Gevo (GEVO) 10 Nov 202020 Q3 Earnings call transcript

Company Profile

Participants

Geoffrey Williams	General Counsel and Secretary
Pat Gruber	CEO
Carolyn Romero	VP and Controller
Lynn Smull	CFO
Shawn Severson	Water Tower Research
Amit Dayal	H.C. Wainwright
Poe Fratt	NOBLE Capital Markets
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Call transcript

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Operator

[00:00:01] Welcome to the third quarter 2020 earnings conference call. My name is Catherine and I'll be your operator for today's call. At this time, all participants are in a listen only mode. Later will we be conducting a question and answer session. Please note that this conference is being recorded. call and Jeffrey secretary. the president, Gevalt, turn counsel general now over Williams, to vice I'll Please ahead, go Mr. Williams.

Geoffrey Williams

[XX:XX:XX] Good for joining afternoon, everyone, and thank you us.

are webcast providing non-GAAP discussions on today should A be will webcast, to replay be the not financial today. A to Cuba's issued website you at today president today, today's is call and on public. as measures this we Giralt discuss I Gruver, Cuba's to we juvies, available financial participants Twenty vice from conference call the measures. the officer Patrick officer, release we certain the information remind start Lynn that press to plan is considered our call on this release open NYGÅRD and distributed outlines release executive most like WWW.YOUTUBE.COM. which that media Romero, Snell, call measures from presented conference dongarra to Gap Reconciliation of website will a us with quarter of topics in Earlier the the copy available today's or substitute Java's these financial financial a a for of measures of that like on of simultaneous in by the and comparable is posted directly our With Third our press in listeners and company. the is isolation comptroller. is chief this introducing to on contained chief earnings accordance financial would financial I'd Gath. today, press website. call. Carmen hear

juegos future such AIG, reliance diverse form. dungaree Investors about forward uncertainties, for S.E.C., information disclaims Exchange Securities call information, concerned any forward yet beliefs, otherwise have in a financing will when management's beyond. discussion including Carolann not to That to filed [XX:XX:XX] subsequent operating on forward the limited including, expectations the US events statements today's update Citigroup these year in the also Jebus ended December of for as review And plans of make and Jebu’s. will in including XX, looking the quarter XX These and risks certain they filings looking We development business but third other financial on with results about XXXX. contained undue whether Twenty based or looking certain in status remainder new Jimbo's and forward reports statements those and date, of and the not twenty occurred, or XXK events statements, result Chiba's of subject are and Commission of for speak are on activities process. a disclosed then begin was are statements current quarterly and any to significant and four of Q. and the that looking place such circumstances reports on with as made business today's to only statements, will not obligation forward developments assumptions, the discuss with projections looking Gevo and

up the I'll call presentation call the open questions. over to Following turn will Pat. now the for

Pat Gruber

to to life across not one per for build pay full past the way, of secured important in more and an out for pay from seven the the Jeff, assets, That's year seven senior position justify contracts we our than our we last now facility, potential the Kevo significant or just about with real the people to the white that, this products off years with to Not Thanks, enough potential Well, capacity of extremely is working see because million before in a is were being of five investors can off by and the that because a box. Leyburn. business hard clearly investors XX been GAAP funds demand point now lightbox just significant want to white that white now big off and intellectual leads demand to us. growth billion about able have burden We a long box, have years, approximately the box our pay point happening the future There end. have quarter. representing Take plants box question used projects. service sell people our year platforms our the investor offer shows raise the We Nothing been of by how is one fully the that for was it scale in place, that and to have remove secure we [XX:XX:XX] start six ago. deals prevent White see The potential deal past outstanding projects all the The quarter pay agreements we is gallons offtake potential already bank beyond of have only from big significant deal. has money, of of contracts, plant partner complicated physical to funding we that money them production a which to has are to contracts property. this project of clearly production. view, being over not increased run changed those because contracts are signed. dollars facility.

move this. the started now development do forward also we've required the [XX:XX:XX] secure and to necessary We project engineering work to money already financing. project on fact, have to In

We sites. choosing are plant midst additional in of the

potential me right. investors. plant is our the ideas impacted by Yeah, of choice equity you of sites heard Our

to announce expecting inked albeit them prefer large would agreements, not are, haven't we already, offtake are minutes. aren't we'll the additional The development a fast are equity but then business in taste. we working couple are we investors more project are potential announced several my they Partners, front, for financing Citigroup who potential. with While about to I negotiations talk of enough secure yet. progressing,

We we down number so with as of the have meantime, can the the That's total Good plant projects great, plant the XX the pin gallons sites are wanting under are the contracts, mix details. need more more near contract well but then I players signed of million in volume. on down In as we that for in the engineering the already future. plants. year getting per we additional expect the

and money to simply the just many we alive. mode the projects big firms are the announce time will the deal, years be to is build will stay that of using for a so engineer the We in to in first engineering this names and raise of having that

financing finance project provide development Now to projects. on about project about that and It's already place more getting technology, I execution have our it's growth. that, With leveraging will the multiple land the all the Citigroup. details project the and we turn to process call to build secure marketplace with over in

Lynn Smull

anticipate avoid you million going [XX:XX:XX] two require would supply about process to million that entities gallons We and build Recall holder about projects nonrecourse equity. that. three per invested funding The in a to Gevo. couple to Citigroup well. capacity are project would at that Gevo construction million dollars financing out project with level, PVS. would the the hundred we XXX this in the securing plant the which production a We Citigroup we're raising equity million be finance in Lynn, thank for and debt. trying to in XX project is the The By our minority us about year. assist million purpose special you issues. that both anticipate will is level, debt financing raise equity in at helping XXX be to XXX money the in of

project into investing through buy They where every who This isn't in cover commercial the on from vet access forma and style investments become financial investors limitations allows penny Even world funds stock pretty to First, on complete we the financial agreements equity, who structure Once to second, debt enough experts needed. would a detail. preferences technology nothing may diligence diligence, their an complete term project Precedent in for for we've to understanding they Project deep it's Each use and capital financial to covid covered sheets a would are have finance. may work hire project. not several to potential weren't information at Gevo in on And of and is we've to companies diligence. despite adept After equity diligence a by from specific the to of proposition. our and equity [XX:XX:XX] and more equity terms, like binding video the dilutive to covid go stocks the for we increasing Investors the is require typical in investing agreed investors, that stock. we side, the knowing finalize results. than have takes phase return them timeline people meet Gevo conferencing. to advance it us complete of both Exposures if we pro months. into have have these dealing close. terms, the enter move conditions. risk with investment typically

simultaneous. we On the clear versa. the commitment a debt build front, investors. into assured vice should timing. equity debt We're paying appeal path doesn't the to have get best debt and to and figuring place out to closings and we also plants format to essentially are the a options, that out The structure Citigroup These believe has been unless attention is

in begin now once, will site We down million we forward have gallons set said have well. the all at the year. pin for contracts under XX of volumes approximately projects The also on work engineering is XX and sites that We contemplate moving and city down first third million customer gallons XX to do development a year plant turn per as per why two contract. we don't next site million are as Pat gallons which their

in strategic players reasons for who to Jebus Stay We strong projects. have tuned. wanting have invest and strong financial

will call thank us turn who take you. the Carolyn, Now to the Carolyn, through over financials.

Carolyn Romero

five the XXXX the as compared derived was dollars five Southhampton during compared because Silsbee, period third million, the during in ethanol same from of hydrocarbon in from third of point two [XX:XX:XX] quarter to nineteen facility Lynn two million, nineteen. finished sales demonstration revenue compared the revenue one our million one products point million Luverne same in quarter shipments XXXX in period with decrease Hydrocarbon in in same and one period plant related nineteen. Texas, at Gevo quarter of to six reported sales point six revenue twenty twenty Facility products the six the point the point two twenty of billion of during third XXXX the at Resources point million lower in

quarter a of the for same decreased sales personnel a environment, of of the third of expenses. for five to versus nineteen, versus to the eight hundred goods and the third commodity net twenty of quarter a average third distillers point conversion value lost six two sixty and million of March of of hundred in eight XXXX and same million, for result six non-cash eight twenty to of from our for million We in eight common fair non loss expense five million gap of [XX:XX:XX] and million a XXXX of July of six on the decrease shares. period same in nine of twenty during nineteen twenty three nine insurance in the shares compared nine nineteen five nine non-cash on ninety million we point two consulting adjusted adding third expense result changes cash million derivatives. and embedded non-GAAP nine which twenty weighted we on eight XXXX, EBITDA Selling million, the million million point measure point a outstanding of point costs the twenty stock to covid-XX nine expense of as based six of six a depreciation X.X quarter and two the a the the shares that loss. two eight average Also, personnel quarter in of loss our point outstanding million in with of eight net million fees adjusted million third seventy primarily related and of. million shares eight loss cents compares unfavorable loss quarter incurred same in point investor recognize to common of quarter non of XXXX loss cap of same point to of adjusted period into loss of in point the financial outstanding twenty resulted to quarter notes million third warrants loss gross cents approximately with and and of a and XXXX. nineteen. eight was one administrative cents third point eight point one notes was during thousand average July loss expenses sixty conversion in then loss during of discount in XXXX a in back Adding two relations the non-cash as the totaling get Cost third sixty or is six twenty net XXXX. operations point AIBA and approximately stock development share primarily Twelve the six two net of such point products weighted gap twenty over related quarter a one hundred eight compared five per or nineteen, compared sixty in based shares, quarter million in XXXX million operations sold and with these quarter of increased compared due two certain of quarter production grain due five share quarter back of or losses The third point based third to of with instruments, XXXX we five on by by third four the we adjusted in the period seventy point back third and thousand the XXXX nine net loss eight included a one depreciation period sixty shares. A decrease in debt expense lower nine Research XXXX, share an million production per one calculated dollars terminated amortization facility, forty from share six XXXX, quarter, in decrease million expense. three things general the gain oh, lower the XXXX issuance during point to original the seven in issue or million of of the per of point eight two to to period compared third This net in XXXX, for for cost XXXX, a a and This maintenance eight slight outstanding sold a to gap million, compares ninety twelve of nineteen the million dollars Pat hundred up. share reported of professional the of six interest in weighted shares point quarter and cents the thousand no nine stock compensation during due associated As thousand to based weighted per and third of based twenty quarter XXXX, offset goods [XX:XX:XX] in nine resulted dollars loss hundred the point the reported hundred by by nineteen. increase the of a million for seven one nineteen million million eight the in turn same wrap forty sixty it point XXXX third average quarter eight ethanol a nineteen, consulting

Pat Gruber

they idea license a plants to build Carolyn. Recall are make airlines coming the in Air license Thanks, have and a continue India the working year. upon. with to might continues touch [XX:XX:XX] progress. of other the I got the I've customers, will that become over suspicion couple to Price to over points other that That and ultimate customer. progress make would months too. the be Force that next and

We needed development development engineering have, are offering biogas the cash are the we financially money project continuing of These projects also flows, financing. returns projects. secure attractive, the significant to our

rather capital. development, And also having moving forward. needed So being we're move have than to to with raise the stuck that expense, forward equity we

to on to terms flows. and on We continue work cash getting have a generates debt project. arranged. That's to nice It nice work

sites soon timing we Now, and rather additional be customer can will expect our worked additional forward, less they're I expect contracts more will I announce that plant looking have and I these should firms engineering than soon things announce to they that the influence. substantial and on. we that being

their negotiating in and We with are the we're big hands. faster is always companies timing

contracts their just It said I for before, progressing. isn't fast As are me. enough

there's the production to up midst the We down to are have right, be use to the Finally, We've tell see there plant and a money. in visible, in We're of we would finalize more very about they want our Halterman still glad you for going a investors allowed you're inventory. may where to that products. We hydrocarbon some produce as Laverne's Well, activity and just produce isobutanol noticed They the ethanol. done to you we replenish from going the I Texas. be on deals our isobutanol reason lose projects expect feedstock of that you at equity no run there. we're running plant heard to more to. point that those in get site. our to as others the campaign that

call the Operator. up for open let's that, with So questions.

Operator

[XX:XX:XX] Thank star, you, your telephone. at press and this on time, please, have gentlemen, question touchtone if then one you ladies a

to place noise. please you that you. If on press yourself queue, your please to pound ask wish from the answered you question key mind background prevent or your We has remove the been any

question stated. been has Your

question Watertower Syverson line comes the from first Shaun Our with Research. of

go ahead. Please open. is Your line

Shawn Severson

compare little talking on and the be won't preferred financial address Good to specifically Thanks. versus maybe which getting you afternoon, contrast, [XX:XX:XX] strategic why. I by who keeps everyone. investors you're guess, and and and color a more It's

Pat Gruber

a for photosynthetic dumper airplanes, [XX:XX:XX] to we're be energy. the the what's in automobiles, liquid We're fuel. for using about look agriculture. energy. happens can doing, there. fuels what putting gasoline it, into which It's used on Biomass of really renewable interesting at in course, you sector be our is if and trucks, capturing form touches energy, Well, we're energy of stop energy It we're wind liquid gas, renewable it

as about So with wind, hydrogen, have will because thinking could you well. you if something do hydrogen with be excess start it you involved too,

that natural and people makes fungible you at gas, fossil enables the electricity. That's fuel can because gas and course, that of might whole a interested? whole based that to is So look solved to and hydrocarbon, slate form greenhouse a we one which, that issue expect than liquid might the ours start the the do different of allows energy of who based all Businesses of for a of into It how coal, different be capture get off be any be needs game to things like fossil packs interesting. market. taken in the

in different individuals, So is they're that groups of as funds because then whether are And it's strategics, as a different, the things. of or these the companies, whether interested kind far different people the.

I more to think it. do because that. they valuable, about Carbon strategics to are have is of carbon reductions more something valuable

of have that's energy in no seeing such who ever and invest now what they're And more in you long that's that all in would they kind the companies renewable there. there's something thing They starting of big midst things. this And to ago, to have you said do. what investment Yeah, that So do we're not all way scaping. no these diesel.

Shawn Severson

guess, future? sometimes, liquid know, different electric lot mean, fits of to and left know, that fuels just wayside on a technologies. renewable sort like of liquid of can But the solution, a contrast looking You and cell and up renewable And gas, in vehicles, at I bio lot obviously, different a gets kind just can bit. to you compare comparing how by you the fuel natural you the have of as a fuels, that renewable follow you fuel cell, relative when I and [XX:XX:XX] a

Pat Gruber

[XX:XX:XX] Sure.

XX, vehicles same what when XX, future component you projections attached. there look at being kind profile and pretty of today, bigger actually have for know, although that the energy energy sold of the are much renewable You and you is it's we look of a out

growth it wind size of developing of way. And gets think unless of the by have of need with up we growth something a The So on renewable still, this energy. fuel changes. because kind economies course, still planned a same up but are taken fossil we

a when think of Now, electricity, to kind use batteries. about have you trying new you've vehicles, to got

able that work to of to good to enough. batteries a You've long got got be have have supply

actually to bang be deliver renewable those to you way buck. can And that to in to have batteries. have the done the You get it a electricity for concentrated has so

In terms vehicles. of

liquid this and There's it energy, into packing It's we're game on part to no of required a a infrastructure. think it change the change of play. the the the existing required uses fleet that You way. taking different no fuel, owner. ours, all on just With of then renewable a it consumer, part

them all to And possibly it to to We're isn't replace and enormous has we got need is so going the going the one of fuel amount that it's to any all so or the take it be solutions. because that other. stuff isn't

making to you you any might other you and had wind rural places blowing we're earlier, think know, I it cells mentioned terrific I need plant. know, for so towers mentioned much, have some Or a is because about not that, sense I that the be the of, place. So it's know, you excess to you I places, wind question be instance, We and what? in it's fuel a wind mentioned don't think for know in going and it you like

maybe and into and that turn ought think I too. out play something make what? market sector, it in just it I know You we maybe to of

to that take think the see look at what multiple it's I So solutions. I I future. going

into new get existing talking vehicle. one We we're infrastructure. having to because interesting leverage with buying with up hung fleets We can have new infrastructure. everyone a We're not to not up an and hung

carbon look her the same and your old been People just They're much by of yet. know still because at thought don't us They these using we've unaware you directly. they vehicle? haven't gives products what of what Lower it of XX. you types all footprint things. know percent. You this XX in But can ethanol? Ethanol we're do into still And not gasoline? like you that we You We're run the People it's go, the possible. time. ethanol. doing the and is No, are do mean doing learning other that. still

But and with interesting. is it, Tropica because course, it's there'll they it, up others college to So of this be gets what sign get did us get it as well.

Shawn Severson

my on [XX:XX:XX] or there is, next a question last next is going you think this quarters? proxy Thanks. cash And for about good other couple or is pretty going cash any need quarter you is over be flow, the of forward changes burn investments to

Lynn Smull

I and think as they're back creep more so had typical we we to it's bring staff little because you a incrementally know, [XX:XX:XX] going got to bit, pretty reduced up few a people.

times So should projects. at spent various that for typical. chunks be going We're engineering pretty get have to it

typical, like R&D So you these burn know, thing. your aren't type

doing we're work, as the to now paying you're a expect And deliver it project. reimbursed closes. be be So to going project to company we we're engineering on a to

of So on those. we'll give we'll more able have expenses some of and color those types to be

going behoove burn, when them, be is, in get pretty the again? the we're that to What's terms have question we and equity hey, soon? Why Although down raise to that's good money with and most anytime you deployed projects in are have plans it this these get road but of we useful, you know, might shape. investors, be money invest So good as might with asked don't a that interesting that partnership is us your basic about to raise might recognize I sometime. do I

Operator

line Wainwright. Please go And with H.C. of you. from our Dayal next [XX:XX:XX] question the Thank ahead. comes Amit

Amit Dayal

Thank Great you. you plans your know, [XX:XX:XX] pieces on Appreciate these the taking coming the together questions. afternoon, Good forward. little everyone. to see,

million in doesn't that it that come to if equity can timeframe. million to trying that already eight have The get investors No, hear see XX come to investors forty for certain in I place. you within correctly, did So the additional gallon. gallons a you

up happy that are forward this with You million move to XX shaping financing gallon to be. is

Pat Gruber

slightly all [XX:XX:XX] put than actually XX for billion willing Actually, are investors have who it's gallons. that the to we different equity equity up

will contracts forty we However, pay take you try for eight place billion contract have gallons. in probably to or it the because

who that's And locate clear. them then where then can who could do the upon dictate move but we the with there's so tranche equity And players. have couple depending a that takes and little to a already a Illinois, would in might We next plant decision, bit of on it, want it. that of we wants

We sheets three the build whole you for the to know, the do from two of have them first out plants.

Amit Dayal

just [XX:XX:XX] of already finalizing Ok, and waiting will are really firms, for that, engineering engineering you or catalysts you are you team you alongside and so finalized the that's the a big and development, certain have it be? sort before announce who

Pat Gruber

at. couple have that turnkey the other have know, we step engineering the and we're have do go and it's have ah, whole then have through, whose they to know, you names surfaced already horse look engaging we yeah, lately to him our do of have project. lead lot, we a you to it's want we and Well, initial There's to [XX:XX:XX] there's people

So it's and about, engaged build here's Right. separate engaged. out well, project. we're definitely We're things. two you, are there's going then who's turnkey the like appropriate or definitely giant engineering XXXX whole Those whatever they're and at time. there's the plants the part It's plant to the an with two two so here's about saying, there's

Amit Dayal

this of commentary, end early flow announcements is come before potentially based in of XX? any news expect this we happen sort to from this the of to going coming so So should [XX:XX:XX] around XXXX, or

Pat Gruber

do don't know, control. not site like I like The [XX:XX:XX] like, you think in the and, it's our engineering signed selection's stuff know Don't yet. in more control. It's is you our when stuff more it's I know,

we'll than later. them we'll announce sooner. when when they announce. But they're them rather sooner we'll happen But could those So be to ready do could

of So negotiated. so it is I of been but the whole had the one a I of to it'll are in regarding people with where, who get growing of contracts our I would that is expect those couple what's list in you done on to I with them the ones contracts now, have have. product being to company stuff caught and with they be that I the product that growing, other thought I know. these There's see see nothing eventually. is want do got done by customers up world. their going sort us This And with the and nothing do see

forward. know. bit don't little And longer. so a could those still take no, is I But moving the stuff

it's just little. somewhat a You anyway. here This unpredictable know, is

sort this that XX, Before you the hate of terms half making is do later. into into that's at on, in stuff to it's potentially set the you will site But first when I even by than that engineering firm, announce announce know, breeze rather I'd of point, of you in but predictions, of London start sooner you frozen I'll based know, of to work getting ready going how happen expect for putting paid selection, terms it the half development all second this? be

Amit Dayal

Right. [XX:XX:XX]

to twenty things So reimbursed that of we and it. late that development the money back we us hold the that see for way we is twenty, this If do get the coming unfold front should the start in schedule, should to work some one. up

Pat Gruber

know how [XX:XX:XX] things the don't meeting, get upon late their timing. So in half done and latter Depends the when. exactly

that slower, these of rather suits partners faster a which go couple of us want too. to course have We than

sites the announce the it The financial partners stuff We'll thousands how mentioned the customers. engineering should that are debt Then announce is the we'll who who on that then is equity reimbursed close what for and announce then, the just announce moving licensing doing. these project money of will in. and The close. the with we it it side So is happen like fees and as we're spent financial we the to get things simultaneously, forward be we will and other that. terms,

lot. enough sheet is that shape. We're have And And And money good matter on longer. so, it's yeah, still material. the should we that in EBITDA balance good news our a takes

to there California reduces natural for that carbon But of be Project that does. the next What And those paid we to to and you gas that our the should score. for doing have we'll that equity it. longer for It can partially, practical Yes. mentioned Project sell off And don't know need any expect we on what however. you and course, latter bogus next up think than, matters, also the at Plant Well, also stuff we our working schaus. work that know, it. carbon for the and But get of We gas they're The locked is comments. the is interesting reality because guess I a investors through. start should my maybe would in So sometimes reason plant generating the take Now, it front milestone other want Still things right. our side. the the know, on It in because it thing year be. late gets if down. to we debt got two. should be [XX:XX:XX] front boilers the on you revenue, financing is should bio get half feeding do equity go I that or us we it

a of can seen ever we're to something haven't where would we back we on course, that streams to. expect, does ethanol profitable, have, So I revenue if couple it's do before. always And back turn come to going of

Amit Dayal

you know, lot sort even on And for XXXX will two more XX timeline go one last maybe know, multiple have, you you ongoing which gallons understood. from be of, right is the then, then this. know, year is through? million Is south, Trafigura customers to to quarter Ok, clarity, meet it And with comfortable with fifty respect you you of Are [XX:XX:XX] by you with your is there's all this are going that production now going able times that a to agreement that which customers the now or this to. these thousand or product the, sort timeline? to that a

Pat Gruber

we for we what have always someday is for Sure. stuff to We jet People to to jet gallons aren't more have don't people to more they as hundred so announce it. corporate Silsbee the be and in to it, like gasoline, the what Right. the use The them. I anywhere that the other test it from except buying aviation always hope And want haltzman. be move able interesting people would to ability allowed want air. just because enough is doing that it renewable particularly it want is, thousand find isobars seems will fuel. fuel [XX:XX:XX] Yes, they who's been interesting, to and Carlos, gasoline, say now who some but is the we're running move up it are capacity hydrocarbon, there's to to isooctane, remember Texas needle the plans, capacity output Don the we're per about our year. a

we so we're our butanol. into plant gallons so running up. discover can Texas. not to it's in It's them isobutanol we that ethanol, make running running Luverne And plant feed a down a campaign And

Amit Dayal

those are questions, Understood, you. my but thank [XX:XX:XX]

Pat Gruber

it's in do isobutanol, isobutanol asked, get Yeah, this? We do fun have this. can't can to kind so do we've often of again it how running to got be And ourselves. team We a need place our you [XX:XX:XX] renewable, know, why we because, do make that. I we to

Operator

[XX:XX:XX] question next of Noble from with And Market. Paul our Capital Thank comes Freda line the you.

open. ahead. Your go line is Please

Poe Fratt

to [XX:XX:XX] Thank event the white of payoff of timing the before box amount. looks that team, amount the quarter quarter you of was you. then and the quarter this of what is like potential in of afternoon. the England remind is and last it the be equipment you rest quarter, certain be when going the at busy big going can Good the about be? might me to end a about the the talk And polygraph People that

Lynn Smull

debt depend side. will having It the upon [XX:XX:XX]

is some because the we'll outrageous with I answer in put amount player don't an it's and have been to players some that the there's indicated contrasting think interest investment. this to players, equity who best not have know I us.

We then side. you But, have to a returns know, it's I from debt sense the I project, like so does or do the this decide, there's although it and not? it make hope does.

be parts, pay because think where I Though it. out so, you to know, don't turn. I one have capital. I to to this million I any fifteen speak would amount full It's the had not. Huge like, moving know, we want of if case, equity So you is dollars it's don't want in I don't

Shawn Severson

don't I But be think OK. [XX:XX:XX] it'll

Pat Gruber

again, [XX:XX:XX] know, Yes, like are this don't I A know, this that when has returns is strictly but ridiculously a I financial just guess, project financial high you return. and IRR.

And we ourselves so there might is maybe want and going that money at ourselves cash have want look we're that because I real a to question, flow. say for

And talked talk kind I yet. don't of evaluate we strategic financial about to we So that just players, the think you we know, and know. just have the him. equity about interacting the stuff I unclear then term that's because the with was the

replacing on when to need know, locations the had talk on sort potentially hands ring, plant location, is lines. about, you plant that that Our Alawi's one the the on strategic those we move another to potentially to location plant expect previously then with allies and also you of of

to how fast So so want of they want product, know, we definitely they that. talk kind it'll interesting. people this it that equity sheets influences we from want And about accelerated for OK, you to got be where our can openly. They we do think how going things. how to investors. they to the interesting ideas about be got first term clearly actually on how once and we've it, like go, It's can we about stuff have and

for we Now, side continue at by a and plant or as search to other over we hydrocarbon look add in isobutanol taking sites plant. an side ethanol more gallons, building continue our yet

are players could sites. open Interesting We to do that it on have who in They're we it. their several there.

We have Alawi's them already in. we have

project. one that. economic light makes we in the It's side of it do sense we're So equity with on who question is could most of the a which that working of the

one. could there's already. think we better have we we multiple sites That a use So

Shawn Severson

[XX:XX:XX] then debt the record, downside? the we the structure potentially has Ok, Len at also what to the share level on majority been you the finalized. looked alluded reporting with when be on to you of model? terms us Can SUV the interest more the the interest And and final then might

Pat Gruber

interesting the Well, part. answer I'll [XX:XX:XX] last what's is

sure how we much First know I kind I of that exactly, want because interest invest. is I'm will upon our that depends it what not minority be don't

to in lift would cash enough good have our our sheet make projects. thout balance more. in And We that any investment a raising those

from there's interest, what we not? So get minority just by we being or and of of then is, technology licensing if in who's big And Gevo. be fees impacts developer although you a rest, because us. the typical for that these a how operate fees market to So would expect are course, a in a going things. all would a minority money, can or be We we of developer, these make remember, interest as we that question pay can some, do to know, licensor operate money do to Gevo license get and also we're operating plants

kind things. investors, got operate the to project off So do to out the of before plants that, returns those we've to pays paid of and the get

of this It debt structure And is. equation. overall So all itself. the then that's part

going who's have to to clear to what how view it? be do, still? Yeah. change We it, to a very subject do of do it Could

know, do. depends specific all we play. So it We tried plays specific did you know, the because, this rate, Did how we with interest a I who do terms, upon what it. want give to don't percentage you do they

know, yet the works about plans, on of bunch is then want know, said the talk a don't still you know, around. move granted. under I ready there's have this say for could way. player you it So just me things to someone not sounds said, to XX if in And what seed seed, you you you emails that you place billion the like, it's already

Shawn Severson

contractor. growth financial it When know, that first know, sooner. the than towards, then final OK, And contractor, then that's I about Pequots. rather before then of think EPS we'll once you their click talk in go is you and and finalized, financial Could probably you EPS close up? later, XXXX, [XX:XX:XX] we in then to we later half

was twenty that course, in Of one.

Pat Gruber

like would looks It feed. this be the [XX:XX:XX] timing

firm who engineering is engineering add it's So like EPS then feed plant, and Gives an or full of the everyone you stuff builds done. engineering kind the constructs that Feed for to around you use turn means else. you it and then and acronym contractor is need we all that. a work final

down. certainly it. people of The them there's This do capable could perfectly what be We now. to. deal you to get could But be negotiating. We're partly the a We'd too. of are people they're expect who on sweeter and working feed we're other you're They're capable right working EPS. it, is going with have pin maybe that when

You are the know, hundreds millions. of contracts in

and financial it be the denounce they the things. the So The are We're equity amount close. to amount the gets then going is, year done we won't take come just up. diligence detail And goes we partners financial into That's long And going and because you everything of everything everybody onerous The completed, it, to and to in the it going hide and, get announced has the would be close to actually amount together know, be itself. the be close. that it. all of of the of able expert of reports It know, pieces you equity to stuff of these it. that close. We're the to the have depends equity, a on how before all out clothes. be project, have work built a first about we all before it put site people those when to to plant reality and after There's buttoned the long there is financial terms half that won't is tell I'd the the that are done. projects stuff tell to what can expect in and work

of actually, And little same. it's in that before. same It so actually we yeah. the half second you Well, a the later the than year. for Yeah, plan the comes know,

close. one I about doing to being the takes go the half first you it gas year half talked talked second we from to Yes, in But financial look, the the the the year. year to and back about the even on we do expect closable. get of in something would If project of

Poe Fratt

road know, what indifferent on good, renderers, or on bad by happened, the you And the [XX:XX:XX] potentially any administration? comment

Pat Gruber

think should [XX:XX:XX] to that be would so I bode well it interesting, should us. Yeah, for interesting so. see. That's

way stuff in be is good, you know, over this policy. because gas Dems do. win know, Midwest, the, Hopefully of it'll There's a done You chance for the put there. to a a the got they get into greenhouse constructive some

And fact say, called so whole you agriculture, soil agriculture. come up regenerative of capture food. in People that that's new techniques it's how does bunch to play? There's isn't the but good it for that into a do waking carbon are

it. isn't Good stuff people for growing You about I've years. just I necessarily healthier we've it. that But listening. known because been do talking are

know, And so It's it. I about question think overall, no just, us. got we Georgia. good in you you it's to for know, see There's what happens

you know, happen gasoline blue stays Senate You that one only technologies, are more the up you turn or Good. of one thing those, us, Because be if whole be The people and if few maybe tool. know, know, scaled to have is we as of diesel going jet you to the I'm gasoline. Plus, going good for the they make too. be the of the red? chemicals or, aggressive right. overall, be you itself, the have to got or does that for to building aware, can it they're to say, incremental course, the with So, we ability fuel materials. blocks know, fuel as the And hydrocarbon know, to about, portion deal it's

So let's go.

Let's get with it. on

Poe Fratt

much. so you Thank great. Ok, [XX:XX:XX]

you. bet You

Operator

questions further remarks. Patrick time, conference like further and any you, Thank to for and would the over [XX:XX:XX] turn I'm to at I showing this back no

Pat Gruber

position good. [XX:XX:XX] from forward you not right, and including It thing you I've projects, you we Thank box favor forward crystal going across many clear live to in our that going having moving gas.It's off happen. white for joining for you of that engineering board were to from that, that I'm there's the we with And and momentum the to be looking it's us. We're year? ago, out going in interesting. and debt. was moving now. going long is the to when know, know, all that's like election. know, different bio It's through you important these a We're company this us. quite an paying that that's It's forward heard on time how are Great. that, exciting getting at it's an seems to under

what's over our got how to And And seem excited pretty get him everything. he's we're so to about on on. line going be the darn to partners

for great your Thanks joining thanks evening. a support. for So us. Have

Operator

a Everyone, may gentlemen. conclude [XX:XX:XX] This Thank have for you great day. participating Ladies in does all the you conference. and and program today's disconnect.

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