2023-08-07 09:49:13 ET
Gevo ( NASDAQ: GEVO ) +5.6% in early trading Monday after saying its Net-Zero 1 ethanol-to-jet project was advanced by the U.S. Department of Energy to the due diligence and term sheet negotiation phase for a $950M loan guarantee.
DoE's invitation into the due diligence and term sheet negotiation process is not an assurance that the agency will issue a loan guarantee, but it does say that Gevo's ( GEVO ) Net-Zero 1 Project has the potential to join DoE's portfolio of loans.
The company said the milestone signifies the start of DoE's underwriting phase for the debt financing process.
Gevo's ( GEVO ) Net-Zero 1 plant is expected to have capacity of 65M gal/year of sustainable aviation fuel and other hydrocarbons, as well as 1.5B lbs/year of high-value nutritional products on a wet basis.
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Gevo's Net-Zero 1 project moves to due diligence phase for DoE loan guarantee