Gevo (GEVO) Gevo Inc Presents at Renmark Virtual Non-Deal Roadshow Series summary

Key project announcements and strategy

• Announced planned acquisition of Red Trail Energy's ethanol plant and carbon capture assets, expected to close in Q1 next year.

• Net-Zero 1 project in South Dakota aims to produce sustainable aviation fuel (SAF) using corn-based ethanol and proprietary technology.

• Project leverages wind power, green hydrogen, and carbon capture to minimize carbon footprint.

• Net-Zero 1 is projected to generate $170 million annually for the local economy and create over 1,000 construction jobs and 100 full-time positions.

• Project benefits from bipartisan support and existing federal and state incentives for low-carbon fuels.

Financing and capital structure

• Secured a $1.63 billion conditional commitment from the Department of Energy Loan Program Office, with 100% of the loan guaranteed.

• $1.46 billion of the DOE loan is allocated to Net-Zero 1 project costs; remaining costs to be covered by project-level equity.

• No expectation to raise corporate-level equity for Net-Zero 1; all financing is project-level and bankruptcy-remote.

• Equity ownership in Net-Zero 1 expected to be 15%-30%, with Gevo retaining operational control.

• Red Trail acquisition to be financed with $100-$125 million in debt and balance sheet cash, with no equity issuance planned.

Operational and financial outlook

• Net-Zero 1 will produce 60 million gallons of SAF, 1.3 billion pounds of animal feed, and 30 million pounds of corn oil annually.

• Projected to abate over 600,000 metric tons of CO2 per year through integrated wind, green hydrogen, and carbon capture.

• Cash cost of SAF production is $3-$4 per gallon, competitive with fossil jet fuel.

• Pathway to positive Adjusted EBITDA in 2025 includes milestone fees, Red Trail revenue, RNG tax credits, and Verity software growth.

• Book value per share is ~$2.15, cash per share ~$1.30, with market cap below book value.