Gevo Wraps Up Q3 With List Of Strategic Partnerships

Despite drops in cash on hand and revenue, and a $14.7 million loss in third quarter, the biofuel manufacturer reports that interest in SAF is growing.

Kimberly Johnson

Thursday, November 11, 2021 at 08:31 PM ET

Verified

Gevo has been delivering SAF to the general aviation market since its first forays into it in December 2020. Gevo

Key Takeaways:

Gevo reported a Q3 operational loss and reduced cash reserves but simultaneously announced significant strategic partnerships and agreements for sustainable aviation fuel (SAF) production.
Key alliances formed include a memorandum of understanding with Archer-Daniels-Midland (ADM) and an investment agreement with Chevron U.S.A. Inc. for facilities and fuel off-take.
The company's customer pipeline for potential SAF contracts has expanded to over a billion gallons per year, reflecting growing market interest and demand.
Gevo's Net-Zero 1 project, a cornerstone of its ambition to deliver 1 billion gallons of net-zero fuel by 2030, is progressing with an expected annual capacity of 45 million gallons of liquid hydrocarbons.

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Gevo, a sustainable and low-carbon biofuel manufacturer, wrapped up the third quarter with $522.4 million in cash and cash equivalents and generated $0.1 million in revenue, the company announced Wednesday.

The amount of cash on hand was $44.8 million less than that reported at the end of the second quarter of 2021, according to the company. Gevo also reported $14.7 million third-quarter loss from operations, more than twice the $6.1 million reported during the same period in 2020.