Source: GlobeNewswire (MIL-OSI)
ENGLEWOOD, Colo., Jan. 16, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) announced today that it filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”). Such registration statement is subject to review and being declared effective by the SEC.
The Company’s current Form S-3 is set to expire this Friday, January 19th, subject to applicable grace periods. Gevo filed the new S-3 as a matter of course in advance of that expiration. In conjunction with the new S-3 filing, Gevo signed a new agreement for the Company’s At-the-Market (“ATM”) offering facility. The Company’s previous $500 million ATM offering facility has not been used since the filing with the SEC of the prospectus supplement for such facility on September 9, 2021.
The S-3 filing does not impact Gevo’s expected, and previously communicated, strategy of funding the Net-Zero 1 project with a combination of its existing cash on the balance sheet and project-level financing.
Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.
Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to the filing of a registration statement on Form S-3, the execution of an At-the-Market Offering Agreement, the financing of the Net-Zero 1 project and the utilization of the ATM facilities. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2022 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.