Gevo: FEED for Net-Zero 1 plant to be complete in December

Patrick Gruber, CEO of Gevo Inc., discussed plans for the company’s first net-zero biofuels refinery during a first quarter earnings call held May 13. Engineering for the project is on track, he said, and financing work is ahead of schedule.

The project, referred to as Net-Zero 1, will be located in Lake Preston, South Dakota. Once operational, the facility is expected to produce approximately 45 MMgy of renewable hydrocarbons that would be sold into the gasoline and jet fuel markets. The plant would also produce approximately 300 million pounds per year of protein-rich animal feed and approximately 30 million pounds per year of corn oil. The plant is also expected to produce its own biomass to be used to generate thermal energy and provide a portion of the electricity needed to power the plant. Gevo also plans to deploy wind energy to help power the facility, along with green hydrogen. Front-end engineering design (FEED) for the plant is expected to be complete in December 2021.

Gruber also noted that Gevo in April broke ground on a renewable natural gas (RNG) project located in Iowa. Startup of that project is expected in early 2022.

Gevo reported $100,000 in revenue for the first quarter, compared to $3.8 million for the same period of last year. Loss from operations was $9.9 million, compared to a loss of $8 million in the first quarter of 2020. Net loss per share was 5 cents, compared to net loss of 64 cents per share.