Gevo Inc. could close financing on a proposed 30 MMgy sustainable aviation fuel (SAF) facility under development adjacent to its existing corn ethanol plant in North Dakota as soon as mid-2026, according to comments made by Gevo CEO Patrick Gruber during a third quarter earnings call.
Gevo originally planned to build a 60 MMgy SAF facility in South Dakota. The company in October 2024 received a conditional commitment from the U.S. Department of Energy for a $1.46 billion loan guarantee to support the project.
According to Gruber, Gevo was recently notified by the DOE that the agency would considering shifting the loan guarantee to the North Dakota project. The North Dakota site presents a strong opportunity for the development of an ethanol-to-jet due to its existing corn ethanol plant and operational onsite carbon capture and sequestration (CCS) operation. Gruber also noted North Dakota’s pro-agriculture and pro-energy environment makes it “an outstanding state in which to do business and grow.”
Gevo earlier this year completed the purchase of the North Dakata ethanol plant, a 67 MMgy facility that was previously known as Red Trail Energy.
Christopher Ryan, president and chief operating officer at Gevo, noted the company’s team is engaged in maintaining, improving and operating the North Dakota facility. Recent improvements include new truck scales, road improvements and efficiency improvements. Plans are also underway for “both incremental and step-change expansions,” Ryan said. This includes expanding corn storage and receiving, expanding carbon sequestration utilization and improving energy efficiency. He also noted that the North Dakota Department of Agriculture has awarded the company more than $3 million to support efforts to improve plant efficiency and expand infrastructure required for build the 30 MMgy SAF facility.
Gevo also operates renewable natural gas (RNG) facilities in Iowa, which generated income from operations of $500,000 for the third quarter, along with non-GAAP adjusted EBITDA of $2.6 million.
During the third quarter, Gevo produced approximately 17 million gallons of ethanol, 46,000 tons of protein and corn oil coproducts, 42,000 tons of sequestered carbon, and 92,000 MMBtu of RNG.
The North Dakota facility generated income from operations of $12.3 million for the third quarter, and non-GAAP adjusted EBITDA of $17.8 million.
Gevo reported a net loss of $7.58 million for the third quarter, compared to a net loss of $21.16 million for the same period of last year. Net loss per share was 3 cents, compared to a net loss of 9 cents per share reported for the third quarter of 2024.
