Gevo announced that its Net-Zero 1 ethanol-to-jet project has been invited by the U.S. Department of Energy, DOE, to the due diligence and term sheet negotiation phase for a $950 million loan guarantee under the Title 17 Clean Energy Financing Program. The invitation was based on the DOE’s determination that Gevo‘s Net-Zero 1 Project is highly qualified and suitable for a loan guarantee from the DOE. This key milestone marks the successful completion of the phase II application and diligence process, which Gevo publicly announced on January 19, 2023. Most importantly, this milestone signifies the commencement of the underwriting phase for the debt financing process. “We believe that reaching this stage with the DOE is a critical milestone and illustrative of Gevo’s progress in developing Net-Zero 1. We are excited to be working with the DOE on a process that supports our mission to deliver Sustainable Aviation Fuel to the marketplace.” stated Dr. Patrick Gruber, Chief Executive Officer, Gevo.
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