plat ad equipment et Dep
Slide 22: Income Statement
INCOME STATEMENT (in thousands) Revenue and cost of goods sold Ethanol sales and related products, net Hydrocarbon revenue Grant and other revenue Total revenues Cost of goods sold Gross loss Operating expenses Research and development expense Selling, general and administrative expense ‘Total opera
Slide 23: Capitalization
CAPITALIZATION 2% gevo * Cash (7/31/2018): — $40.3 million + Debt: — 2020 Notes (Whitebox): $13.64 million principal ¢ Common Shares (7/31/2018): —* 8.1 million ¢ Warrants — 58,974 Warrants outstanding * 4,326 @ $4.20/share strike price + 14,088 @ $40.00/share strike price + 40,560 @ >$100/share str