Net-Zero Projects - Gevo's initial Net-Zero Project (NZ1) is designed to produce approximately 65 million gallons per year of total hydrocarbon volumes, including 60 million gallons of sustainable aviation fuel (SAF) [136] - The installed cost for NZ1 is currently forecasted to be approximately $850 million, excluding certain contingencies and financing costs [138] - Gevo expects to finance NZ1 using a combination of its own capital and third-party capital, retaining a carried equity interest in the project [139] - The U.S. Department of Energy (DOE) loan application process for NZ1 is expected to carry into 2024, with the plant start-up date projected to occur 24 to 30 months after financing closes [140] - Gevo is evaluating several sites for its second Net-Zero Project (NZ2), focusing on existing ethanol plants for decarbonization opportunities [142] - The NZ1 project is forecasted to have an installed cost of approximately $850 million, with efforts underway to reduce projected spending prior to financial close from $100 million to $200 million [178][179] - The company allocated approximately $25 million for the development of its next Net-Zero Project, with $11 million spent to date and the remaining $14 million expected to be spent in the next four to six months [180] Renewable Natural Gas (RNG) Initiatives - Gevo's RNG project in Iowa, developed to generate renewable natural gas from dairy cow manure, was financed with $68.16 million in Solid Waste Facility Revenue Bonds [145] - Gevo RNG project aims to produce approximately 400,000 MMBtu of RNG per year, with expected production levels for 2023 around 275,000-300,000 MMBtu [146] - Environmental attribute sales from RNG amounted to $3.5 million in Q1 2023, contributing to total revenues [158] Financial Performance - Total operating revenues for Q1 2023 reached $4.06 million, a significant increase of 1,650% compared to $232,000 in Q1 2022 [158] - RIN generation in Q1 2023 was 1,356, representing a 1,256% increase from 100 in Q1 2022 [155] - Average realized RIN price in Q1 2023 was $2.01, a decrease of 6% from $2.13 in Q4 2022 [155] - Operating expenses for Q1 2023 totaled $24.92 million, up from $16.19 million in Q1 2022, primarily due to increased production costs [158] - General and administrative expenses increased by $1.4 million to $X million for the three months ended March 31, 2023, primarily due to personnel costs related to strategic projects [162] - Project development costs rose by $1.9 million to $X million during the same period, driven by increased personnel and consulting expenses [163] - Loss from operations increased by $4.9 million to $X million for the three months ended March 31, 2023, attributed to heightened activities for Net-Zero Projects [165] - Investment income increased by $2.8 million to $X million, primarily due to higher interest earned on cash equivalent investments [167] - Cash and cash equivalents totaled $342.3 million, with total liquidity (including restricted cash and marketable securities) amounting to $452.9 million as of March 31, 2023 [171] - Net cash used in operating activities was $19.4 million for the three months ended March 31, 2023, compared to $12.5 million in the prior year [176] - Net cash provided by investing activities was $124.2 million, primarily from sales and maturities of marketable securities [177] Strategic Partnerships and Agreements - Gevo entered into a Side Agreement with Axens, potentially generating milestone payments of $50 million and royalty payments of at least $75 million [153] - A joint development agreement with LG Chem aims to develop bio-propylene, with LG Chem covering scale-up costs and making payments totaling $2.5 million [154] - The U.S. Department of Agriculture selected Gevo's Climate-Smart Farm to Flight proposal for funding, with a ceiling of up to $30 million [154] Industry Context and Demand - The global fuel consumption by commercial airlines has ranged from 52 billion gallons to 60 billion gallons in recent years, indicating strong demand for SAF [130] - The Biden administration aims to supply at least 3 billion gallons of SAF per year by 2030, with a long-term goal of meeting 100% of aviation fuel demand by 2050 [132] - Delta Air Lines has committed to investing $1 billion through 2030 to mitigate emissions, highlighting the industry's focus on sustainability [132] - Gevo's SAF production process utilizes carbohydrates as feedstock, which are renewable and derived from photosynthesis, aiming for a net-zero carbon intensity across the product lifecycle [133] Facility Operations - Gevo's Luverne Facility transitioned to care and maintenance in 2022, focusing resources on Net Zero Projects and RNG initiatives [152]

Financial Data and Key Metrics Changes - The company reported long-term debt outstanding of $67 million related to the Northwest Iowa RNG project [9] - The corporate spend for SG&A was approximately $7.3 million for the quarter, net of non-cash stock-based compensation of $3.4 million [9] - The company expects revenue from the RNG project to be about $13 million in 2023 based on production of approximately 360,000 million BTUs [99] Business Line Data and Key Metrics Changes - The Northwest Iowa RNG project has been operational since Q3 2022, achieving greater than design raw gas production by late Q4 2022 [14] - The capacity of the Northwest Iowa RNG project is being expanded to 400,000 million BTUs per year, up from 355,000 million BTUs, with completion expected by Q3 2023 [14] - The company invested $15.6 million in capital projects during Q4 2022, with allocations of $8.6 million to Net-Zero 1, $5.3 million to Net-Zero 2, and $1.7 million to the Northwest Iowa RNG project [40] Market Data and Key Metrics Changes - The company is working with Guggenheim and Citigroup on equity financing, and Nomura Greentech and Citigroup on debt financing, finding strong interest from potential investors [89] - The company expects to see cash flow much sooner than the operation date of NZ1 due to ongoing development and investment in projects [91] Company Strategy and Development Direction - The company plans to use its balance sheet to execute remaining detailed engineering purchases and enter into construction contracts for the NZ1 project [15] - The company is developing a new business line called Verity Carbon Solutions, which includes a proprietary digital MRV platform to track and monetize carbon intensity reductions [39] - The company aims to recycle capital from project-to-project, indicating a strategy focused on sustainable growth and development across multiple projects [91] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the expectation of waiting until 2026 for cash flow from NZ1 is a misconception, as they plan to grow the R&D business to generate cash sooner [18] - The company is optimistic about the support from the Department of Energy for loan guarantees, which could provide lower-cost debt for projects [16] - Management noted that the EPC contracts are not on the critical path for the commercial operation date, allowing for parallel progress on financing and construction [100] Other Important Information - The company has engaged with investors and is in the due diligence phase for potential equity and debt partners [89] - The company has already received RIN approval from the EPA and is awaiting final pathway approval for LCFS credits [14] Q&A Session Summary Question: What is the overall CapEx budget for NZ1? - Management indicated that the expected spending for NZ1 over the next 12 months will be between $100 million and $200 million, depending on the EPC contracting process [23] Question: How does the company view the SAF Tax Credit in Illinois? - Management expressed optimism about the cooperation from airlines regarding the SAF Tax Credit, highlighting the importance of SAF in large scale [48] Question: What is the path forward for the RNG business? - Management stated that RNG is crucial for displacing fossil-based natural gas and will continue to be involved in other RNG projects [50][51] Question: What are the financing options being considered? - Management discussed the potential for both equity and debt financing, emphasizing the importance of securing favorable terms [58][91] Question: How is the Verity Tracking solution being developed? - Management confirmed that the Verity Tracking solution is in the final stages of development and is expected to attract a variety of customers [63][64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) (State or other jur ...

* gevo FORWARD LOOKING STATEMENT OVERVIEW OF GEVO, INC. (NASDAQ: GEVO) Business Overview 4. Net-Zero 1 (Lake Preston, SD) – To Be Built, 65MMGPY hydrocarbons and ~695,000lbs/y of high-value nutritional products (35%DM). The hydrocarbons are expected to have a net-zero, life-cycle GHG footprint 3 We can catalyze improvements in agriculture and food production, renewable energy infrastructure and production Electricity: Can be eliminated with wind, solar, CHP of renewables like RNG, and nuclear Transportation ...

Gevo, Inc. (NASDAQ:GEVO) Q3 2022 Results Conference Call November 8, 2022 4:30 PM ET Company Participants John Richardson - Director, IR Patrick Gruber - CEO Lynn Smull - CFO Conference Call Participants Amit Dayal - H.C. Wainwright Derrick Whitfield - Stifel Shawn Severson - Water Tower Research Operator Good day, and thank you for standing by. Welcome to the Gevo Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now li ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) (State ...

Gevo, Inc. (NASDAQ:GEVO) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET Company Participants John Richardson - Director-Investor Relations Patrick Gruber - Chief Executive Officer Tim Cesarek - Chief Commercial Officer Lynn Smull - Chief Financial Officer Conference Call Participants Derrick Whitfield - Stifel Operator Good day and thank you for standing by. Welcome to the Gevo Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) (State or ot ...

Gevo, Inc. (NASDAQ:GEVO) Q1 2022 Earnings Conference Call May 9, 2022 4:30 PM ET Company Participants John Richardson – Director-Investor Relations Patrick Gruber – Chief Executive Officer Chris Ryan – Chief Financial Officer Lynn Smull – Chief Financial Officer Conference Call Participants Derrick Whitfield – Stifel Shawn Severson – Water Tower Research Amit Dayal – H.C. Wainwright Derrick Whitfield – Stifel Operator Thank you for standing by and welcome to the Gevo Inc First Quarter 2022 Earnings Conferen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) (State or o ...