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

Strategic overview and business update

• Announced a transformative acquisition of a North Dakota ethanol plant with carbon capture, completed in January, not reflected in 2024 results but expected to drive significant growth in 2025.

• Focused on producing sustainable drop-in fuels from abundant plant sugars using proven commercial technologies, aiming for net zero or negative carbon intensity at cost parity with fossil fuels.

• Diversified operations include ethanol and carbon capture, alcohol-to-jet (ATJ) fuel projects, renewable natural gas (RNG) from dairy partnerships, and a SaaS platform (Verity) for carbon tracking.

• ATJ 60, a flagship greenfield project in South Dakota, targets 60 million gallons/year of sustainable jet fuel, backed by a $1.6 billion conditional DOE loan guarantee, with construction targeted by year-end.

• Verity software tracks sustainability data across the value chain, now serving seven customers and 200,000 acres, supporting transparency and auditability for ESG claims.

Financial outlook and capital strategy

• Targeting positive adjusted EBITDA in 2025, with growth driven by the North Dakota acquisition, RNG, and Verity, requiring little additional capital this year.

• Well-capitalized with $259 million in cash at year-end, plans to refinance tax-exempt green bonds to free up restricted cash.

• No immediate plans for stock buybacks, but management continues to evaluate based on share price and capital position.

• Guidance for 2025 is to achieve run-rate positive EBITDA, with more precise quarterly details to be provided as results materialize.

• Monetization of the 45Z tax credit in North Dakota expected to generate $30–40 million per year over the next three years.

Project execution and risk management

• South Dakota ATJ 60 project faces timing uncertainty due to the Summit carbon pipeline; alternative plans include rail transport of CO2 or leveraging RNG to manage carbon intensity.

• If pipeline delays persist, a smaller ATJ 30 project in North Dakota is under feasibility study, leveraging existing ethanol and carbon capture assets.

• Existing offtake agreements with major airlines are typically indexed to crude oil prices with a premium, and are being refined to enhance margin protection for project financing.

• Growth at Gevo North Dakota includes targeting low-carbon fuel standard markets and potential retrofit to a 30 million gallon/year SAF plant.

• Labor force at Red Trail (North Dakota) remains stable, with slight increases for specialized roles and deployment of Verity tracking software.