Scharfsinn86/iStock via Getty Images
Gevo (NASDAQ:GEVO) said Wednesday the engineering work for its Net-Zero 1 ethanol-to-jet project is substantially complete and is in the “diligence phase” of the U.S. Department of Energy loan guarantee program to secure construction funding.
Gevo (GEVO) said it is also ordering long-lead equipment for the project, a 65M gal/year sustainable aviation fuel production facility in South Dakota currently under construction; the plant also is expected to produce other hydrocarbons and ~1.5B lbs/year of “high-value nutritional products.”
Net-Zero 1 is in the “value engineering phase in preparation for finalizing the fully installed contracted price,” and its contract with McDermott (OTC:MCDIF) has been “substantially negotiated except for the contracted construction price,” the company said.
Gevo (GEVO) said it expects first revenue from its Verity end-to-end carbon accounting solution SaaS software busines in 2024, and plans to “pursue scalable customer growth in 2025.”
Finally, Gevo (GEVO) forecast non-GAAP cash EBITDA of $7M-$16M in 2024, depending upon the timing of the approval of the permanent CARB Carbon Intensity pathway, which could increase if California Low Carbon Fuel Standard prices increase and the Biogas Production Tax Credit is implemented.
