November 18, 2023 [Ethanol Producer Magazine]- Gevo Inc. released third quarter financial results on Nov. 13, reporting that company has completed a planned capacity expansion of its renewable natural gas (RNG) operations and is in the formal due diligence stage with the U.S. Department of Energy regarding a loan guarantee application.
Patrick Gruber, CEO of Gevo, said that the company’s proposed Net-Zero 1 alcohol-to-jet sustainable aviation fuel (SAF) project, currently under development in South Dakota, is three months into the formal due diligence and term sheet negotiation phase for a DOE loan guarantee. Gruber estimated that the loan guarantee process will take 12 months to complete and said the company believes it is on track based on the positive progress it made in the third quarter.
Guber also discussed the company’s RNG business in northwest Iowa, noting the previously announced capacity expansion from 355,000 MMBtu to 400,000 MMBtu was completed during the third quarter. Gevo sold 81,271 MMBtu of RNG during the third quarter, generating approximately $4.5 million in revenue.
Gevo reported total operating revenues of $4.53 million for the third quarter, up from $309,000 during the same period of last year. Net loss was $15.7 million, down from a net loss of $43.79 million reported for the third quarter of 2022.
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