Gevo (GEVO) 13 Nov 232023 Q3 Earnings call transcript

Company Profile

Participants

Eric Frey	executive
Patrick Gruber	executive
Lynn Smull	executive
Derrick Whitfield	analyst
Sameer Joshi	analyst
Shawn Severson	analyst
Abhishek Sinha	analyst

Call transcript

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Operator

Good day, and thank you for standing by. Welcome to the Gevo, Inc. Q3 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to turn the conference over to your speaker for today, Dr. of Strategy. President Vice Frey, Finance and Eric

You ahead. may go

Eric Frey

Officer; Gevo Gruber, This Lynn Eric Smull, afternoon, Gevo’'s today’s the are company. your for Patrick within Securities President to the results Executive for we for at remarks XX, third of at discuss. introducing ended press I Financial discuss Good issued us plan forward-looking Investor website contain well. the Vice Please outlines us meaning Reform questions, to of With Chief Dr. our this A www.gevo.com. we joining our Chief here the responsible Finance today, that is by release be quarter am the would Frey, today including and today at that Litigation Private statements Officer. like everyone. participants Act. Gevo's Gevo’'s is copy start of answers a Thanks Earlier from I’ and Relations press September topics available period as XXXX. Strategy. to release to advised

risks financing, statements our aviation currently obligation uncertainties renewable include forward-looking about statements anticipated. our to development, which Commission are activities from results and our materially projects, of subject are update actual Those filings that could those timing, the fuel projections recently and and to forward-looking Securities executed be We these construction and These engineering, cause Exchange different sustainable incorporated any natural other with disclaim project, gas to agreements, statements. described reference. the in our by

this on financial may addition, provide we In non-GAAP information certain call.

on Investor website which be GAAP Relations can at found www.gevo.com The be in our reconciliations the and earnings may relevant section. in release, our found definitions

Gevo, page. I Patrick is via to will call to a open turn to the relations webcast prepared would I'd simultaneous providing the company's call Gruber. everyone of media, the remind the remarks, questions. the the that over replay be public. the Pat? open available and now Following are this like Dr. conference to like we for investor call CEO to we'll A

Patrick Gruber

thanks Good Thanks, Eric. us for call. joining afternoon, everyone, on and our

filing On explained We that for call. capital, in, against earnings ask XX-Q you call our this more our today how refer we it investments, remain on focused last execution information what of detailed we have been progress after use we I are plan. about to means, what it think and milestones. We investing further that our and

the recent things focus quarter Today, how I in and events like are progressing. would to third on on an update provide

Alcohol-to-Jet diligence up SAF into the are plant upon of sheet three is formal quarter, we Energy on phase it to to that this First, track. based X the we months believe guarantee. XX would process, a take the August and our complete said due progress have Department negotiation months We Net-Zero for made loan positive in and U.S. term we

low negative a metric operating are fact metric per our $XX that of spite couple LCFS per in dairy spite manure RNG this BTUs LCFS fact prices expansion per the of of to under to versus temporary ton in the our EBITDA, we $XX ago. $XXX around RNG pathway the that XXX,XXX also are Second, capacity. generating is adjusted years its is is year carbon positive standalone ton It in range business of intensity. of California completed million XXX

when pathway our permanent our improve next year anticipated of RNG carbon get flows expect we a intensity. minus XXX we cash So to

de-bottleneck and RNG expect the improve ramp flows to volumes we also up plant. cash We as

verify, is our as industry That's gallons to team total ours a Net-Zero rapidly agreement light SaaS. entire measure, of about our of This market. Verity of first capital XXX X% the Last service, Verity customer, over Third, on let’s was we Verity or Gevo’'s of and where business That's talk Carbon the March, about million work software to in to projects. per falls producer tracking. we made. lots has is a U.S. into report, that’'s addition MRV or being our for customer carbon considering a progress third that an of announced also entered Alcohol-to-Jet quarter agreement potential our ethanol lot ethanol complementary nomenclature Solutions. business ethanol its so growing own customer the This year with in of capacity production. bringing see under good strategically

board. appointed Angelo Dr. fuels are announce a in fellow expert held quarter, an the He's our XX Royal we addition as retired chemistry. pleased new roles development and Chief a our the known directors. Amorelli of businesses as innovation board of types He's of worked now all in We're and BP, graduate us Shafer Andy to was to have to of Officer. NatureWorks. Society on Cambridge polymers clean and University great key pleased company all actually him. he to in technologies. for joined leader from holds Marketing Finally, bio-based years, Angelo our recently Brand a our Customer team renewable of types. previously He's last some He's focused of a Chemistry. Andy PhD members of where as

again. the Andy to we chemistry Andy or technology end customers. knows bio-based He and to knows here to like for with the we work A way PLA, with invented farm track sustainable from at with very a problem were how we'd products at -- Gevo when except us acid It’s doing Gevo course, Gevo, the is. produce aviation it. worked He sustainable what what which it to we're us gets substitute customer. and fossil-based used the doing pleasure the today all from It's He to much number fermentation have polylactic fuel. of

pass through I'll numbers. off and talk to Now it operations to the the Lynn

Lynn Smull

interest combined Thanks, million, QX with income from income the revenue rates. and Pat. benefiting Gevo's interest $X.X was interest higher

which million decrease a $X.X is the as stock-based of QX was SG&A that is spend $X.X noncash $X.X million excluding result control of quarter, corporate efforts. a for from our cost Our million, compensation

$XX.X Debt $X.X project Iowa costs. face Northwest consisting less related million million, million issuance value of premium $XX.X and to unamortized the RNG was

We our in is ended position million cash, a with investments. totaled other cash development and and Northwest portion with to liquid of of associated XXXX quarter Iowa RNG restricted restricted cash collateral strong liquidity the and Net-Zero the of third $XX.X million. X The related $XXX.X bonds certain

of our million skid. we hydrocarbon of into zero projects X, $X.X capitalized third other the the into quarter and million our million of RNG Net-Zero $XX and During comprised $X.X million project, projects million XXXX, expansion net capital into Iowa cash $X.X Northwest into and $X.X invested

of ] X.X purchase BIE support [ $XX.X to We million with hydrogen capital X. ] of also and [ a Net-Zero to invested wind equipment related the allow

are terms. will finance parallel budget due from as derisk will project in the all costs. certain The as process diligence strategic standards the equity construction, the the and and package expect preliminary to closing which we full investors in is X, necessary the DOE such transition DOE next On and are diligence up and interest and investment with sharing reacting well attract infrastructure process on that current occur guarantee capital energy negotiations, and information we to project nonrecourse the the finance year an Net-Zero to loan of private construction market equity The equity ramp guarantee to to financeable. loan to delivering the during transaction working as well obtain elements reserves third-party various

project Our dairy June injecting since XXXX. been the Northwest RNG in has in pipeline Iowa of

of RNG attributes. million During sales the of of XX,XXX revenue $X.X million proceeds million million sale net environmental we $X.X QX XXXX, quarter for from sold BTU included $X.X RNG, and of the

quarter, annualized per our have run to During rate. pleased we annum capacity. previously announced the that also tell expansion to And XXX,XXX completed of proven I'm that we you MMBtu

now the operational optimization production, making and we expect reduced whole reliability, through will are O&M further working of We and increased improvements we're increase system, the cost.

cost see but our and from have to doing Verity comment pathway at permanent Northwest positive our intensity look business we the the we business, pathway spending. financed This X view of operating. trimming is too last to emphasize growth-related the the around addition provide have for growth more soon is a our in We of based and our to being and to like pace and Net-Zero of flexibility when the I'd we It is RNG independent Iowa RNG This our so earnings flow company. from on cash when to call. carbon exact forward timing, and Verity. and our on discretionary guidance information Finally,

to the I'll Now Pat. call turn back over

Patrick Gruber

Thanks, Lynn.

balance capital. feels Gevo not frustrating. laser sheet sitting stewards for it wrap focused our of idle. clarified, we ahead. was prepared we're our waiting rules I moving on we're to are We're given the saying, remarks slow, though undervalued making our by me progress, while We're good potential. believe Let and be growth even being up It's IRA

transition living one is towards focus forefront of know our entire once-in-a-generation Gevo of on transition. companies we through and that the However, energy the are we carbon economy a of abatement a on

this well design been site we ATJ deploy developing ethanol, which plans. and of moment we to into course, plant owns Net-Zero locations have Gevo For the placed plan we're capital for seeing the further reason, because on and growing

as value We potential long generate our complementary term, value than Net-Zero only which shareholders, ETO have that RNG for and will opportunities. separate are ATJ us Verity to create not strategies or strategy, such ethanol-to-olefins maximum but also for executing support SAF and

and getting the importance stewards at to good We time. cash a flow of As cash Lynn company. alluded a recognize positive than to, do our being can of we one thing more as

us, even opportunities, which course, expect will long development should comes unlock for as us value to cash N-ZX on ahead positive pushing get we before we are value operation. and substantial Verity, of unlock believe well. all pushing And into long-term also which are So we we the that as would RNG X, Net-Zero

it Let's questions. open up for Operator?

Operator

of today first from The Instructions] Derrick Whitfield will question for Stifel. coming be [Operator

Derrick Whitfield

more progress RNG Northwest Congrats broadly. with on project. on SAF your the Starting Iowa

of completed and again, X could focused share thoughts experienced But of Given on thoughts bringing in rent will market that's that in we've be the I'd current Net-Zero than I RNG. on your benefit to on more you love economics the broadly. SAF your know pricing, FEED better the that your the project reset and environment? an SAF, study

Patrick Gruber

IRS Yes. per to of around carbon the for part and is Section that gallon. the how CI it from XX those aren't under of IRA yet SAF supposed the XXB because actually remember, big Well, the it's ruling take point describe XXZ, and around economics that all question score less. bill reductions the And the account was into out that's a rules and is CI per will $X.XX the

So else see almost that what and that. looks and is it The to go up stuff. overdue been and with RINs got and up and like will Everything transient to year down. down we're go see we waiting will already. But a it's

and then adjust from be happens, what And so see we'll able we're waiting to there. to

The proven that thing that's full is is about in. it a SAF need it. drop interesting Airlines It's work.

SAF. in believe we particularly have -- with it route you lowest CI the to so account score. we make We the And when in take cost

So we do that able to We pricing, bill we know for just our market stuff. a there's that we'll to got finalize to able be be rule. here once see IRA

about It's the it's all. So RINs about bill. not at IRA

Derrick Whitfield

point that importance when the and Pat, via a on And on that should assessment? than bill that about just you because economic ways, brownfield. maybe think project more make Is in CCUS, of a stay some greenfield decarbonization fair inherently the IRA

Patrick Gruber

It is.

the of there. it XX of is alcohol. capturing XX points carbon about what CI talking lot is a the capturing to carbon points. COX about way quite that we're think CI -- worth That's directly the the off So fermentation is

competitive in money. us throw will that. design, for the take hope And there's of in would we states. you helpful, a our marketplace advantage X -- it's And Now it's Net-Zero very full

should So of what lot we're have and sure there's are CCS be a happen discussion states and it in important in But states of matters the going And should as to is long-run game, how going happen? lots it to other economically. for saying, CCS. to

the here's thing plants. about Now ethanol

to score reason off knocking points for takes have CCS, If so ethanol you get plants jet producing you chance, I have know, competitive an over you score. a CI I with helpful, is make have believe, that a are to probably SAF doesn't is low XX in access it range, SAF. fuel most CI the you X hump the, the don't The existing don't of but XX ethanol it plant, what

Net-Zero X Well, So what did approach took arranged the biogas. energy. decarbonized we you the see in you of something doing do we course, green us have a we doing about hydrogen why it's this too, that's up and to where wind,

would approach as on well. how we have So we goal. a levers, multiple And brownfield multiple plant that's shots

look would to which look full be at decarbonized, ability part. for we when is CCS several of them and we And those so see, a of we opportunities their that at

Derrick Whitfield

the outlook staying to value shifting maybe again, part to look on, that of Verity? When maybe, that And Verity. for and the think long-term but ethanol like What's for question, near about proposition you over jet.

Patrick Gruber

business interestingly several. all the tracks system way a to the the at proof fact the documented to carbon seat out all the is abatement the Verity field, of in was think across of really capturing it and the it a the production it's whole to actually airplane. way [indiscernible] facilities through way all from there in the farm, Well, an super all a airplane, And one out proof way an carbon way really that the and in

throughout. is product exact uses blockchain this pathway implemented it that is facilities. So the We've buying beauty seat It already could someone what could or technology. who's the the it the theory when got working abatement know field in you That's of production DLT and carbon technology. fully that in

to darn fact you valuable pretty sustainability that's proof Think bulletproofed. That's that's certificate it's what for you that's really in going and valuable. be And the paid So because got a whole key it interesting that super as the for. SAF of chain.

that we is comes so working to what's all is it plant. team taking can and it see we've score out we CI been to used ethanol measure use and to that data, That's for because plants, figure data public one we how it verifying that's their on the the monitor process also making of good on actually they Now and working to announced we're when these scores going done ethanol, transforming progress. then data, can ones their their CI in lower now -- we others, of into X it. but SIRE, monetize instrumentation it working was have calculating The that valuable with ethanol

is this, which There's around the another field attributes. part of

$XX make a have fields. field. a the actually years, development million documenting available USDA, in We that's it. and about regions, how the field-by-field, form. with X what's those out we tell not Fields, about ways have the deal allows and, grant of just been them their what's farmers, to and in different. got and better, field, better to is because we a different operational all on can handheld potential. That's have operation the the to huge avenues hopefully, improve money information for And not sustainability that them it It's see farms, that from decisions farmers that we And say to tool from And multiple farm. working to the on there'll be making

be service, totalization would a profit something Some or at of would of be might future. be it of in it providing like it carbon some of the that share, some

billions. it's we're big potential We a -- in the market, here and it's doing the study, told. the potential had And it's market, just McKinsey in huge a

on to So exact the got business we see plan. a this. got little to more I work

guidance software referring happen and of So team, is it's should market is they're of for The big. the things. definitely and field what when huge being bunch it good work, This the a but should told to It's a and job. really a capital, not project data duty happen. heavy Lynn doing potential was collection a

like we that a that So lot.

Operator

Joshi Sameer from will coming question of next Our be H.C. Wainwright.

Sameer Joshi

DOE it of on should the loan track. look be seems know But tracking during quarter? millstones I or any be we any happened process, it? the that in it on you So like terms will deliverables at providing to How

Patrick Gruber

we're there's the final that. time They There's the know. a is -- will the They information the control consultants. That plan nothing. They and getting line. going to little notice their doing details, I help money. take time they're on control diligence. provide the we We lines. while you have to No, is input. many and don't close to do their give go to The to guess things. They're too their But thing we for do want don't it. on I to All that have watching a or that won't. We get just own

for on and So I we'll can't any continuing to win constructive best a because here it. thing. report that's shareholders progress, kind That's the of they're see very make

Sameer Joshi

reason part question the strategic working are that that partners information? Will you now so the of sharing how equity of with that? And track will or sharing partners? kind for is be you partners with Are those information you

Patrick Gruber

stay There's them yes. with been, have of and us. and long touch queue are We a in quite

is we've XXZ the so variables wants what the to everyone And to about say. as big before, have are the going we that here same know talked

number what, are the get gaps figuring what's how know on no going any number and the the could You with what margin than to we out and then is fill gaps. better because on and

a just, got have at. we that's So

DOE solid. engineering. And program, more then the our DOE, is project the We've done

We have never in it's a My ever stuff. never this but having involved we're And have update ever like I've engineering is this have But on products been inflationary been in project. engineering. partly much my always we much life involved in done we guys We're have this mining with. done the to environments. because

think every it's as as so you of. make can can possibly it on derisked And we front

so plug and it get through And we'll done. it

Sameer Joshi

Understood.

ethanol-to-olefins, the happening work is Like that -- on on? On development what is the is going like there the that is what ETO, front? exactly

Patrick Gruber

Sure.

And in the from bit, a polypropylene consumer interested way and and negative massively right? people proposition be all and helping goes diapers to a we've it partner whole would make the licensed develop a bumpers are chemicals. goods to with the they're car want the that for interest, to plastic propane to and polypropylene. So particular they're That's us technology LG, and they and

a values. of would And has with polypropylene one negative cool. this be No pretty kind so ever seen that carbon

interesting about what's So it. it's

much of go pay kind partner. and will to the how people of discovery they're have through a great stuff. But all that We

here They're development proprietary And on recently. are have at -- making doing know what things. filed now. And are a and our is catalysts course, with of of catalysts Paul work you right on. great was and Korea there. stuff those important, good Bloom that doing We're we lot the guys progress patents I these really -- this

it's good. really So

that cuts also, fuel making also it And then cuts out believe, capital quantities jet large from technology, from And ethanol. cost. of operating we

time it won't Now ready X. for in be Net-Zero

it's ahead with Maybe go we're know. ready Net don't to see. So Zero I Net-Zero We'll X anyway. going X. for

and out yet. it it don't what We scaling we through have work the find go is up. to know, We're

your directly, So develop get to doubt, we're stage to up something months, No we'll know we in implemented that. partners months, question to the the answer But don't be it we'll X catalysts up. That's it that. looking the part help and yet. to we're something and have process And then potential huge. those is next running is also over and And the scaled then to get like scale pretty that bringing doing itself X next it's overcome good. fast because it other of

Sameer Joshi

and that MMBtu is year-end? XXX,XXX one The wanted capacity the per sure. will And by the that be Just quarter, make last it. actual this Got achieved clarification. to is a one, or production the

Patrick Gruber

several rate. for that Well, they've at already running demonstrated run weeks through

the of So system capable it. is

and at and looking adjusted. whether we're things to be equipment other whatever there's needs to Now bottleneck see

doing we're some of that. So

run more be of winter But that let's is the these never BTUs. know, say, expect So to I of to I rate don't easy plants. of run XXX,XXX would I'd next one probably think like, year, I million expect

XXX,XXX we'll BTUs. was, targets. at million targets should had we year, what our We accomplish hit for projected We'll above that. whatever This it our hit

a freeze there. was be be happen Yes in in a be might something, if we'll that or We'll right dig hiccup can but -- gets may it, and us there. that and there it there's that like

Operator

next [Operator of Instructions] Severson Research. from question is Water Shawn Our Tower coming

Shawn Severson

other CI that for to for Is use the to in is and order of Pat, and sort there facto calculations? to Verity have it in I and this? count how be to it's understand use of try I wanted mean, to CI in. -- able score in words, to use terms any coming their go plant a solution to that any there They're Verity would quantify going back used another the to -- in for ethanol be to then moment de an is -- feedstock their there of

Patrick Gruber

DLT As high-quality we're to far do trying incredibly different that along couldn't are together put do And score, high in as with incredibly is What quality. then the to people technology. calculating that a bring data, it's multiple methodologies ways. on

Now and there's change blockchain. that's technology mess data is allows here. can completely traceable, It's with playing all. involved you what no no it, makes attractive. It on can't It's it the auditable, mess one it put it it. at to can't detailed so game with DLT technology behind That's you down

The really ethanol -- course, or plant. documented for that And and an Well, in. view make that are tell So we it, That's these really there's willing CI carbon insets call might when are part X one pay prove this they there's we they're high-quality go carbon the They does The that if for that a for. credits of see credits. documented. plant. comes is a whatever pay in then, have be people to got to of running itself, you're reductions these they it's us. parts in plant reduction that high-quality that willing how doing to out about very what plant needs way to part feed their or, choices inset

that tracking something an to in supply the you're related that. directly credit. would you're Inset an gasoline is to like that fly it's all to airplane, versus offset. actually it the offset go and credits treat. plant you This Inset things you chain be That's insets credit supply are way involved That chain. means an in done that means offset an

such quality willing for people to can detail And that appear carbon lots to be different be it. there's have pay it goes scores. and documented makes a different that to done and So on great into be CI things of high plants allows those and it them this about interesting things

for we true get agricultural you then like agricultural if doing system. It's practices. that rewarded is have, people farms, chain low and improving an the we benefits the very for by is the paid a system score. and or the also reductions of soil, bringing farm, Remember carbon farmers whole capture the of the and that sustainable that sustainability the their carbon agricultural have want their in including carbon premise supply This corn our

and But also protein as is it well. producing oil

so away environmental And we got some is hear very, arguments of groups like that farming good. takes very, -- got it it because the say, "Oh, farming from that the I that news. we says We is data bad." very Well,

reward very so interest that do lots very, And we should the farmers There's this. well. in of

us I want It value. also into the this people commercialized. the to focused and have food pay see to we'll that. to It want And Now interesting also than is the But the stay biofuels. it I services. get I applies the and see to paid are for in get it's just not thing just carbon doing, ethanol ethanol beans. and doing, see an includes It doing. to we'll farming. so applies biofuel the way to what plant, for what -- plants get money. not those on any can Verity to for see of bigger we're so not markets reduction protein plant itself. it fronts. I potential I us with corn want all just bigger such. to it's want technique we're products track applies applies It paid -- get way product, than that

Shawn Severson

value can material CI ethanol much that score, the reduce the you're CI score But farming it hence chain, sustainable value? and familiar at the is look a and on How SAF. can obviously, that impact yours if most practices and the farming practices have you with

Patrick Gruber

is that kind of of mind-boggling this About possible. what's

in really one row these modern -- using the are you're farming. a that in where done out in and broadly seeing There's assumptions like and about crops people life equipment data. really has updated spouse, bad with they're have Deere So -- touch what crops of of They whenever nowadays [indiscernible]. real John -- they're

Operator

Instructions]. [Operator

Patrick Gruber

XXX at farms Shawn? right answering all Shawn's So they seen incrementally. -- kinds with we're is positive are new to increased And We've potential Oh, now, down. mean There's excuse seen score carbon. we've very me, that is I available Yes, the of happens imagine was question. drive -- that what carbon techniques negative think, that drive better carbon about and so I data, down. you I as very things sustainability benefits the get managing at evolution/revolution in people other an carbon beginning, And collecting the we're to at and the we've seen data, data, minus like get to we looking better abatement that farming the the potentially the arena. at whole paying in

for herbicide example, can get you -- a that has Deere I it's -- it that you mentioning plier. tractor So a John go has an was it -- a when -- cameras on and for herbicide

recognizes kind herbicide on miles spray a of kind and XX at hour. along hour, an at XX weed miles machine weed that the particular the and driving particular of You're an

guess all fertilizer same to huge field. amount that that's applied of thing in reduction of herbicides the rest. do with the what, you can And that So and amount huge. That's

thought mature. or There's is a revolution It's leveraging. attention and And misunderstood have and equipment mature. not revolution we're is data what people that's that paying techniques, the So agriculture our Verity occurring.

Operator

And our next coming question from of Sinha Markets. be will Capital Northland Abhishek

Abhishek Sinha

project? capital now the actually remind If could how to us do do from build DOE? much right you expect you need actually And how you much

Patrick Gruber

one? Lynn, do want you take to that

Lynn Smull

Sure.

the year of billion into QX work to sum engineering for Our hard the project hard we remainder at pricing do cost. finalize for as and tracking tracking, the billion, detailed the are cost lump through and $X.X the the about $X.X

of other project as debt, DOE modifying million coverage far succeed of ratios for capacity. that's service of a level. in we a the features debt think applied we'll the loan, certain We've As debt we're allow to that of offtakes $XXX for the the and at function higher terms, maturity and the

debt. are and But reserves during costs provide or there project the have -- the financing associated associated sorry, with a -- for pay to other like to with you have interest prepay construction you

to financed adds installed total that costs. So

Abhishek Sinha

the Got you be it. that much and equipment required? and securing really deployed? in do how And more to And And how you capital the invested have think materials? expect you is like much financing when

Lynn Smull

Well, to spent date million, is a of but asset, hard deposits. of about a which and it's development not comprised $XXX of it's amount lot IP X. that permitting, equipment on then a the is million control, $XXX engineering, we've Out site of of certain Net-Zero that

time the then million we deposits. how that could financial whether kind. would equipment leave get be we -- much equity, choose $XXX by more including we project in the we So the in to structure depending equity And as of the close, in, of on

don't. we But

I that the just $XXX total I or be install cost than $XXX million million. more will substantially think mentioned financed

capital process with So investors project and equity at to have That's third-party for we're why the level. we the third-party DOE go get that. in

Abhishek Sinha

have you get trying achieve sum I And do terms turnkey to where does pricing need then and to to lump-sum on like I'm she financing, put understand to you where of I hat of get that your we will pricing, when in in I on, have my mean, lump put up like I -- I when need mean, to like get up, EPC terms EPC the And mean right? to the wrapped wrapped turnkey should we where that? exactly if by like get latch

Lynn Smull

track in it earlier detail But about So don't occurs I on lot activities. those that. disclose in don't asking we're want and to think another as that key update terms prepared milestone asked questions talk and I We'll now you're yet. is of those assess milestones, to of was sort a what of

Patrick Gruber

kind standpoint an updating it's say at Anyway, find milestones because like don't different. you're they're can't the There's these because win things we this. we changes And change, it's to of I inflationary those one things. something publicly everything environment. -- going I'd of of the communicating know, from constantly

You've got have questions, with, people over adjust that the with DOE their here them, and we have to equity and working we're we to too.

it's coming And so together.

the I extra a the it, going updated. scope contract. been we're depends schedule. already stuff. it good through much. working the on you We And has got keeping number We're a And tell negotiated along it's upon the very They're going partner. of we've McDermott details. numbers. But at timing. Finalizing finalize can through and project all good to that looking the

see. We're like step limiting And together, so now. is all right it but we DOE rate what trying to bring we the

Abhishek Sinha

if your Has I of getting in of one, you are from please, in offer anything changed mean, agreements there? terms the have anything I last agreements? heard questions you And terms of those any changed guys? could portfolio has or anything

Patrick Gruber

work to No. are cooperative all with will The we us. for change. that They airlines have recognized partners

they more whatever. that. the recognize year talking everyone with there, Some that what technology did do jet-fuel, been of will, that this we the that's had that's other is out low-cost stuff. And space. out there than we most them, extending, too. and few people precedent matters thought cooperative ETJ they We'll any a independently. modifying end we and make one very believe. publicly. verify is also be with like wrapped that more conditions here think they a We the for to about We just so them McKinsey at the scalable I this months, on more study up last route working They But and It in of

And just work. got much there's so to space. things in we -- few can this noise a that only so There's

think it. You about

cost-effective, that's check. something to got You

something check. have to got You scalable,

the Something check. FEED that stock-wise right, check infrastructure, leverages drop-in, side, product and existing on and

takes because but feedstock competes has cost is from in it's understand seeds made renewables the or is supply. So oils stuff that's its And a diesel. from make -- renewable limited that’'s or diesel getting and That it's from issues that's the SAF renewable and on everyone afoot. to diesel to away fats it and from got HEFA potential, too, that waste order this, oil game adds made it own

day is -- more a product, So every it about really, really ATJ confident a that. we're single and about it's

Operator

Thank you. back go more At closing no this call ahead. time, remarks. to Pat to like would there Gruber the are for queue. in the questions turn Please over I

Patrick Gruber

we and rest has the Well, out been for can it And for coming long, they're the waiting in figure are And to here, the together. XXZ, this get the been thanks but would for numbers the take we frustrating know overall, need that it so pieces of projects. support. everybody tell on details I prepared believed But your it you, I mentioned has never I'll remarks. frustrated.

a the thing. it is, about to bring just me talk mirror have it's we ourselves have right we really consultants And heard looking have had it Yes, and doing do in a study You thoughtful, in us we're of the we Do stuff. we convinced right? right.

duty be I it really try until -- long be that's and this to to point We're we're out, profitable our not remarks that happen. Lynn is up. what That's profitable going made in his and prepared before responsibility that. going to we're to try to going N-ZX to make wait

-- it's not a not all one-trick a trick pony. betting So one the it's pony

like all in It's with we anyway, are here. So it an think lot. Verity get on the particularly we we eye places keep it. us. on have It's and and down exciting. the RNG, time. And pieces getting them is exciting just a that This -- I put right an

us. everybody, you, Thank for joining

Operator

for call. the conclusion joining conference to comes This all call. you Thank of today's the

disconnect. all may You

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