Gevo Expands RNG Capacity, Works To Secure DOE Loan Guarantee
Gevo released third quarter financial results on Nov. 13, reporting that company has completed a planned capacity expansion of its renewable natural gas (RNG) operations and is in the formal due diligence stage with the U.S. Department of Energy regarding a loan guarantee application.
Patrick Gruber, CEO of Gevo, said that the company’s proposed Net-Zero 1 alcohol-to-jet sustainable aviation fuel (SAF) project, currently under development in South Dakota, is three months into the formal due diligence and term sheet negotiation phase for a DOE loan guarantee. Gruber estimated that the loan guarantee process will take 12 months to complete and said the company believes it is on track based on the positive progress it made in the third quarter.