GEVO - Earnings call transcript Q2 2021

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Operator

Welcome to Gevo’s Second Quarter 2021 Earnings Conference Call. My name is Liz, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will be conducting a question-and-answer session. Please note that this conference is being recorded. the Counsel to and turn Vice Williams, now General President, Secretary. would call Geoffrey over Gevo’s I Please go ahead, Mr. Williams.

Geoffrey Williams

topics to start that I Good Officer. issued afternoon, quarter like from call. second would call Chief discuss we public. With A Gruber, Accounting us of website. that today’s to Officer; copy to joining for outlines today’s the this today press this press we to the a would call our website is open release on on this Gevo’s company. everyone, and and Chief plan today. A XXXX remind are that and is we thank earnings Carolyn providing Earlier at like you Gevo’s by the listeners is today, of participants introducing available release Gevo’s media available Patrick www.gevo.com. Gevo’s replay be Executive our a call conference I simultaneous conference the Romero, will of to webcast

most measures release non-GAAP Reconciliation comparable GAAP. accordance the will substitute website. non-GAAP hear which our this to financial earlier in is financial isolation discussions is webcast, with financial today, measures GAAP contained information the considered from distributed a call in for you or of measures in presented press certain measures. Non-GAAP as financial on of these today On not should directly be the posted and on

statements XX-Q. including on and the about certain and and XXXX beliefs, Gevo’s events on project including, contained have or statements any such cautioned quarterly the otherwise. Net-Zero On current Patrick circumstances beyond. will of about information of XXXX, for to These based of make new not remainder operating Gevo’s yet date to obligation whether will only Carolyn with as with up in update these Gruber. also on forward-looking statements, other significant are any projections financial Exchange as place including questions. Gevo’s was Gevo, risks and then forward-looking that management’s but forward-looking Form and today’s not results activities future the Gevo’s Commission, disclaims to reports developments, Pat? ended our SEC will expectations, are in Form filed to, We occurred, open Investors our XX, and and we’ll are and forward-looking December not the begin for limited Such information, forward-looking today’s and that speak in events, for following X review and filings call Gevo a subsequent Gevo’s call, quarter statements uncertainties, over second assumptions, statements. the result made for Securities with undue the XX-K U.S. year discussion a the Pat the disclosed XXXX. call by now subject turn business those And to presentation, reports I’ll of of reliance

Patrick Gruber

Net are I’m Thanks, our able results Geoff. work on to Today, pleased X. and to update The report for financial projections good. an be Zero engineering

iteration, next This to complete phase we’ll this by the next We’re of the you up work, end if further. year. estimates December of on tighten track capital the iteration will, engineering the next

XXXX. debt all is done the the this course, for half first deal getting preparation in Of in of

capacity hydrocarbon Now is sold out.

sooner. We it’s Zero of This did place. take how figured a fact, scope little potentially to very, money because we Net to already our is In more based in the oversubscribed out contracts make pay X change or upon bit, decide good. very

chemical. for increased isobutanol We about a added year, per pounds XX capacity on amounts selling as of million which plan have we specialty

we about pounds of and to still XX million plan by total to on protein produce that XXX of products XX and of brings we to like planning a XX million are nutritional us than gallons expect rather of then per we addition, oil. hydrocarbons year XX production of In making million our and pounds pounds animal feed those million increase products corn

This as assumptions upon Zero our the currently and IBA the approximately hydrocarbon we year. includes is with what X the for and oil the products, produce pricing the pricing that to expect value of project revenue revenue based excess Now, change the existing $XXX values of to contracts, that in $XXX value, feedstock hydrocarbon for updated corn carbon the capacity. to scope the a nutritional and product is million needed million projected and per from be Net result

for million projected per project Zero part million good year. approximately EBITDA really is the the X $XXX that is Net Now, the $XXX current to

it expected million the steady million for is build load. to and be out the of installed hard basis, on brings the installed to paying had plant that’s revenue fully from million investors. IRR Gevo $XXX approximately the includes streams compared fully up and told million a all that previously debt that and the after approximately once total project XX% Zero that’s the be construction, The increase all major discussed financed, is rest really of rest, and state all Gevo had The the capital approximately maintenance current for to levered deployed piece projection million costs, service of an Net at the the we assumed during currently what interest previously cost upon or is provisional up That’s reserves equipment $XX distributable to XX% and to projected fully million. good approximately $XX $XX Now cash, OEM and to news. that’s $XX to based the those and to cash projected XX% is X currently a now $XXX distributed all debt

third-party increased capacity for it markets, included onsite of in capacity are currently a facilitate to equipment unit of greenhouse capacity cost then And are the certain be funding reduction meet operate to build water the expected A but with a facilitate infrastructure demand majority the the to be operations The of Wastewater to stealing lower the on for thermal additional finance costs specialty choose related being to operate costs using a of project is the measure increased adoption hydrocarbon cost to anticipated bio and developed these and separate Now project site the treatment own capital to in production plant plant. based the electricity more infrastructure is IBA project data separate efficiently. funding would project then production capital easier latest course, X the build the directly returns that biogas expansion separate X. project wind again, we gas wind a separate be for anticipated On The is and a model. future serve decision. using wired Zero to wind meet gas the model. this on Zero would to of planned It be with may separate of that and Net capital power Net demand. market. with treatment more

also hydrogen, green CapEx of products. plan capacity for We scope the in hydrogen our need current make to we includes of

marketplace We determining benefit are still Gevo. to the much the excess at if make and and economic corresponding how for

and are it the green know it, world we are we quantities take figure wants best to to make capability out excess make Now hydrogen. to developing Since market. we the to working ways the

with I’m extremely pleased Now results. these

business We more Zero reducing while bring to as and back optimize cash Gevo risk and out to our sooner profit we try operational. are to continuing operations get and in X figure systems ways to Net

is Now our investor more our www.gevo.com. that updated see for website please information, presentation available at on

who the Time Please Lynn, a Eastern detail you fireside August Daylight questions join and there also XX Chris We’re with Chris thinking together and X will X:XX little at on planning chat if discuss can. our PM to and CFO, what’s and and it. COO; Smull, project President take on do Wednesday, Net-Zero give going as Ryan, our about a we’re how and more to Lynn

customers to be future. the expect announcing project second Net-Zero in We near to for our the location

quite capacity we Our about potential pipeline And with out And customers it, out, customer That’s discussion. to shifted. something. how and working much grow much looking how faster. larger. They contracts discussions approaching you’ll at in updated now the to are is in much, are that of much, figure billion deck $XX the see then have

and of years. production hundreds can millions within And of of so achieve five we many gallons sales

of gears on to Switching lot that’s game driving what the driving changed, am I’m has to and I That’s track Gevo parts, faster for. bigger to a of achieve. what project at RNG, terms we’re report is moving my RNG For construction. pleased team for the in

to year. produced. please us, goals done our ESG our excellent On in expected producing early first we I’m had you quarter Monday pleased will is, to it time and progress see We we year. This ESG expect invested gas the we be of to read this with next RNG, if next report to website. work sell week, well thinking. BP publish on on it, up make it. start to our report on think, and continue our an And you’ll Overall, I for begin

over will call us Now Carolyn? turn I to the Carolyn, take through who the financials. will

Carolyn Romero

in compared reported the $X the million of quarter $X.X million period XXXX Thank to second revenue Gevo in you, same Pat. as in of XXXX.

with of lower period Resources quarter in $X.X decrease, in million the in XXXX, Hampton $X.X facility because During the the was million production Silsbee, at of Hydrocarbon hydrocarbon same compared Texas. revenue XXXX. second sales South volumes

the related ethanol the second in period same was XXXX, and XXXX. derived the quarter during at of products to During from no million compared revenue Luverne $X.X facility sales

quarter the approximately As Cost versus for for same goods quarter in million with which and the commodity same in no $X.X second Cost the second of was Gross during period. XXXX. quarter was depreciation period XXXX, expenses. distillers $X.X in in market XXXX, $X.X approximately production personnel XXXX, production loss a terminated result XXXX. consulting Research increased increased the of sales maintenance July, increase expense primarily that of began XXXX an of XX, and XXXX. We facility, $X.X we $X.X the of XXXX our the versus preparation million $X.X three with the the resulted and maintenance in in million ethanol by million March second sold ended $X.X of sold million for during the and million of an and included unfavorable associated in of in goods months million second of Luverne compared to due expense. quarter isobutanol development for period grains, the

XX, Selling, with process by increase growing related in XXXX our XXXX, improve operations stage growth in XXX(b) our growth costs consulting yeast Social fees and to the to in support the Act. consulting our and months $X.X Section with by the for insurance second XXXX an engineering with to Sarbanes-Oxley increased our to activity the administrative and first Governance an increases Environmental, preliminary support quarter personnel three to and June in XXXX of work same same compared $X.X professional million strains. million report increased expenses and documenting the and during creating compliance we business increase primarily due and projects. on fermenting costs Preliminary Zero to personnel, due primarily general in the As period the ended during in in Net expense period project and compared for

our the of million by X.X million senior of non-GAAP to $XX.X June XXXX. compared calculated we from during secured based the loss, a $X.X quarter in $X.X XXXX, non-cash months of operations activities during due to XXXX, was is to noted was a decrease the second loss for of XXXX reported As loss period compared same in Interest conversion EBITDA result quarter to business period common that $X,XXX, compensation of quarter a cash GAAP expense XX% back XXXX operations three of and In the the ended million of measure to in as million compared stock $XX.X in the XX, a XXXX. depreciation same XXXX. second to convertible of the above same adding due notes all million the stock XXXX, from

of these million activities second to of recognized million, net XXX,XXX,XXX. As non-cash outstanding per $X.XX. compares based of non-GAAP totaling a loss $X.XX of on financial $X.XX the a $XX.X net gain XXXX of quarter loss such and quarter share share result of loss adjusted in shares of non-GAAP derivatives. Gevo in of the of where a average in the of a XX,XXX XXXX value per instruments, of adjusted of loss loss during non-GAAP second $XX.X of as loss a XXXX or or compares adjusted second a fair per $X.X certain This of weighted a million of $X in net weighted average due XX,XXX,XXX quarter on above, XXXX, per non-GAAP embedded noted the second of net non-cash second loss net $X.XX. the of in a business outstanding based share a shares XXXX, reported the share we million the back resulted in This to or to quarter loss net warrants our Adding changes losses adjusted quarter

over Pat turn to wrap up. to it back I’ll Now things

Patrick Gruber

Thanks, Carolyn.

this, forward are exciting So to coming we’re and of we lot have looking we fired up. things a

are get you look work small where these we’re is these contracts grow big. is exciting. period they enormous we’re of in progress I that growing. the to our do good. really pipeline given great everybody And I beginning Our us got these more we up. just know to making engineering into it’s having quantity whenever money like – an results like. a of engineering really XXXX. faster, I of work the what EBITDA signed certainly are do cramming time, And but that That’s liked the things That’s And at things, wants

So forward we’re questions. that, We’ll excited we’ll it. looking take to

Operator

[Operator comes Instructions] question of Our from Joshi first with Wainwright. H.C. Sameer line the

Sameer Joshi

Thanks Good my afternoon, for questions. Pat, Carolyn. taking

how as will do? forward? the or So to size Net increased going gallons with those what this be affect you that Zero does XX that is subsequent Will the projects also impact per plan million year, scope well and largest

Patrick Gruber

down. at loud, see on just stuff said just say our and one website, the written can Well, of it I thing, our all presentation publish so on me we that to you first put investor out let just so kind that up

plan. much as for Zero so a it it We it then for X. it and and easier. work this, it in translate makes we to could the the this question, is think that specifically, we’ve size And answer done to about make the process Net that your similar we’re of And directly engineering

of paradigm. Zero So think X. of copy common it a Net the as That’s

us got or people with much bigger. working However, we’ve think challenging to

that. as how go to so to doing about And we’re asking that ourselves question

running very makes demand And greater hypothesis. so path incumbent that’s Zero simple simply than we’re supply. the just So Net kind product copy – to the is the So it’s X, right? a because of much it sense,

like, why what we the not matter going right, course, gallon achieve do address, to chicken XXX we’re XXX to all whole a So million, and plan? go How exactly and can and we million to you in trying bunch going bigger? years? because we’re of eggs asking is kind capital. are That’s here, And XXX possible. buy things of this people million just there’s a well, stuff we five who do? and can gallons when How a technically actually of yes, can it, this It’s of

months. right shift a getting that interesting So occurred us for has There’s it’s the be quite now. to definitely, definitely several last in definitely,

Sameer Joshi

the if yes. do you call Yes, bigger, was if reason to gallons, That for XX that demands of the instead it. be the million able what industry will

Patrick Gruber

Yes, no limit. there’s we can,

took optimize we’re and trying stay we now – what trying what and well-defined the doing had So is already capital. it’s we’re something to we with we had to right reason the returns we’re and

I about So that’s year the million models, that That’s pretty drift like from project, in that previously our EBITDA talked $XXX from a noted about, a in has you optimizing. increase XX% have that increased good.

should some think optimizing. spend I money we on

Sameer Joshi

Certainly. It’s exciting.

Patrick Gruber

so many what our forever result stays that variables still well There’s everybody me, done. always I a happens better stuff, and mean, I from corn ever well, people, that all asked expected was this. high and if

terms to we good in with things what, handle incredible enough pretty details projecting. a where feel that in around we pretty of feel are with, move got we’re IRRs, we can that have do know You the bit and specific we much little got in overall, it spot work we’ve a of economics terms comfortable technology we – what on but a going to The speed. additional

I think so.

Sameer Joshi

$XXX to $XXX $XXX produce, then just hydrogen million? that And are be But me the more CapEx to is you excess of Zero, additional green its is all Yes. this the there CapEx. are Net planning million to incremental Yes. the on one any to clarification – that part going produced for million

Patrick Gruber

Yes.

$XXX compare accounts do projects, it’s you turn it’s So that million $XXX all by on now, the be a financed it’d to to going use us and other don’t to installed, other million, we’re – and way. you’re other to once the the people the to goes at if number financing, really I right that and like, project crap prepaid with

get now you add that You million. up, all $XXX the

it yes. would $XXX additional addition to the to [indiscernible] a capital more So if in lot make we whole million, take want

hydrogen, to it actually than, do buy our equivalent it us we does So calculation. XX% or what, economic it we’d And to think your is something, if the word just get makes for game it. how the can make And better XX%, figure say where, about now capital. – then that out returns, plan wants attractive who are maybe so sense? do better you returns a or if has of That’s use sense

Sameer Joshi

Yes. for that clarification. Thanks

the be RNG, release? all the XXX,XXX to capacity, to press that. by is wanted recent plus Just MMBtu the clarify for to going Moving that BP taken

Patrick Gruber

money we California what’s right Net where could, we It expand running hydrocarbon you can we is Luverne, is, do, is make we and Zero that’s send gas BP. to we to through to take because we’re which how But as later you pipeline to a California, we it maximize it the it attractive. And are way liver know that’s up again. most it But going send on to and the X. down into now, it up there make plant, take the value

Sameer Joshi

are understand because to they’re And with capitalized but the but pre expensed is asked probably Right. to just associated this stage next to wanted project, Is particular not preliminary question the it been against project. is costs that correct? a project as Right. before, being just that has

Patrick Gruber

I explain so that say we can I that the to don’t, capitalize – it. some was know we some going there’s Carolyn that

Carolyn Romero

Right.

being related to Net with RNG are effective because we Zero project. forward are quarter. we costs all capitalized related got The with the of past FLX. That’s we’re the expensed to So move able the the the financing second and until get costs being

Sameer Joshi

Okay.

So there be… could

Patrick Gruber

or to be shorthand what to the about. [inaudible] some she’s not stuff for or by be we plus of the say, can it focus that the a lingo closings to you near call and it, down XX% understood level minus minus that plus and we’re to broad going group. to get is will What talking Well, get We we – the when is when financing. down well is do

then here a it putting be process Now, will us time. and are is. do keeping Because and in buckets the a capitalized when of them makes That’s look did well? onerous very all it tracking of be of and time stop back our as it. make into there will you expenses the do Carolyn we track our

Sameer Joshi

is That good.

Okay. the now. Thanks. have good on progress That’s luck. Congratulations all right I and

Patrick Gruber

Thanks.

Operator

Poe [Operator Instructions] Our next Capital Markets. question comes with Fratt Noble from

Poe Fratt

Good afternoon, Pat.

Patrick Gruber

Poe. How you doing? Hey,

Poe Fratt

Thank with current first be. your investment – the I a was was hoping to the equity Gevo well. into SPB project of get I moving would hoping you. the estimate to costs doing around bit. little from you I’m what think

Patrick Gruber

assuming XX% We’re debt.

that, XXX I Lynn, million, like $XXX that’s you something it’s if got So that. or like right. there.

Lynn Smull

XXX.

Patrick Gruber

more can sooner over a up of what Well, return sooner earlier, and returns but that know go. How has more one getting you with deploy That’s get we back? those We cash you even up nascent space good sooner? you’ve capital And doable. million me, what, distributed how and from the you questions more food It’s center. it’s asked here again, good. over $XXX come in all the thought of is

Poe Fratt

Net could when Net firmed you sold any potential Pat, going at you, – are you maybe give a if timing or to but tough. we’re capacity and X it’s out? if have X there of Zero see up take then us at know you I And can or potential Zero stab additional

Patrick Gruber

announced this like XX million more sold gallons. since We’ve already we’ve earlier year,

there’s more think up, gallons. XX a we’re that’s like million I So more, XX,XXX

over another do to to going what’s XX gallons, get, happen we’re million to be to think well that. is going I So

how million or discussions there’s and several But in So XX negotiate magnitude hundred we’re million like in actual of way, up million order immediately, trying you know, stuff, bigger, way probably, real figure we’re to gallons another way, sitting to do we’re bigger. out here the gallon, it. XX for that’s

in of sooner, but bigger. like of to So have, here the of go how technologies market that, the relatively that be one of we an is to is bigger, net the do it. understand sized because want problem few deploying opportunity copies. part We front straightforward. can I And bigger it’s can we right that have us, keep I very and space. this much question. Yes. zero for actually It’s We works. kind It’s outstanding

So we’re one figure on. working that’s we’ve out. got things the it to And of active

So question, expected far the back why always – I and done. XX announce – contracts it. Poe I’d and are about it X, across as these contract say life soon. can for And as be billion Net gallon I know that of done. expect Zero final $X.X million I this when your to not is though, I negotiations, worth there remember big that’s contracts, They’re off-take I the expect these a

for that think along, are that we’ll bigger done. chump and But these I then getting see for and bigger. So it ones they’re change they inching ones are or inching all play along, doing people, serious intent aren’t

Poe Fratt

Understood.

doing, work engineering the that the gotten you’re XX%. on estimate plus minus to So or down you’ve

bond heard? you end do When minus heard the year? that the that need closed. I it of to expect, think plus by I XX% what sounded I you that might like or get expect the to say you you Is to get

Patrick Gruber

really EPC announce here’s to That’s Where they needed to actually get is to the numbers think those it we’ll is what goes not year, with wrap take range it. and see future. that closed what the the say, have who bond of mostly end company the is what’s we’re distant it but get in need to by I the that that will going the financing. too

engineering EPC kind won’t those keep just the is refined the point goes, and but along, we’ll thing. – where willing work continue now we the we’ll on get get We’ll engineering. of the guarantee. it And a end And company number, the they’re we’ll keep plugging refining. numbers but never of year that stop to We’ll so here’s what’ll to happen a to around

Poe Fratt

estimate wind then Okay. Net the and component Zero the wastewater working And then of X? do for you have a

Patrick Gruber

Lynn, what’s the $XXX treatment what wastewater plant is a million-ish?

Lynn Smull

No, it’s less to it’s less been same million, these they’re the than own operating less a – as numbers estimating all That’s than cost, from build of the but incorporated our it’s that, service we’ve cost as the little capital $XXX are models but in along wind. thing well capital as a return operate, with that. doing on

same with with doing water – the AD. now We’re and wastewater thing

Patrick Gruber

you play I get wind we’ll what co-investor what that of more a it what and everybody and seated just we comfort So us that, up down expect, build of I out lots refills then other at want have with and being with expect we us and do expect, Luverne, here. all to wind should people several go think like project is parties our to we we with did when who

So that’s good.

Poe Fratt

wanted sure clarify at million the just time. wastewater make the and make point in not wind this I nor does to $XXX include the Yes. that

Patrick Gruber

That’s right.

it. that a put in we when deck that chance up go slide see to through you You’ll our just get

slide about that deck up. for look be just we an put yes, all really thinking we out into listening, making, that It crystal but trying Google, everyone about goes we’re assumptions enormous tries transparent, you to we what we be things at put clear we’re try on the her, where to quantity of of So understand to are. data really and be and we’re

out making manage super midst things about out, the tell I sausage, trying go of lot I out, you faster. go it’d to as we’re thinking a how be take because How it. people And go to even things Pat, we can had I laid me, we’re sorting goes? faster. fast. go of in Yeah, can design, figuring of We’re principles easy super,

or capital can can incrementally We what the optimize and a $XXX I million it. waste out, going You’re it do, that’s distributions. and not $XXX we boost to it, or million figure just EBITDAs like increased do did

is to And figure done to risk. how so to about this here that’s work money at smart out the we be most least the be make

Poe Fratt

Yes. else out and project? Let’s Yes. at the what to associated so capital – with XX trying Slide might what to… be just costs looked I figure other entire

Patrick Gruber

go – back. Yes, well, let’s just me go Poe, let

Poe, let see. me me Let

see information So see People some what at XX, with and you’ll then on various and get you’ll around well. there. Slide XX, darn now. on decided look sensitivities information look there table as a and out there’s that Slide enough it Slide double do model to put XX you we assumptions And pretty good more just that

One about guess is about always this Well corn. at asking corn has if people of the seeds things price? a what? project. impact That happens high What relatively minor on overall the

products that, would commodities. an that looking nutritional of we oil at is isn’t by co-products, That’s internal it and have volatile people projects attractive. corn us. just think, is quite That offset what corn the as helps these value. the XX% make cost simple guess – what? Is of Now helps hedge as

Poe Fratt

helpful. if timing those CapEx plant? of RNG are the on proceeds we the What the Yes. are financial sheet that your on really slides balance now talk about CapEx timing could or on – RNG your talk the of about That – financing can slide two you statements, bond would

Patrick Gruber

Lynn?

Lynn Smull

pair is for on to bond then we early contractors the anticipation the and way complete it trustee up is project operations submit proceeds. our works we very producing we’ll out is and and The year. We’ll next of schedule begin those reimbursements start Yes. the be that

cash we So get there’s it we always back. a lag put of out the a so month till when from or

Poe Fratt

be will with how And should next million full we Lynn that or quarters. that out over so of over reimbursed cash the that, $XX full sort that that Is – down? out laid walk and three laid

Lynn Smull

so we contractor expect we those be quarter recovery that the end with will of and into the the work have year will last – complete it first No, to may I it bill payments. of think all all done last but by drip paid bills,

Poe Fratt

if project. X, you could Okay, great. that are spend quarter what to in Net on going just fourth third and on you Zero And then the highlight

Lynn Smull

– I’ll take uncertainty think around the is The equipment lead I that. deposits. largest long the

and budgeted We deposits. have of I fairly uncertain, me burn going to in of in The we end is maintain We timing be to other cash for engineering But out numbers terms equipment the before have to million for secure probably that need development. elements year long don’t the it’s of front $XX but get really substantial lead a around that number. – schedule. site to

long development up I think total recovered we’ve around then to would million. the be and at engineering close including lead that somewhere equity. financial as close cost, and we And always contributed said that $XX financing

Poe Fratt

for Thanks Great. time. Perfect. your

Patrick Gruber

Yes.

You bet.

Operator

concludes today’s remarks. back to to like session. question-and-answer closing I’d Patrick That the for Gruber call turn

Patrick Gruber

you project, see I take good as all I at than our expected. more better investor capital, joining look we we’re a are us. I to Net out presentation, results said, that about detail how turning for into are you where recent that did thank will encourage about you Well, Zero on our we go the thinking

and EBITDA lot the hasn’t We it Yes. fact, a do gone sort of to work up got stuff. In out. still to

are make people And see along. getting done the things out. those but future. one there’ll Zero be is there’s got so billions Zero How for the and And many pipeline all of like we be more will X do them, than of bigger to to to billions where in Net one customer us, the one’s of dollars much to straightforward far This to big in turning. So wanting X, it as bugging capital all unfolds, capital, Net many, people copy of it’s and place. that’s more Net can And being our big, me. dollars us. this that? impatient it’s we no can thing decisive that faster. we my getting the grow attention And participate of a discussions, joining are with but in more crazy forward. deal these Zero interesting for come have that an I be is I Thanks sorted time from but it. working contracts We’re a moving

Operator

participating. conference today’s call. concludes for This you Thank

disconnect. now may You

Gevo (GEVO) 13 Aug 212021 Q2 Earnings call transcript