GEVO Gevo Inc

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.

“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.”

About Gevo 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.

Forward Looking Statement This release contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements, including statements related to the expected closing of the acquisition or the timing thereof, and our future prospects as a combined company, including our plans for the site and synergies with our other projects. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this release.

These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “assume,” “believe,” “estimate,” “expect,” “goal,” “intend,” “plan,” “potential,” “predict,” “project,” “target” and similar terms and phrases or future or conditional verbs such as “could,” “may,” “should,” “will,” and “would.” However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected.

Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, include among others, failure to obtain required regulatory approvals in a timely manner or at all; failure to satisfy any other conditions to the closing of the transaction in a timely manner or at all; the occurrence of any event that could give rise to termination of the definitive agreement, including the inability to obtain acceptable financing; the risk that anticipated benefits, including synergies, from the proposed transaction may not be fully realized or may take longer to realize than expected, including that the transaction may not be accretive within the expected timeframe or to the extent anticipated; failure to successfully integrate Red Trail Energy’s assets and employees; unanticipated costs of acquiring or integrating Red Trail Energy’s assets, including as a result of the financing of the acquisition; the effect of the proposed transaction on our ability to retain and hire key personnel and maintain relationships with Red Trail Energy’s customers, suppliers and other third parties; changes in legislation or government regulations affecting the proposed transaction or the parties; and other risk factors or uncertainties identified from time to time in Gevo’s filings with the US Securities and Exchange Commission (“SEC”). All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements identified above and in the section entitled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this release in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Media ContactHeather ManuelVice President, Stakeholder Engagement & PartnershipsPR@gevo.com

IR ContactEric FreyVice President of Corporate DevelopmentIR@Gevo.com