Published by Todd Bush on December 11, 2024
Red Trail Energy, LLC, based in Richardton, North Dakota, held a vote of its equity holders to vote to approve Gevo’s acquisition of its ethanol production plant and carbon capture and sequestration assets
ENGLEWOOD, Colo., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), a leading developer of net-zero hydrocarbon fuels and chemicals, is pleased to announce that its planned acquisition of the ethanol production plant and carbon capture and sequestration (“CCS”) assets of Red Trail Energy, LLC (“Red Trail Energy”), passed an important milestone as the equity holders of Red Trail Energy voted overwhelmingly to approve the transaction. This acquisition will accelerate Gevo’s mission to transform renewable carbon and photosynthetic energy into net-zero liquid transportation fuels and chemicals while abating carbon.
>> In Other News: Hydron Energy Signs Commercial Collaboration Agreement with FortisBC
“On behalf of the entire team at Gevo, and our board of directors, stakeholders, shareholders, investors, and customers and industry partners, we would like to thank the equity holders of Red Trail Energy for approving the acquisition,” said Gevo CEO, Dr. Patrick Gruber. “With this investment, Gevo will be set on a path to becoming self-sustaining and profitable as a company in advance of our Net-Zero 1 project coming online. This acquisition also enables an ideal location for a ‘Net-Zero North’ plant to produce sustainable aviation fuel (“SAF”). It also mitigates risk around carbon sequestration for our Net-Zero 1 plant site in South Dakota.”
Gevo is acquiring the Red Trail Energy ethanol production assets and the CCS assets, both based in Richardton, North Dakota, for $210 million in cash, subject to customary closing adjustments. The transaction is expected to close by the first quarter of 2025, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions, including procurement of financing for the acquisition. Gevo expects that these businesses, with the capability to create and deliver valuable biogenic carbon credits in conjunction with the delivery of advanced liquid fuels, should deliver superior value to its shareholders.
“We believe these assets are ideal for furthering Gevo’s mission to create price-competitive domestic bio-based production pathways for SAF using Gevo’s integrated alcohol-to-jet technology and defossilized energy, combined with CCS,” said Dr. Chris Ryan, President and COO of Gevo. “The CCS well gives us optionality for our Net-Zero-1 carbon sequestration as well as regional synergies with Net-Zero 1, under development in Lake Preston, South Dakota, our development facility in Luverne, Minnesota, and our renewable natural gas (“RNG”) operations in Northwest Iowa. As Net-Zero 1 and other production facilities come online, the infrastructure and resources that we will have acquired in North Dakota offer tremendous flexibility for how we might operate in the area.”
Gevo's mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including SAF, motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based RNG facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.
For more information, see www.gevo.com.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🔋 Plug Closes Loan Guarantee from the U.S. Department of Energy 🗺️ USGS Releases First-ever Map of Potential for Geologic Hydrogen in U.S. 🌎 Constellation to Acquire Calpine; Cre...
Inside This Issue 🌍 Plug Seals Monumental Deal with Allied Green Ammonia for a Mega 3 GW Electrolyzer System 💰 DOE Invests $101 Million to Establish Carbon Capture, Removal, and Conversion Test Ce...
Inside This Issue 💰 $3.1 Billion in Carbon Management Funding: What It Means for the Future 🛳️ Value Maritime-led Onboard Carbon Capture Project Aims to Capture 80% of CO2 Emissions ✈️ Hydrogen Hy...
OMAHA, Neb. -- Green Plains Inc. (NASDAQ:GPRE) today announced that key milestones for the ‘Advantage Nebraska’ carbon strategy have been met, and the project remains on track for operation in the ...
Catona Climate Partners with Tencent to Deliver High-Quality Nature-Based Carbon Removal Solutions
LOS ANGELES, Jan. 17, 2025 /PRNewswire/ — Catona Climate, a climate finance company, has partnered with Tencent, a leading technology and entertainment company, to support Tencent's decarbonization...
VANCOUVER, British Columbia & OMAHA, Neb. — (Business Wire) — Svante Technologies Inc. (Svante), a leading innovator in carbon capture and removal technology, and Tenaska, a prominent CO2 trans...
USGS Releases First-ever Map of Potential for Geologic Hydrogen in U.S.
The first-of-its-kind map highlights areas of interest for this potential future source of energy and chemical supply RESTON, Va. — The U.S. Geological Survey (USGS) today published the first map ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.