Net-Zero 1 - Lake Preston, SD - Updated: May 11, 2021 - Gevo
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Net-Zero 1 - Lake Preston, SD Updated: May 11, 2021
FORWARD LOOKING STATEMENTS
Any statements in this presentation about our future expectations, plans, outlook and prospects, and other statements
containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may” and similar expressions,
constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those indicated by such forward-looking statements as a result of various important
factors, including risks relating to: our Net-Zero 1 project and other projects; the success of our sales and production
efforts in support of the commercialization of our products; our growth plans and strategies; our technologies; the sizes
of markets for our products; the benefits and characteristics of our products, including CI score and reductions in
greenhouse gas emissions; our ability to obtain and maintain certifications related to our products; our ability to enter
into additional contracts to sell our products; the status of our contract discussions and negotiations; memoranda of
understanding, discussions and negotiations relating to potential projects; our ability to raise funds to continue
operations or fund growth projects; our projected revenues or sales; our ability to perform under current or future
contracts; our ability to become profitable; our projections of internal rates of return on investments for our projects; and
other factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2020 and in other filings that we periodically make with the SEC. In addition, the forward-looking
statements included in this investor presentation represent our views as of the date of this investor presentation.
Important factors could cause our actual results to differ materially from those indicated or implied by forward-looking
statements, and as such we anticipate that subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views
as of any date subsequent to the date of this investor presentation
2
WHO IS GEVO & WHAT DO THEY DO?
CHANGING WHAT IS POSSIBLE: Creating a Low-Carbon Future
• We design our business with carbon value in mind
from the beginning
RENEWABLE ENERGY
TRANSFORMED INTO • Carbon value impacts everything we do
ENERGY-DENSE LIQUIDS
• We are set up to maximize the value of renewable
energy sources
• We transform renewable energy sources into a
“drop in” fungible commodity that can be easily
stored and transported globally
24
WHAT WE DO
WE TRANSFORM RENEWABLE ENERGY INTO LOW-CARBON, DROP-IN FUELS WITH A PATHWAY TO “NET ZERO”(1)
Capturing Renewable Energy… …Transforming it into Energy Dense,
Liquid Hydrocarbons
Photosynthesis
H20 C02
Renewable Natural Gas (RNG)
Biogas captured from wastewater / stillage,
livestock manure “Drop in” as a fuel to existing infrastructure and
P fleets(2)
Infrastructure already exists allowing
P renewable energy to reach wide markets
Renewable Electricity Immediate and Scalable for significant carbon
Cogeneration / Combined Heat & Power
(CHP), Wind Power
P reduction. Consumers don’t have to make any
alterations to current vehicles
Net Zero GHG footprint potential when
P burned to generate energy for transportation
(1) “Net-zero” refers to the greenhouse gas or carbon balance across the complete lifecycle of a product. Gevo uses the Argonne National Laboratory’s GREET model, the pre-eminent science-based lifecycle analysis model to measure and
predict GHG emissions across the life-cycle of its products. The GREET model takes into account emissions and impacts "cradle to cradle" for renewable resource-based fuels including: inputs and generation of raw materials, agriculture
practices, chemicals used in production processes of both feedstocks and products, energy sources used in production and transportation, and end fate of products, which for fuel products is usually burning to release energy. 5
(2) Certain regulatory approvals required in some jurisdictions.
HIGH-VALUE PROTEIN, DROP-IN GASOLINE, JET FUEL, AND OTHER HYDROCARBONS WITH
NET-ZERO GHG EMISSIONS WHEN BURNED
High-value Protein (Pet Nutrition/Aquaculture) & Oil
Raw Materials Jet Fuel
§ Proven technology in
production and product
use
§ Markets are developing
Renewable Premium § Gevo is selling products
Gasoline (Isooctane)(2)
§ We are focused on production
growth and economies of
scale
Oxygenated Blendstocks for § Targeting customers who pay
Most carbohydrate-based raw
Gasoline(Isobutanol)
premium for the value add we
bring
material can work
Diesel (Future Intent)
(1) Added to end products
(2) Certain regulatory approvals required in some jurisdictions.
6
RENEWABLE ENERGY TRANSFORMED INTO LIQUIDS
Easy to Store, Easy to Use, Drop-in, Works with Existing Infrastructure and Fleets
Wind Electricity
Biogas Storage tank Existing Pipelines
Photosynthetic Energy Production of and distribution
Hydrogen Liquid Renewable
Energy
7
CREATING A LOW-CARBON BUSINESS SYSTEM
GEVO’S BUSINESS SYSTEMS, FROM RAW MATERIALS TO RENEWABLE FUELS, EXEMPLIFIES THE CIRCULAR ECONOMY IN ACTION
Fossil GHG
Emissions Driving the Life-cycle GHG’s Emissions of Jet,
100g/MJ
CO2 Emissions Gasoline, and Diesel to Net Zero
Re
n ew
Re Fe ab
ne e d le
w s t Ca
ab oc rb
le k on
En
er
gy
0g/MJ
CO2 Emissions
Soil Carbon Capture has Potential to Drive
to Negative Life-Cycle GHG Emissions
8
PROVEN TECHNOLOGY IN PRODUCTION AND PRODUCT USE
Produced over 33,000 cumulative hours, 150,000 gallons of Jet Fuel and 110,000 gallons of Premium Gasoline for our customers
NASDAQ: GEVO Selected Customers / Partners
• Corporate headquarters (office and labs)
in Englewood, CO
• Commercial scale fermenter in Luverne,
MN with 1.5 mmgpy capacity(1) (plus
animal feed and corn oil co-products)
• Low-carbon jet fuel and gasoline
production facility in Silsbee, TX(2) with
100,000 gpy capacity(3)
• Net-Zero1 facility in Lake Preston, SD (4) is
being designed to produce
• ~300mmlbs of protein products
• ~30mmlbs of corn oil Used on commercial flights: Gevo jet fuel has had
ASTM approval since 2016
• ~45 MGPY of renewable jet fuel and
gasoline products from waste
Renewable gasoline: Currently used by high-end racing
carbohydrate steams
(1) Represents isobutanol production from corn waste / residue.
(2) Gevo does not own the Silsbee facility. Operated in partnership with South Hampton Resources, Inc. In 2018, facility was successfully scaled up to double its capacity.
(3) Represents jet fuel and gasoline production from Isobutanol.
9
(4) Scheduled to break ground 2022
SUSTAINABLE AVIATION FUEL (SAF): TRUE DROP IN, BUT WITH IMPROVED PROPERTIES
• Lower freezing point than petro-jet
• Higher energy density than petro-jet
• Very low sulfur means lower sulphur oxides (SOx)
• SAF energy density is higher than petro-jet with
the potential for more miles per gallon of
fuel, or more weight might be carried by a
plane.
10RENEWABLE GASOLINE
Low Carbon
A drop-in, high-octane, gasoline blendstock that:
Low Sulfur
Low Nitrogen Oxides (NOx)
• Meets existing gasoline specifications Low Particulates
• Is fungible in existing downstream infrastructure
without making changes to pipelines, storage,
blending and engines
• Higher energy with the potential for more miles per
gallon
• Less corrosivity for less wear and tear on certain
types of engines
11IMPROVING AGRICULTURE & PUTTING NUTRITION
INTO THE FOOD CHAIN
Sustainable Agriculture
Sparks the Whole
Circular Economy Improved Yield
Gevo’s unique systems approach is focused on getting the most out of our plant-
based feedstock to improve global food supply as well as cut GHG emissions
from transportation.
We strive to source corn feedstock from farmers who use carbon-sequestering
regenerative agricultural practices, then multiply the effect by separating the protein
and starch out of every kernel.
• Nutrition first, Gevo will produce more protein products compared to Protein Captured Without Starch
renewable fuels, on a tonnage basis
• Farmers succeed, growing their operations and employing more people
• Better economic conditions help rural communities thrive
• Farms participate in growth of renewable energy infrastructure
• Every acre produces both food and fuel Protein for Pet Nutrition, Aquaculture & Animal Feed
12DECARBONIZE THROUGH REGENERATIVE AG
Gevo makes use of photosynthesis as an energy-efficient tool for carbon recycling
Regenerative agriculture:
“A holistic land-management practice that
leverages the power of photosynthesis in plants
to close the carbon cycle, and build soil health,
crop resilience, and nutrient density.”1
Regenerative agriculture is particularly
effective with corn:
• Stalks grow to more than six feet tall each
year, drawing carbon from the atmosphere
• Stalks and leaves store carbon
• Root structure stores carbon
• Low-till and no-till farming techniques
leave roots, stalks, and leaves in soil
• Organic matter in soil helps water retention
CAPTURE: Corn contains carbon in SEQUESTER: The root mass contains carbon, REPEAT: Cornstalks and leaves contain
its carbohydrate—drawn from and is left in the ground to enrich the soil. carbon too. When left in the field they
• Soil biodiversity helps sequester carbon the atmosphere. add more carbon to the soil.
more deeply
1 According to Regeneration International, https://regenerationinternational.org 13WE ARE DOING THE “REVERSE OF BURNING” IN A SUSTAINABLE SYSTEM
Proprietary Enabling Technology
IP Portfolio Valued at +$400 million*
Proprietary Proprietary Isooctane (gasoline)
Photosynthesis Fermentation Catalytic
and Processing Technologies Chemistry
(GIFT®)
Carbon Dioxide Carbohydrate (sugars) Isobutanol
Water
Jet Fuels
Proprietary Yeast
*Estimated Value of IP by Peak Value IP LLC, August 2020
14NET-ZERO PROJECTS Helping to Solve Fossil-Based Carbon Problems
PROJECT NET-ZERO 1 SUMMARY PROJECT NET-ZERO 1, A GREENFIELD SITE LOCATED AT LAKE PRESTON, SD, IS PART OF
GEVO’S MISSION TO CAPTURE RENEWABLE ENERGY AND TRANSFORM IT INTO LIQUID FUELS
Overview
Site
§ Fuel products are expected to achieve a net-zero GHG footprint
§ Optioned Lake Preston site; site is ~240 acres
across the whole life cycle(2)
§ Planned construction start: 1H 2022
§ Planned Start-Up: 1H 2024 § Fuels produced from agricultural residue, a component of abundant
corn feedstock, while producing high-value protein products and
corn oil
§ NET ZERO 1 VIDEO
§ 100% of the thermal demand for boilers expected to be met with
biogas generated on-site from a wastewater treatment plant
Production
§ Behind-the-Meter renewable wind power will be used for electricity
needs
§ Contemplated to produce ~45MMGPY (1)
collectively of renewable jet fuel and gasoline § Green Hydrogen is expected to be made from water and renewable
from agricultural residue, plus electricity
§ ~300MMlbs of high-value protein products
§ ~30MMlbs of corn oil products § Optionality to bring additional RNG
(1) The gasoline product produced would be isooctane, the premium component of gasoline. Certain regulatory approvals required in some jurisdictions for premium gasoline product.
(2) Based on full cradle-to-cradle analysis using Argonne National Laboratories GREET model. Includes agricultural practices, energy sources, supply chain, and end fate of product. 16SCOPE OF NET-ZERO 1*
An “Off-the-Grid” Renewable Protein, Oil, and Hydrocarbon Plant** +300 Million lbs of Value-
added Protein Products
Production
~30 Million lbs of Vegetable oil
Processes
Residual
Starch***
Low Carbon Corn
~30 Million Bu Protein & Oil Hydrocarbon ~45 Million Gallons (~270
million lbs) of Hydrocarbons
(1.68B lbs) Production (Jet and Isooctane)
Waste-Water Biogas
Water Electricity Hydrogen
On-Site Off-Site Wind
On-Site Biogas Renewable
Electricity Electricity
Water Treatment/Biogas Production
Hydrogen
Production
Production Production
Energy, Utilities,
Water Processes
*Currently Planned for Lake Preston, volumes of inputs and products are subject to change.**The plant would be connected to the grid to supply energy to the grids, and also to take
energy from the grids if needed. The plant is being designed to be self sufficient for its energy between what can generated on-ste and from the planned off-site wind farm. Gevo may 17
also bring RNG to the plant from its RNG project.
*** Also known as a Starch SlurryGROWTH PROJECT: NET-ZERO 1
Greenfield Site (Lake Preston, SD)*
Status
• Development costs fully funded
• Construction equity fully funded
• Capacity fully sold-out, under take-or-pay
contracts
• EPC firm engaged in front-end engineering
and design
• Investment is key to SD economy
*Site overlay not to scale and subject to change.
18JOB CREATION AND ECONOMIC IMPACT
Lake Preston, South Dakota
• The NZ1 construction is expected to
employ ~1000 people
• The permanent regional employment
impact is estimate to be over 900 jobs
(~70 FTEs on site)
• Regional economic output impact is
estimated to be >$300 Million per year
Source: BEA multipliers, some BEA multipliers data are not available and valuse are set at the BEA table values of Output =1.0, Earnings =0, and Employment = 0. Net Zero 1
FEED Engineering Firm indicates 950 full time construction jobs at peak over 2 year construction period, Considering common multipliers for construction this could result in a 19
similar number of regional direct and induced jobs.Work with Farmers, Eliminate the Fossil Emissions, Capture Carbon, Drive the GHG Footprint Down
Purpose of Gevo’s outreach
GEVO GLOBAL CERTIFICATIONS – FARM CERTIFICATIONS
RSB ISCC
RSB certifies that Gevo adheres to the United Nation’s 12
Principles: ISCC PLUS certification enables Gevo to validate the
responsible nature of its liquid transportation fuels and
to highlight the traceability, qualifying that such fuels
are produced in a sustainable manner
ISCC principles:
•Principle 1: Protection of biodiverse. and carbon rich areas.
•Principle 4: Compliance with Human, Labor and Land rights.
•Principle 5: Compliance with Laws and. International Treaties.
•Principle 6: Good Management. Practices and Continuous Improvement.
21WHY DOES GEVO ACQUIRE TWO DIFFERENT CERTIFICATIONS?
• The certifications overlap, but focus on different applicable markets
• Gevo will be obtaining both ISCC Plus and RSB certification, including local farms, due to the
different carbon markets and fuels produced:
– Sustainable Jet Fuel markets lean toward RSB
– Other markets, such as renewable gasoline, prefer ISCC
RS B I S C C
22GOING BEYOND NET-ZERO: CAPTURING CARBON IN THE SOIL
SUSTAINABLE AGRICULTURE OFFERS POTENTIAL UPSIDE IN COMBINATION OF RENEWABLE ENERGY IN PRODUCTION
Impact of Agricultural Practice on Total Life-Cycle GHG Emissions Agriculture improvements are
for Hydrocarbons Burned for Transportation Energy (1) practical and being done
• Sequester carbon in the soil
• Higher yield
• Less inputs
Tillage Practices Near
Net-Zero 1 Site (2)
Low Till No Till
Based on data and trials by LOCUS, a company who believe soil
organic carbon (SOC) can be dramatically increased by building root
systems and other soil amendments. If true, the amount of carbon
capture per gallon could be in the 10’s of kgs per gallon. We are
working with them and other companies to figure it out.
(1) EcoEngineers is in process of a detailed review and analysis.
(2) EcoEngineers, USDA – NRCS 2019 South Dakota Cropping Systems Inventory Report.
24WHAT WILL GEVO BE MEASURING?
Sample Questions:
What is your average corn yield for this year?
• Plants take in carbon, in the form of CO2, in What pesticides do you use? How much of each?
their natural photosynthesis process What fertilizer do you use? How much of each?
Where do you keep track of your information?
– Gevo can estimate that amount of CO2
and the CO2 equivalent from other inputs
used on farm to determine a carbon value
for corn Example of Total Emissions from Conventional Tillage Corn Production
Seeding material 1 kg CO2e/mt corn
Fertilizer and pesticides 130 kg CO2e/mt corn
– Each of these values are specific to each Energy consumption 20 kg CO2e/mt corn
farm and their practices Emissions corn after improved agricultural
0 kg CO2e/mt corn
practices
Total emissions Corn 151 kg CO2e/mt corn
Picture source: https://www.eurekalert.org/multimedia/pub/90958.phpWHAT WILL GEVO BE MEASURING?
• How does tillage practice effect these values?
Example of Total Emissions from Conventional Tillage Corn Production
Seeding material 1 kg CO2e/mt corn
Fertilizer and pesticides 130 kg CO2e/mt corn
Energy consumption 20 kg CO2e/mt corn
Emissions corn after improved agricultural
0 kg CO2e/mt corn
practices
Total emissions Corn 151 kg CO2e/mt corn
Example of Total Emissions from Reduced Tillage Corn Production
Seeding material 1 kg CO2e/mt corn
Fertilizer and pesticides 130 kg CO2e/mt corn
Energy consumption 20 kg CO2e/mt corn
Emissions corn after improved agricultural
-110 kg CO2e/mt corn
practices
https://www.globalharvestinitiative.org/2014/12/the-start-of-no-till-farming/
Total emissions Corn 41 kg CO2e/mt corn
Example of Total Emissions from No Tillage Corn Production
Seeding material 1 kg CO2e/mt corn
Fertilizer and pesticides 130 kg CO2e/mt corn
Energy consumption 20 kg CO2e/mt corn
Emissions corn after improved agricultural
-210 kg CO2e/mt corn
practices
Total emissions Corn -59 kg CO2e/mt corn
26WHAT WOULD FARMERS NEED TO DO BE CERTIFIED? 1-2-3
1. Allow Gevo to see your farming data
– Gevo can help you figure out what data we need to see and simplify ways for you to get it to us
• Use your preferred business software (Granular, etc.)
– This allows Gevo to calculate a carbon intensity score, which Gevo will share with the farmer, if interested
2. Be willing to speak to a verifier maximum once a year
– This meeting takes about 2 hours and consists of general questions about your farming practices and data
– A Gevo representative will be there with you for the meeting with the auditor to assist with questions that
could arise
3. Sign a Self-Declaration stating your data is accurate to the best of your knowledge
27WHAT WILL GEVO DO WITH FARMING DATA?
• Keep your data confidential
– We will not share your specific data outside of the confidentially with the third-party verifier (ISCC & RSB)
– We will not share any data specific to your farm without your consent
• Calculate a carbon intensity score
– Gevo will share this value with you if you’re interested
• Share with you how your score is calculated and if desired, the things you could do to
lower your score
– Biggest things today are fertilizer use and No-Till and Reduced Tillage practices
28HOW CAN FARMERS GET THEIR DATA TO GEVO?
You can use any method you’d like
• Gevo is agnostic to how farmers get us the data.
– Gevo only cares that it is accurate and verifiable during an audit
– Any other software tools you already use can probably export the data
we need
– Granular has decided to work with us to create a simple method to get
us all the data we need
29ADDITIONAL STUDY TO QUANTIFY SOIL ORGANIC CARBON (SOC)
A Four (4) Year Study will Be Conducted to Quantifying Soil Organic Carbon under Various Management Systems
by Dr. David Clay, South Dakota State University
• The purpose of this study will be to quantify SOC levels (carbon stocks) and carbon intensity (CI) scores on
working farms near Lake Preston, SD under a mixture of conservation and conventional management practices
– The study area will be a 25-mile radius around Lake Preston, SD
– Encompass five benchmark soils in the region. Each benchmark soil will be replicated twice for a total of ten soils.
• Two study sites per soil will be established: one under conventional management and one under conservation
management. Five replicates will be collected at each site for a total of 100 points.
• Soil samples will be collected with a Giddings Soil Probe in Year 1 and Year 4 of the project. Soil samples will be
divided into seven depths (0-5, 5-15, 15-30, 30-60, 60-90, 90-120, 120-150cm) and analyzed for bulk density,
total carbon, total nitrogen, ammonium, nitrate, pH, and electrical conductivity as well as briefly described for
horizon.
30JUHL ENERGY –KINGSBURY COUNTY WIND FUEL PROJECT
EARLY-STAGE DEVELOPMENT, PROJECT SPECIFICS
• Up to 50 MW Electrical Capacity
• Will be directly interconnected to feed the NZ1 Plant’s electrical needs
• Will utilize up to sixteen GE 3.03 MW class wind turbines
• 81 meter or 98 meter hub height (based on FAA and siting considerations)
• 140 meter rotor diameter
• Capitalizes on strong locally available wind resource
• Average annual wind speed estimated at 8.3 meters/second (18.6 miles/hour)
• Annual Average Energy Production of approx. 200,000 MWH/year
• Turbine siting will incorporate good neighbor principles to reduce impacts on neighbors
• Juhl and Gevo successfully collaborated together to build wind turbines near Gevo’s Luverne, MN facility
• Juhl has a long history of developing smaller and community-based wind projects like this project
31Purpose of Gevo’s outreach
FOR ADDITIONAL INFORMATION ABOUT GEVO
These short videos explain more about Gevo, our process,
business system, and how we think about sustainability
NET ZERO 1 (1:52): https://vimeo.com/540736374
PAST
Gevo – Solving Energy (2:00): https://vimeo.com/531083659
Working Toward Zero Carbon Footprint (2:46): https://vimeo.com/440219829
Food and Fuel (1:19): https://vimeo.com/440220247
Where we are so far (1:21): https://vimeo.com/416215170
Our Process (1:01): https://vimeo.com/416215010
Replacing Fossil Based Carbon (2:07): https://vimeo.com/396232536
Farming Carbon & Soil Conservation (1:54): https://vimeo.com/379773448
FUTURE
Sustainable Jet Fuel (1:59): https://vimeo.com/379896308
Partners with Mother Nature (1:49): https://vimeo.com/416215170
Going After the Whole Gallon(0:50): https://vimeo.com/451342705
We are Recycling Carbon (0:45): https://vimeo.com/451341985
Our Circular Economy (0:48): https://vimeo.com/451341499
www.gevo.com
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