Gevo says Net-Zero 1 project in diligence phase of DOE Loan Guarantee Program

In Colorado, Gevo said its Net-Zero 1 project is in the diligence phase of the US Department of Energy (DOE) Loan Guarantee Program to secure construction funding. The engineering for the project is substantially complete and is in the value engineering phase in preparation for finalizing the fully installed contracted price. Long-lead equipment is already being ordered. The engineering, procurement and construction (“EPC”) contract with McDermott has been substantially negotiated except for the contracted construction price. Net-Zero 1 is a purpose-built plant targeting zero or negative Carbon Intensity by taking advantage of a number of climate-smart practices, behind the meter wind and hydrogen, and a sophisticated plant design. While the company welcomes the recent guidance on indicating GREET for the SAF section of the IRA, it is evaluating how the GREET model will be adapted for use in the IRA and the economic impact to the project. It expects the DOE loan guarantee program process to be the rate limiting step to financial close. It also has identified attractive sites for additional Net-Zero plants.

Our Ethanol-to-Olefins (“ETO”) technology pilot plant has started production and is operating as expected.

Verity, an end-to-end carbon accounting solution SaaS (Software as a Service) business built on proprietary distributed ledger technology, expects to announce its first revenue in 2024 and to pursue scalable customer growth in 2025. Verity is a capital light, fixed fee and profit sharing business. Based on a market and business analysis by a well known global consulting firm, the initial target market for Verity is estimated to be $1.5-3 billion in the United States.