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ENGLEWOOD, Colo. - Gevo Inc. (NASDAQ:GEVO) withdrew its loan guarantee application with the U.S. Department of Energy’s Office of Energy Dominance Financing for its Alcohol-to-Jet (ATJ)-30 plant, the company said today in a press release.
The renewable fuels company said it withdrew the application following discussions with the agency, which required the project to support enhanced oil recovery operations. Gevo stated these requirements are not commercially viable at scale in the project area.The financing setback comes as the company remains unprofitable, with a loss of $0.14 per share over the last twelve months. Still, Gevo’s liquid assets exceed its short-term obligations with a current ratio of 1.82, providing financial flexibility as it pursues alternative funding options.
Gevo said it is pursuing alternative financing options and aims to secure funding for the ATJ-30 project by the end of 2026. The withdrawal allows the company to resubmit an application for a project at a later date.
The company had previously received a conditional commitment from the agency to guarantee a loan for its ATJ-60 synthetic aviation fuel project in Lake Preston, South Dakota. Gevo had been working to transition that commitment to its ATJ-30 project at its Gevo North Dakota facility in Richardton, North Dakota.
"We firmly believe that the GND facility is one of the best sites in the U.S., in a pro-agriculture and pro-energy state," said Paul Bloom, Gevo CEO.
The North Dakota facility includes low-carbon ethanol production and carbon capture and geological carbon sequestration capabilities. Gevo said the facility is currently generating cash and has the capability to grow the company’s adjusted EBITDA.The company’s stock has delivered a 78.57% return over the past year, though shares have declined 22.78% over the last six months. For investors seeking deeper insights, InvestingPro offers comprehensive analysis including Fair Value estimates and additional ProTips beyond the publicly available metrics.
Gevo owns and operates an ethanol plant with an adjacent carbon capture facility and operates a dairy-based renewable natural gas facility. The company also developed a production facility for specialty ATJ fuels and chemicals that has been operating since 2012.
In other recent news, Gevo Inc. reported approximately $5 million in revenue for the year ended December 31, 2025, from its racing fuel blendstock. The company utilizes proprietary technology to convert renewable feedstocks into high-octane hydrocarbon blendstocks, primarily used in motorsports. Additionally, Gevo announced plans to potentially add a second ethanol production facility at its North Dakota site, aiming for a production capacity of up to 75 million gallons per year of low-carbon ethanol. This expansion would bring the site’s total production to approximately 150 million gallons annually. In terms of intellectual property, Gevo has expanded its portfolio to over 550 issued and pending patents related to renewable fuels and chemicals. The company received 17 new patents in the past two years, covering technology for sustainable aviation fuel and renewable hydrocarbons. Recent executive appointments include Joan Cetera as Vice President of Communications and Public Relations, Kyle James as Chief Commercial Officer, and Dave Kettner as General Counsel. These leadership changes bring extensive experience in communications, commercial leadership, and legal counsel to the company.
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