Gevo Closes on Net-Zero 1 Production Facility Land in Lake Preston, SD, Plans Fall Groundbreaking
July 25 2022 - 8:59AM
Gevo, Inc. (NASDAQ: GEVO) is pleased to announce closing on the
purchase of approximately 245 acres near Lake Preston, South Dakota
for its first commercial scale sustainable aviation fuel (SAF)
facility, Net-Zero 1. The site initially optioned for purchase by
Gevo in December of 2020, is very favorable for producing
low-carbon SAF.
“After just over eighteen months of due diligence at the site,
we are excited to commit and move forward. The potential of what we
are creating here is, I think, immense. We are working to bring
sustainable agriculture into the solution to capture carbon and
catalyze the build-out of wind, renewable hydrogen, and biogas,
combined with new paradigms for managing energy. I expect that Lake
Preston and South Dakota will showcase what works well when all the
parts unite. I want to get on with it and show people what is
possible,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.
“Capturing renewable energy and transforming it into SAF and other
liquid hydrocarbon fuels is game changing. It enables the
transformation of renewable energy and carbon, in the form of
liquids, to anywhere it is needed, and it can be done on a net-zero
GHG lifecycle basis when all of the parts of the business system
are accounted for. We expect that Middle America will continue to
lead the energy transition.”
“The local availability of low-carbon corn as a feedstock for
our process makes Lake Preston a favorable location for this
operation,” said Tony Wells, Gevo’s Site Leader and General
Manager. “Additionally, the local wind conditions are ideal for the
wind power that will provide electricity to our plant, and there is
a good local market for the high-protein animal feed product that
we will be selling.”
Gevo expects to break ground on the project in September of
2022, with the formal announcement of a groundbreaking event for
state and local representatives, and select members of the media,
coming next month. The associated wind energy project that will
provide electricity to the facility is in development. This project
schedule should allow Gevo to begin delivery of initial volumes of
SAF in 2025 to fulfill a portion of existing supply agreements.
Net-Zero 1 is expected to produce 55 MGPY of SAF, or 62 MGPY of
total hydrocarbon volumes.
About GevoGevo’s mission is to transform
renewable energy and carbon into energy-dense liquid hydrocarbons.
These liquid hydrocarbons can be used for drop-in transportation
fuels such as gasoline, jet fuel and diesel fuel, that when burned
have potential to yield net-zero greenhouse gas emissions when
measured across the full life cycle of the products. Gevo uses
low-carbon renewable resource-based carbohydrates as raw materials,
and is in an advanced state of developing renewable electricity and
renewable natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their life cycle). Gevo’s products
perform as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low-carbon products such as gasoline components, jet fuel and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion-dollar
business.
Gevo believes that the Argonne National Laboratory GREET model
is the best available standard of scientific-based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking StatementsCertain statements in
this press release may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements relate to a variety of
matters, without limitation, including Gevo’s ability to develop,
finance, construct and operate commercial production facilities to
produce the SAF, including Net-Zero 1 in Lake Preston, financial
projections, the attributes of Gevo’s products, and other
statements that are not purely statements of historical fact. These
forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2021,
and in subsequent reports on Forms 10-Q and 8-K and other filings
made with the U.S. Securities and Exchange Commission by Gevo.
Media ContactHeather L.
Manuel+1 303-883-1114IR@gevo.com
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