Gevo(GEVO)2025-03-28 20:30Financial Data and Key Metrics Changes - The company ended Q4 2024 with 8.9 million for the fourth quarter and 19.6 million last quarter with a non-GAAP adjusted EBITDA loss of 15.8 million in revenue during the year [64] - The North Dakota plant is producing about 67 million gallons a year of low-carbon ethanol, including 2 million gallons of ultra-low-carbon intensity corn fiber ethanol [70] - The carbon intensity score for the North Dakota plant is approximately 21 grams of CO2 per megajoule, making it one of the lowest in the industry [71] Market Data and Key Metrics Changes - The company is working towards securing a final LCFS carbon intensity score from CARB, expected in Q1 2025, which will unlock more value and better margins for the RNG project [64] - The ATJ60 project in South Dakota has received a conditional commitment for a loan guarantee totaling 800 million equity raise through a special purpose vehicle [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing bipartisan support for the 45Z tax credit extension and the potential for significant economic impact from the ATJ60 plant [35][40] - The company is actively monitoring the Summit Pipeline issue, which could affect project economics [20][22] - Management emphasized the importance of capturing value from carbon abatement and the growing voluntary carbon market [32][90] Other Important Information - The company achieved first revenue from Verity, its software platform for tracking regenerative agricultural products, and expects to grow its customer base in 2025 [67] - The ATJ60 project is expected to create 100 direct jobs and 700 indirect jobs, contributing over $100 million annually to regional economic development [39][40] Q&A Session Summary Question: What are the equity investor options for the Net Zero One opportunity? - Management indicated a range of potential investors, including strategic and classic financial funds [82][84] Question: Does some of this need to be arranged to close the DOE loan? - It was confirmed that commitments are a prerequisite to reach financial close [86] Question: What are the options to monetize carbon capture at North Dakota? - Options include bundling CCS value with renewable fuel or participating in the carbon dioxide removal credits market [95] Question: How are recent tariff announcements impacting potential costs for the ATJ60 project? - Management stated that tariffs are not impacting the project [106] Question: Can you provide future milestones for the ethanol to olefins technology? - The focus is on de-risking the technology and preparing for commercialization within 12 to 18 months [110] Question: What is the status of the DOE process and what obstacles have been encountered? - The process has been slowed by environmental requirements and the transition period, with completion expected sometime this year [130][132] Question: What is the cash coming from carbon credits at Red Trail? - The carbon intensity score allows for significant tax credits, contributing to the expected adjusted EBITDA range [141]