Gevo begins RNG production, discusses timeline for SAF project
SOURCE: Gevo Inc.
November 10, 2022
BY Erin Voegele
Gevo Inc. announced progress with its renewable natural gas (RNG) project during a third quarter earnings call held Nov. 8. The company also provided an update on the development of its sustainable aviation fuel (SAF) project under development in South Dakota and discussed plans to pursue carbon capture and storage (CCS).
Patrick Gruber, CEO of Gevo, said the company has begun to generate revenue from its RNG project in northwest Iowa. Biogas production has been going well, he said, noting that the company is still debottlenecking equipment to maximize volumes. Gruber said he expects the project to begin generating meaningful volumes of RINs in January. Work is also underway to collect the necessary data to secure a pathway approval to participate in California’s Low Carbon Fuel Standard program. The project is already certified to generate renewable identification numbers (RINs) under the Renewable Fuel Standard program, according to Gruber.
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Gevo broke ground on its 62 MMgy Net-Zero 1 project in Lake Preston, South Dakota in September. That project is the first of several planned SAF plants under development by the company. Gruber said site preparation is underway. Pending the completion of necessary engineering work construction is expected to start in 2023 once the ground is thawed, according to Gruber. Full financial closing on the project is expected in mid-2023. Gevo currently expects the facility to begin operations in 2025.
Gruber also discussed plans to sequester biogenic carbon generated via fermentation at the Net-Zero 1 facility. He said the company recently reached an agreement with Summit Carbon Solutions to connect the plant to Summit’s proposed CCS pipeline.
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Gevo reported $300,000 in revenue for the third quarter, up from $100,000 during the same period of last year. Loss from operations was $43.7 million, compared to a $14.7 million loss reported for the third quarter of 2021. GAAP net loss per share and non-CAAP adjusted net loss per share was 19 cents, compared to 7 cents.
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