GEVO - Earnings call transcript Q3 2024

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Operator

Good day, and thank you for standing by. Welcome to the Gevo, Inc. Quarter 3 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference call over to your speaker for today, Dr. of Strategy. President Vice Frey, Finance and Eric Eric, begin. you may

Eric Frey

Act. Frey, and you on afternoon, www.gevo.com. of quarter Earlier us are Finance Gevo's plan Eric and me to on Patrick we Lynn Gevo. be Good today, Strategy the this release XXXX our including President joining at outlines and I'm press CEO, third today's topics thank today remarks Gevo's we at statements Smull. for issued questions, answers everyone, that With a our is of discuss that advised call results. Gruber; Dr. to Vice available CFO, A Please contain press copy website release today, discuss. to forward-looking your our that projects, subject risks about of our aviation fuel and Securities engineering, from include statements. to These forward-looking within with the cause activities of could those We update described any statements are development, the be meaning statements by disclaim executed and currently gas natural to Reform the materially uncertainties projections results these reference. timing, and our project Litigation Private the to actual incorporated Those sustainable different and agreements, filings Commission, anticipated. in are renewable obligation financing which other construction our Exchange forward-looking Securities recently

earnings found website Investor our on The our relevant call. in in the this which definitions found may information reconciliations In Relations financial we GAAP may non-GAAP www.gevo.com addition, be certain provide can at and section. on release, be

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

Patrick Gruber

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

We today. detailed XX-Q our call. it filed ask We have to for more this that after information refer Form you

of During solutions the difficult do the third electrify outlook, abatement close several achieved we advancing these the carbon milestones. those commitment but market only our sectors they Gevo's quarter, important third scalable cost-effective, enhance for drop-in, financial milestones to and industries. quarter and shortly also reinforce to after Not

In fact, achieved X are to them we when of company you transformative the even milestones individually. our consider

we of our addition to and start Let's quarter the Red North carbon into Energy's close first by be ethanol low-carbon brings in acquisition Red along well-operated next assets active ethanol of assets which with with portfolio. CCS an capture a a expect low-carbon Trail Dakota. plant This will site valuable sequestration to acquisition, year, Trail Gevo. our

the to generate for It's In fact, us by further in year company. developing growth our be of success, long-term a XXXX. to our revenue fiscal going approximately positions abatement They're great $XXX million addition capabilities. a This transformative. providing they in for carbon platform

for all system. the For track account abatement are example, occurs our carbon sure the the to exploring to using converting carbon and Verity business and site that we throughout make count ethanol at the business low-carbon SAF farms we can that

Zero communities the Net region also, rural provides strong could site, SAF abundant renewable in our scale to plans our Dakota with accelerate South short, production resilient North domestic footprint we future. owned strengthen wholly is CCS -- to the project and be We by -- circular expected access to call acquisition, and with site it acquiring our economies. this Net-Zero resources, important this X closed, once a in that for In

alcohol-to-jet Zero loan commitment a from facility Dakota. in of SAF the $X.XX large-scale for Now is receive This project Energy. this project we let's such South talk believe That milestone project, the unlock is Department This a X the our research, our strength first commitment. our risk reduces about in We to and the other and diligence achieved. Net other milestone billion investments plan. to financing validates by supports conditional commercialization major on transformative history attract Net-Zero capital of robust marks we largest U.S. the execution is DOE. expect the SAF South given economic to our the Dakota X the our based conducted commitment development project due

support We Loan are DOE grateful the for from Programs office. the

revenue also of Intelligence, positive near infrared flow. Software-as-a-Service provides through Cultivate platform, data, SaaS clients AI. agricultural and proven correspondingly sensors with expected LLC recently Agricultural or It's acquired cash platform. Cultivate $X.X drones that Cultivate to We AI a business a a with million including from XXXX

We are combining provide farmers and platform Cultivate solutions food, tracking in markets the highest accounting improve while and abatement helping carbon carbon data-driven sustainability Verity's with AI's quality fuels to analytics digital agricultural simultaneously for data operations, feed, industrial and and profitability. their solutions

we granted third our process. Finally, quarter, patents not X, breakthrough were in olefin the but ethanol to X for

related credits our generating business, cash bolstering our proceeds to further and We liquidity. also investment RNG tax monetized

in pretty there's and a more to So come. been summary, lot we've busy,

are will We our achieve forward in Trail year adjusted EBITDA positive very a RNG help assets with XXXX. of us acquisition and Energy we That's this business, in Red next to looking exciting. combination with believe this

advancing to things platform people fuel reinforce aviation drop-in commitment vision low-carbon is into Gevo value milestone, fuel for molecules transforming that carbon large-scale growth. With materials a our achievements we're quarter's create scale course, for stakeholders. each to of such to This our need, reducing our as of and while footprint the food, sustainable the

CFO, Now results our I'll to to Lynn? financial Lynn, the turn discuss the for quarter. it over

Lynn Smull

of equivalents $XXX.X ended restricted the Thanks, Pat, quarter cash. cash, and Starting with everyone. and good cash position. afternoon, with million in financial our XXXX We third

approach million. $X.X our RNG revenue our expense other capital G&A disciplined recent development to our liquidity the quarter for to attention continued financing corporate Our Net and the credits. expenditures, position our approach and to receipt interest tax Zero third from reflects strategic sale proceeds investment strong and of Combined of income X and was

attributes generated in up million in This our environmental attributes final sales low by RNG under to pathway our revenue carbon in standard. by proceeds intensity in in million of RNG carbon California's and business, $X from $X.X fuel million $X.X sales. a include results inventory reduction approval also preference build our quarter's third due to including The represents anticipation choice environmental net

expect potential approval than business. $XX of investment of MMBtu the sales RNG sheet. quarter. from our for substantially early netting previously last to balance has the cash this credits, as We XXX,XXX more XXXX the revenue about running million RNG to generating increase we business Operationally, announced, tax targeted sold been well, RNG And

in support stock-based the execution projects, that driver personnel allocate primary our to which majority million. we $X.X and areas was Our $X.X for expect compensation SG&A for spend, critical of the to and of legal growth, entities. excluding costs The is noncash costs quarter, corporate million segments to these

ended the modularization XXXX, work, projects and projects. into and we months X million NZ in comprised During in design project million for $XX $XX.X XX, invested million engineering $X.X the our program development, $XX.X of for Net-Zero expansion other September RNG capital million million X $X.X

million Our in also spent earnest cash million and of $XX AI Red Cultivate the asset $X strategic investments on acquisition. we growth Trail announced deposited connection include of with money

and continued diligence third-party previously commit with close, other initiatives. was do tracking estimated at acquisition under consulting not to development early X Net growth construction the finance with and project about and fee look our was reinvest with our project $XX.X personnel in operations X, will to acquisition to we to with come opportunities loss negotiated and from capital of hand to non-GAAP expenses third back well. we possibly X remain Red This consummate and prudent into which Our and in now be it's total quarter We're to recycling This path further Gevo the XXXX. Pat. debt going Notably, third-party Trail to Zero to adjusted million. of level advancing for the is have includes Energy other development cash development and strategy our we the spend expect Net summary, capital term equity excited means range, in Verity loss to the $XX value-generating acquisition and reimbursement Trail And us depending Zero in and with I'll forward capital discussions on Net Red on Zero We're sheet the of project Net financial to combine it amounts, EBITDA lenders equity million, In financing associated project our the once allowing also is and view the in supporting expect equity our project multiple The capital projects, recovery asset investors. plan XXXX. asset focused a phase. forward the due projects. the Zero management

Patrick Gruber

Lynn. Thanks,

we're work Technologies this making progress feed. stuff, business our of meaningful and line for we're that questions, doing. is of the are out across made loan the cuts the really, zero carbon businesses, whole assets towards me DOE we throughout advancements system, the quarter. This abate this systems fuels, we our where and strides the business and open and our truly Trail the in is and proud can we drive pending reiterate and This RNG net of hard Verity food Before how the we vision it important matters. have the Between acquisition Red commitment, of let

we're it. and build got to That's what -- that's to effective. compete done. loan forward new and to Now we on just what a exciting. products future on so game got the a abate continuing competitive. This further And in and that It's taking capital our DOE quarters about spend we're and and what sharing something works delivering not XXXX. making This are doing. and petrochemicals with they on carbon go this remember isn't Yes, why the trying this valuable, basis. transformed get is that We cost darn and different what momentum the get play. to a vision. get into to It here. to economically it that's That's achieve coming giveaway. All makes the about We're and a platform cost right. it's That's company We're really, cost commitment. really cash holds updates able we're looking truly

ahead, for Go questions. operator. up it open Let's

Operator

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

Sameer Joshi

the We not steps the remaining you of the are before this the what on any have the dependent the cadence discussed is gets conditional billion in commitment And before, released? money? to explain a But money release there administration. $X.X is can change

Patrick Gruber

you're yes, real correct. that it They've conditional way. is designed a So It survives administration commitment. commitment changes. This

what's do work. Right And everyone trying we through got just go yes, the out so is to to and sort what, where. now,

talk So -- just can't that way of it they we details That's rules. according the will to their about is. specific

it's have about into we got what know now is that, forward does done. can So once say settles we'll push and more we But have a let survive and how and the dust us important get little when. they'll to it still go insight go we it thing. bit, the to then And

is Our project a good one.

So that's thing that forget. people the

of a project one. a huge It Our is jobs. number good creates

Our good we project thousands part capital deploy when of that jobs high things. these paying we're go these are build in hire really doing because to to people is

Charles to the revenue. creates South tax that it million And remember, of so bunch and a River And it study Dakota, lots of shows in plays agendas. regionally it creates $XXX

the a That's right? it's project, solid So good, and makes money, it thing.

That's a it's project. overall what makes So it good. good

Sameer Joshi

I Yes. a and tax in state. job traditionally it generator. It's a it's creator, mean is a Republican

Patrick Gruber

seems in would type we the our one with thing It's everybody these there's together, that forget And net to zero of be important petrojet. put that product competitive is cost that realm. cash like system other

of Â– pretty RINs, This are all those the that. the then not. of the to according commitment handout value and remember, pay they you'll programs, kind what of those -- it's carbon. the the values, general comes pike isn't thing economy a value -- other RIN all for from carbon to the Yes, help is back rest. But there's without No, XXZ. LCFS, capital. forget creates the people And a federal $X credit So important. those carbon down conditional the this notice finalization things the River. it's of Charles credits it's the $X like that's And for Well, course, free

about ask that did How to should got it that. can't detail, in notice I why. themselves but Someone talk you've happen?

Sameer Joshi

interesting. very it's No,

But On other accomplished that before from Red can Trail the take from to Are be merger guys, be I there to until there other accomplished, acquisition know financing major it then, discussions? merger. any news place? are the milestones will need early XXXX. steps you now any the be

Patrick Gruber

debt. going we're do Yes, to

and it's We're And so we've been it. process, doing debt well. a very with quite going pleased

Sameer Joshi

be Cultivate the independently are into AI operating? plan or then to there of course, acquisition, a of And the integrating [indiscernible] any is going this? these pathway Or program

Patrick Gruber

being listening, already I is and And just to big to of is game together. they're enough who's it's hope not more say, complete it integrated, going the be makes -- They're corn They're good here for a good. offering. course, for my everyone oh,

with thing real the also That's You bipartisan got true good to it's good the data. and prove it's that marketplace. support, in gains

You to to track through show the opportunity it's the is something, that whole that creates or got got the soybeans supply us, process This to if seems use? chain. did growing energy to on be you And us that way it or large, counts. What It's corn able how things lost you world all the not even at it it's and for Verity. point you did just it?

fields, is crop with the or outstanding and that Now it's helps AI farmers their them needed tools has some what's Cultivate and and operation in and in the working measure crops valuable. available performing how are

And one technologies overall us into so more component. look add Verity. grow as in And portfolio other the we for to you'll that's of Verity

Sameer Joshi

opportunity that wide agree, it have is We Interesting. can a you and address. big a market

On know is I R&D balance translated it there? carbon higher the not the what in we of a sheet release, than a valuation we you will say inventory will we basis that these based how inventory Is Or see gauge in on be into should subsequent intensity be higher the like front, -- value? or the the months forward the environmental that going the we revenues do inventory at for see Do that? in -- amount attributes. the the sold on we intentionally press it have

Patrick Gruber

Yes.

So the and California. stuff. to holding done approval expect because to in we're get what that now the site see we we happen, right they're working expect can pathway it. them We visits We've on

have that So value rather the gets pathway. we higher we a know XXX we just done, then if can the it the gas done. it's for until And pathway we progressing. hold the question than It's selling get when at it it

what is booked at so the in question And asking? inventory, you is, the what that's it currently were

Sameer Joshi

Yes.

Patrick Gruber

the at I'll plan don't Lynn and know. with full value. is it it's telling have to me minus going We're at back XXX. you I on monetizing to get check. But booked

Sameer Joshi

operating expect Sequentially, line then costs, And we -- slightly question. cost for costs Okay. lower last SG&A, new the items? those R&D, operating are these lower. levels Should

Patrick Gruber

to Yes. keep Stacy Bogue-Buchholz, out who cost. a runs driving on that plant, mission she's

I expect. what So that's

Operator

UBS. Our Saumya line from the next question of comes of Jain

Saumya Jain

I of you guys you guys How Are the that? guess, towards project portion are feeling financing? about your, looking equity raising

Patrick Gruber

amount There's the done lot having Yes. detailed. of thing interest The office a in mind-boggling, about that is loan DOE it. a diligence that's conditional the from absolutely is of commitment

And that been so much have the questions can that pretty asked helps. be All asked.

extra too. financially, know that that project to people the there's holders, and protect So built-in benefits equity cost

there's yes, a interest So it. of in lot

it through So firms. we've the got to equity work go with

Saumya Jain

is how annualized looking last? this then And your production year compared RNG to

Patrick Gruber

year. rate about BTUs was year, we're at last This last that. rates, to -- like instantaneous We're above On think XXX,XXX million -- annualized that. or something like I up Well, so. year, the going rate or BTUs be at million XXX the actual X.XX we're

Operator

the Greg Gilman next comes from [ question ] at line LBI. Our of

Unknown Analyst

with Can more you more giving about you information talk on us DOE? did loan that? you'd the say the conditional When be

Patrick Gruber

When us super- these It's can. they one tell we they're things of where

Unknown Analyst

there, Super what? lost you Dr. I think Gruber. I

Operator

with One very by? moment standing Thank for technical you us much. you Thank Bear please. issues.

Unknown Analyst

Dr. there? Gruber, you

Patrick Gruber

Yes, I'm here.

Unknown Analyst

the you as let go was the know as thing question as and pass this a us. heard and far it deal, from they'll change as big does you'll on presidents. to the the Yes, while survive But far that previous then I

Because So concerned was I Good. very that. that's good. about

that. hear to glad I'm So

Patrick Gruber

both across was sides That's state. We're case lifts red point. trying the cost region. get also our rural development, the project just under a the project it in oil that Hello, big that's It's rural economic to a a it's economic plays these the not of captured. And infrastructure instead and precedent of think development, it's part support. are oil of jobs. in that It's the aisle. yes, other I it oil. It's And cost an is It's going important thing. buster important. the the it the a ground of That's price corn most from it That's And to ours. pie in competitive be bipartisan XXx. of of sets of ground, the creating to is, the like paradigm surface this makes impact. we get why not with that's important No, things what lots is the can at sky,

Unknown Analyst

And should it's this like I soybeans. and things know. far as something coming probably But corn already is from as deal,

Patrick Gruber

starch. Corn

this. corn. So the smart do works climate business system like They

corn, carbon anytime grow it would Not the so soon, negative. credit upon that actually would. for and you get how And future, make could improve the in but you depending we actually footprint we that

you're the that the then You portion protein. generating fuel. In ethanol you corn in kernel the enormous into corn the using process, and carbohydrate making take quantities fractionate of you're kernel, meantime, the and and into jet ethanol

tonnage protein one other a the get And In is can industrial for or to bunch making also than in market oil oil. a like into markets the on it you for basis, jet sell Xx it of it's fuel that a tons use this. food of the for then you fact, for plant

the carbohydrates protein, to that's into and of net energy capturing from works. applying oil across And business down then jet the we're system then the the drives it, and whole value a That's is so you're And what the transformed renewable how zero. it fuel.

it fuel pay valuable? to in zero our fuel deal for it when struggle very and that reduction. have get makes valuable. other system a done technologies that value take gallons right? means I that blend are the I a darn analyses I more pretty XX% Why scores negative of of gallon XX% need terms created at that's in if when business we CI going that X do X our when zero net carbon in That's get I'm and we big that it's X a people there to customer, of I reduction. the gallon of X Because what they A or get to about to include that, more low it of when capture, net petrojet, our lot even interesting that attention important with in in and blending, the gallons is out marketplace. space, we're One to is Think

be gallons ours. of That's blending driving the can You what's by And the it I on talking one X here. scores just technologies future mean we're in possible care. why world, kind to group X what with marketplace. because of for and and And today about why in it's important negative. move takes people That That's CI looks like. to down future they're get a gallons the the less needle and going the we're talking

Unknown Analyst

-- inedible have be high be? SAF, to very How work the Or quality to high-quality can corn, instance, if have it it's does corn? your to high you a make condition corn drought does with For have and how quality that? we

Patrick Gruber

no. No,

field that's corn food the corn in for is of grown that's we're the is the None for using. So This only actually is corn. United Yes, food. what yes. States grown is X% used

not that all and about of corn stuff, talking sweet we're So kind here. that's

It's sick it's and more the is you corn syrup So know that. a corn that. This can a get in separate corn. making is world We burnt the feeding fructose this? cup, to carbohydrate cow, from about stomach field because flake and fact, sick standard do or they're corn And the And the We methane. cows. too field give stuff how much cows sugar they that's instead Well, stomach and making or in the it a corn. different -- box a protein kind don't in none that's into they now them of happier of you when a making working. feed of how or corn, in a a -- bag high or it of corn corn of

it's no, field corn. no, So standard

Unknown Analyst

Drought conditions not impact. would

Patrick Gruber

Not it. way about talking you're the

this. that we've well done And And the adapting of no make that them This supply the system it's so what business we're is giant established, is systems that's fundamentally, business is new them about in to one chain creation of exist, decarbonized. taking other into we're that zero. that converting of fuel, beauties and them existing jet industries And all it even using achieve -- bringing the in how the and with and things we're carbohydrates from renewable corn that's a the net together are technologies co-opting even putting we're energy. already in we this

risk for So boring. magical we in sense, do that technology use we're you sure we have at what We that giant things new we're things. That's -- in work scale. Yes, don't like doing.

Unknown Analyst

having I with of partnerships do example. relationships still think -- any Speaking co-opting, how other Are countries with one overseas? maybe time, India, at you have you any like you do for still

Patrick Gruber

Yes, with we and time companies. do. all We work the Praj other the do. We

when that they fuel flew jet India, was India ours. So in did.

many So with involved discussions. yes, We them had of the stay we've and parts too. world, other in

because sequestration the well. yes, other get are get sites So up it And very it things on it's work to States, build in a already it want execution to having Zero Zero want then -- in plant, of these have financed parts Net we but as the discussions great do Dakota get point North We in get X we there then in and right on project. focused North going we're our the to I here financially it. And get on want that financed prove to love here. with done. isn't site. and we site Net that world it just other our there We

Unknown Analyst

Okay.

share to Lastly, time. current there any base this dilute sorry plans for near in the I'm some taking term? Is

Patrick Gruber

No.

Unknown Analyst

is capital that Raising through debt, what?

Patrick Gruber

Yes.

be going means Gevo. for X. than separate company it's add to a a financing level let to To it's finance That Net-Zero this. more So project me -- color

and million. credited us financial of this the to as Red take to that. project. or more close, We any in get we're this have By mood contribution as equity maybe in spent That That shouldn't so contributed the ownership down a we'll there. And Trail million as into time project, the acquisition. have gets then got we equity we're already we've spent doing gets else, development capital get the finally spend we capital far anything to $XXX unless It as project. an is for more -- $XXX in done,

it. we bought plant. bought ground is X darn bought I where field bought obviously a the ethanol things we think CCS pretty an way We plant, We of pour the big actually think can important, operates. to space too. be that of a That's expanded. And it also under

And finance to so that, we're bringing in debt.

So these no, having to any I I us capital raise don't Gevo don't see a -- to support need see X projects, at level.

than the on more sheet. have balance We cash enough

Operator

Our next Water question line Peter Tower of comes the of Research. from Gastreich

Peter Gastreich

question referendum just with Congratulations Gevo really has industry's CI and this score. in Gruber quarter pipeline to have Carbon on a the CCS. Dr. to South snag A there. lowest appears a transformational hit Summit Dakota. The team, already

thoughts kind Trail also there. So Red But in so that. could CCS CCS your of still is that, how in NZX. to a be you nice to And brought would for a option could have, related I to interested be discuss as understand speak,

something Trail, So the and Or not between table? there considering with some that distance of work something between that's logistics? is NZX the in we've can that X Red on terms got you is that

Patrick Gruber

Yes, sure.

making more People had That's went they to you that that sure wasn't what more this a was it defeated. rights and went wasn't It's bunch got kidding protections about It it that so gets pipeline happens. through. That landowner if it me. paid was and is about if people what was. what that activists approval. about It that bill. it a as out through South like of referendum. the astounding. do referendum bizarre Dakota was pipeline with astounding That talked about saw got way, even a was That's So approval. oh, pipeline a a that's as, pipeline a has money in referendum. What pipeline commonly It pipeline nothing talk was you're

change doesn't Utilities one That The it the changed in still bit. authority rests Commission. hasn't So Public anything.

pipeline. forward. of really help a real-life on And from has what Great. about The get changed they're in them has to mean, They goes are got are to They educated happen. it's it's need move because we've standpoint what opposing -- plan the goodness, far with do to nothing this the so do is to get much my got dangerous. tell green a pipeline. we'll COX forward. it's trying moving Summit's so fundamental a that. guess And us ball -- they court. this to with think education I what, activist people green people to And somehow people who people. They've And

this that's it We'll -- too, want and position to that, piece there Dakota, of working I done when get South And a that a is that on have get time. making to for -- you in of Remember, is our up in take putting job respect So a, pipeline, everyone think and are will sure data some on understand. also a anybody. there. sides, this all not playing well, I rights good people cooperation. This great of is you're up someone's fears landowners

XX.X burned, Information Agency. a true numbers pounds goes of fuel XX. that's burn it for in you That's air, XX.X ethanol, gallon COX course, time COX it's pounds gasoline. Those For every gallon the of case, XX.X jet only of for the gas, Energy come also in gallon. from of each which unless, every of that of you makes pounds have

from biogenic people this realize atmosphere. pipeline COX carbon, biogenic is the issue. That's issue. The is It's don't itself of real big that a So capturing thing. a amount tremendous the carbon. It's a

is groups around Well, it kidding? it. practical do corn? have they burned, what And they this and lot see be think education environmental If here. opposing stuff now understand. be directly would Why COX it's the You Dakota around work So have want? capture. true, you work to the this no matter. a disadvantaged of South talk understand don't people it. I we to -- competitive. markets it's But you me. say whole in punished them do it's and fossil sense world all here's want got that all that -- opposition what are do a why to to More Why? a It I going makes has have should of want to to of I don't to people you people way --

So as it's still as ball is that decision-making We'll But these with work. goes, the just take work PUC, plan. going in it's -- to about Summit's guys. got all a far

what, North in our do economics of to know you rail more, you meantime, going really we We little to there up like in yes, pipeline built. Dakota what, than know that what the place that. we work. has could costs there site. site you big bigger to X Richardson could in know know which take what, the ever look case, believed get with. be. course, a pipeline. which to case, a time do problem, if then be you at time up that. the but could South could never well, they We some way a Now that can And probably in Net-Zero it it our it's not we And And something was deal stuff

think, I that can view. happen. going just point a as to stuff question have work all as a is But that's that see Now to far right now, when. of pipeline, we'll of I all It's develop through still and

Operator

line the comes Our of Sorenson next from question Sorenson Emily of Farms.

Emily Sorensen

approved of the -- start the -- without will the guess go loans still on you you could gentleman, forward build coattails pipeline? building when I to that last

Patrick Gruber

to going we're sure well, make going that -- make think to we're I case.

solve investors. could has attractive way got it's on, that cases our and Street This these There's we'll the like could us stuff to Wall sequestration of of do be and the look site. the is to one is problem. where, -- to is be that, help beauty it up definitely I focused that the own thing we case and we the equity Now that's rail say, but owning

So we South the answer could play people will to we're going options to that is, business at needs there's We you, a and on yes, I understood, issue because bigger other be working about happen. But respond. It's places. about it here do. to a have Dakota issue bigger how got and that be tell in

to want. happen. than best give I Lake South this say we're NZ do to going make to we're convince That's to that our of everybody. project. want We're going what very happen can't #X make kind just -- other Dakota. work in I it's going going and get to So project we're And and it I answers Preston, -- execute to definitive

I issue. like away say, want why that And a or is important. not pipeline value well-understood would everyone Now not is to it's like give

to work done is would it's be say. what I So

Emily Sorensen

last But backwards, And I he my working and of the is, new ethanol I know and guess. second I guess administration, pro is kind pro-farmers. with question question

green pro not you is credits lose they he If their if working backwards that. neutral, that get give airlines the deal, they what affect I credits, where for to carbon So purchase? would those

Patrick Gruber

is the get there it's tax the credit, on that the section by get the it's CI airlines a XXZ. reduction scoreboard tax Section It's it that have The credit reduction. do has on even to get know that XX%. And interesting carbon XXZ credit credit, Well, is Bill, XX% isn't IRA -- about you is The score bipartisan way mean support. you to the that what's to credit. Section I a tax works a in get. reason the quite the broad

So point for of you every less then further. get you COX. And XX% have rewarded emissions of show got you reduction, to

Now a prove broad You information, means did giveaway. how with it bucket you also have it's bulletproof to okay? that not

every to is like a from actually get We bipartisan to it this. approach at because causes can work cycle. rock get side giveaway, hard -- a support. that points in throwing When that that bucket life there that start it's broad different You political got

because that so get up path data like make it, credit have that validate data. for it then it is transparent right delivering, prove what to you approach. the approach That's way, goes said I to it. set and down you've can got build it's you're it that stop the because audited, of you got this all this fighting and we credibility the Here,

and to we a that, they the for and It support extended. want see all it we So be too. bipartisan it like the good that And to of lot. stuff, rules to seems got kind finalize

I without to a accommodate somehow. was is will the that mentioned, And thinks we it the XXZ. have as the Section given that telling, isn't commitment finalization marketplace DOE Now conditional it? That us of

does that important? every under will Yes. new done. and of doing have it well analysis -- tax that one the remember, Rivers Is administration Charles the to sense. I And full think IRA on This credit bill is published. did dollar it's things $X back portion make So don't that not make sense. XXZ That's returns general the economy. -- think what have thing? the the their they'll right I was it hands Yes, And

big So be it bunch X, energy. development, There'd real Why wind ever And demand be there? that's it's jobs. get would with energy because It's infrastructure Net-Zero it. built also you for a of economic about it's deal. no a

about So creation. this cost competitive development, jet making is It's fuel. a economic job fundamentally about

about the be subsidies. and paid the here, net talking plant zero. footprint built if with it Remember would was Forget off, paid competes what head-to-head for depreciated off, except and all I'm petrojet

that's- So

Emily Sorensen

getting I of rid not one And we're it's we're fuel not mean talking other. going I mean together. anyway. jet to the about work or

together. You can work

So -- I think you make thing forget. the can people that's

XXX% do to have don't SAF. You

You do don't have jet to XXX% fuel.

You can everybody happy. can a combination and be do

Patrick Gruber

You got it.

meet thing so And carbon specs. carbon, It made couldn't jet renewable fuel petrojet. the has to is important, jet it's abatement. to jet you're that's wasn't And it's just fuel. so from if It fuel. the going jet with blend just is The fly fuel. but It's just it that itself it

of same using the carbon the the We is infrastructure. is idea fuel. the all can thing. carbon get, same deal. And more existing it, of is big Those with to all do score the it carbon have that make to -- the possibilities. gasoline more move we so blend. we lower on possible We we And But those. needle and is the less the make can remember, That negative overall emissions the are thing can diesel the can this do the a

country that what's this we energy play it makes the a a drive of keep you It's possible. all example. type Gulf holds engine see not It's what Coast, spread energy exciting. whatever That's you take and as promise. down. combustion is we That's about start on -- across and concentrated when the for thinking can technology it to the that And in have can what means to going emissions you about and so a won't security, places. And this different out be then infrastructure game

run. of people a possible. it's think in it's couple game long the that So didn't it's different And with -- political I years, the play know over they been to the all from discussions having last

and how them, possible. what's pretty the show changes they show openly So just think things. here's exciting, It's them about we economics it and

Emily Sorensen

so I'm best. an investor, all I wish the us

Operator

remarks. At now it no to this moment, further Dr. Gruber like for I closing showing am turn would questions. I back to

Patrick Gruber

thank all go And to And this, in better an the hear to I been with like us. to a here. from -- I'd going it's fact, we this election quite ride And investing they whenever get, It's all talk. crazy for investors definitely and causes there's all like it people what hope, lately.

know practical ideas, demands practical growing what, marketplace that carbon that that's a abatement. matter. You solutions job matter, be carbon creation to There's there

that is new we're serving what segment of market about demands a that's talking So it.

But plant at Yes, And have exciting, and that show it it financed, we it's a space. get we the so exciting today. questions, appreciate got the I extremely do on in the in are solution. all for us it. Thanks an joining opportunity, scale ground first get and and call this too. Thank positioned well people. you we furthest along practical to your for and

Operator

in This conclude Thank today's now you disconnect. very the you much for does may conference. program, and your participation

Gevo (GEVO) 7 Nov 242024 Q3 Earnings call transcript