Gevo, Inc. · NASDAQ:GEVO
Gevo — Investor Presentation (April 2024)
30 slides from Gevo's investor presentation, April 2024
Slide 1: Net-Zero 1 Deep-Dive: Sustainable and Scalable
Net-Zero 1 Deep-Dive Sustainable and Scalable NASDAQ: GEVO
Slide 2: Forward Looking Statement
Forward Looking Statement Any statements in this presentation about Gevo’s future expectations, plans, trends, outlook, projections and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,” “will,” “would,” “could,” “can” a
Slide 3: What is SAF? Why SAF? Gevo's competitive position
What is SAF? Why SAF? Gevo’s competitive position Additional opportunities in bio-chemicals 3
Slide 4: SAF: Sustainable Aviation Fuel
SAF: Sustainable Aviation Fuel • Drop-in to existing engines and infrastructure – Same molecules as petroleum-based jet fuel What is SAF? • Low-carbon inputs and production process – Our molecules come from CO2 in the atmosphere and wind power 4
Slide 5: Our SAF Has Been Used Globally
Our SAF Has Been Used Globally FARMINGDALE NEW YORK AIRPORT FARNBOROUGH AIRPORT CHICAGOO’HARE SEA TAC AIRPORT BRISBANE AIRPORT ATLANTA VAN NUYS DEHLI Map denotes Gevo supplied ATJ SAF from our demonstration facilities. 5
Slide 6: Why SAF?
What is SAF? Why SAF? Gevo’s competitive position Additional opportunities in bio-chemicals 6
Slide 7: Why SAF?
1 Growing demand for air travel Why SAF? 2 SAF is currently the only scalable aviation industry solution for carbon abatement 3 Enormous, growing demand for SAF 7
Slide 8: Growing Demand for Air Travel
1 Growing Demand for Air Travel Air traffic activity CAGR Aviation Energy consumption CAGR RPK and RTK expressed as RTK1, billion 2019-2050 Mn TJ 2019-2050 Air traffic activity expected to double by 2050 Emissions will increase if 2.3% 0.7% left unabated 2.0% 1.5% Efficiency improvements 3.5% in air
Slide 9: SAF is Currently the Only Scalable Aviation Industry Solution
2 SAF is Currently the Only Scalable Aviation Industry Solution • SAF is currently the only scalable option for carbon abatement of ~75% of jet fuel emissions • Medium and long-range travel make up ~75% of fuel consumption and require lightweight, energy dense liquid fuels Share of total fuel consum
Slide 10: Enormous, Growing Demand for SAF
3 Enormous, Growing Demand for SAF Europe1 USA Brazil India China Indonesia Rest of World SAF mandates (not Growth in SAF demand is largely exhaustive) SAF demand by region, in billion GPY driven by US and Europe, due to high ambition on the supply side in the US supported by financial 2% SAF blends
Slide 11: Enormous, Growing Demand for SAF (Cont'd): Airline Commitments
3 Enormous, Growing Demand for SAF (Cont’d) Secured through offtake agreements Total global aviation SAF blending commitment by 2030 Unfulfilled fuel demand, ktons Airline Committed, % Contracted, % Contracted vs not, ktons A 10% 2% 351 1671 2022 Airlines with SAF B 10% 3% 469 1333 1803 27 major air
Slide 12: Forecasted US SAF Fulfillment
3 Enormous, Growing Demand for SAF (Cont’d) Forecasted US SAF Fulfillment (billion gallons per year) Forecasted SAF demand by 2050 in US alone equals: Alcohol-to-Jet 400 times the size of (ATJ) Gevo’s focus our first greenfield plant 1,200 times existing supply Sources: US EIA, ICF Resources, LLC an
Slide 13: Gevo's competitive position
What is SAF? Why SAF? Gevo’s competitive position Additional opportunities in bio-chemicals 13
Slide 14: Net Zero 1 SAF Highly Competitive with Alternative SAF Pathways
Gevo’s Net Zero 1 SAF is Highly Competitive with Alternative SAF Production Pathways SAF pathways: AtJ HEFA PtL Net Zero 1 UCO or Power-to-Liquids3 Competitive criteria Assessment criteria (Gevo AtJ1) Soybean Oil HEFA2 Sustainable Decarbonization How competitive is the $/MT CO2 abatement cost ~$450/
Slide 15: Cost Effective: Low-Cost Route to SAF and Carbon Abatement
Cost Effective: Gevo’s Net Zero 1 is Designed to Enable Low-Cost Route to SAF and Low-Cost Route to Carbon Abatement SAF pathways: AtJ HEFA PtL Comparison of SAF Production Pathways1 Unit cost of production (unsubsidized) Carbon abatement compared to $/gal SAF fossil jet fuel2 Net Zero 1 is 20 desig
Slide 16: Cost Effective: Most Competitive Cash Cost of Production
Cost Effective: Most Competitive Cash Cost of Production SAF Cash Cost of Production vs. Fossil Jet Fuel Price AtJ SAF cash cost of production is SAF Fossil Jet Fuel expected to be competitive with fossil jet fuel prices, even though AtJ SAF can deliver 100% or more carbon abatement per gallon Gevo’
Slide 17: Cost Effective: Most Competitive SAF Carbon Abatement
Cost Effective: Most Competitive SAF Carbon Abatement Carbon Abatement Cost ($ per ton of CO2 equivalent1) +2,000 Incentives Not Included(2) (RINs, LCFS etc.) Cost of Carbon Abatement is low enough that the carbon HEFA 3 Fischer-Tropsch Power to value from environmental Gasification4 Liquids5 incent
Slide 18: Gevo's ETO Technology Could Further Reduce SAF Cost
Cost Effective: Gevo’s ETO (ethanol-to-olefins) Technology Could Further Reduce Future SAF Cost of Production Gevo’s ETO technology generates C3+ olefins directly from ethanol, making it more efficient than current dehydration + oligomerization processes. Reduced unit operations > less capital > low
Slide 19: Net Zero 1 SAF Designed to Achieve Zero or Negative Carbon Intensity
Sustainable: Net Zero 1 SAF is Designed to Achieve Zero or Negative Carbon Intensity Highlights carbon reduction fixed from proprietary plant design Takeaways Most of the NZ1 carbon reduction is fixed from proprietary plant design Existing levers do not depend on future technologies Additional optio
Slide 20: Photosynthesis and Fermentation Provide Most of the Energy for SAF
Sustainable: Photosynthesis and Fermentation Provides Most of the Energy for SAF Production via AtJ and HEFA Comparative analysis of SAF pathways Electrical energy Thermal energy Net energy produced or consumed H2 demand Decreasing energy and H2 intensity Power to Liquids Key insights Power to Liqui
Slide 21: Sustainable: We Make Food First
Sustainable: We Make Food First Mass Flow Diagram (metric tons per annum) Atmospheric Carbon abatement per annum CO2 =3,000 flights from NYC to London Low-Carbon Climate Smart Protein (Animal Corn Feed) + Vegetable Oil Net Zero Fuels Wind, Green H2, Biogas option Biogenic CO2 Capture Approximate qua
Slide 22: Sustainable: We Make SAF From Plant Sugars
Sustainable: We Make SAF From Plant Sugars Carbon atom Feedstock Fermentation Alcohol-to-Jet Oxygen atom • Any fermentable sugar (from • Sugar converted to alcohol • Alcohol converted to chains of Hydrogen atom corn, bagasse, wood waste, etc.) (ethanol or isobutanol) by hydrocarbons through dehydrat
Slide 23: Corn Yields More SAF and Abates More Carbon Per Acre
Sustainable: Corn Yields More SAF & Abates More Carbon Per Acre Than Soy Or Canola While Producing Similar Volumes Of Protein Carbohydrate Fat and oil Protein Fuel production Abatement Key crop component Fuel production potential2, potential4, Crop yield1, MT/ha potential2, gal/ha MJ/ha tCO2e/ha Key
Slide 24: US Corn Could Produce ~10Bn GPY of SAF Without Disrupting Food
Sustainable: Corn Feedstocks Grown in US Could Produce ~10Bn GPY of SAF (>3x Projected 2030 Demand) Without Disrupting the Food System United States Example Available for food and fuels use Available for food only Not available for food or fuels use Fractional US Bushels SAF, Food/Feed Use Key insig
Slide 25: Lower Carbon Intensity of SAF Means Less SAF Needed
Scalable: Lower Carbon Intensity of SAF > More Carbon Abatement > Less SAF is Needed to Achieve Carbon Abatement Goals CI Score of SAF (example) CI Score of fossil jet fuel 90 90 90 90 90 90 45 90 90 -30 90 45 0 90 -30 90 45 0 -90 -30 CI Score of Blended Barrel 90 56 45 45 0 of Jet Fuel (gCO2e/MJ) P
Slide 26: AtJ Platform is Scalable and Could Supply Nearly All US Jet Fuel Demand
Scalable: AtJ Platform is Scalable and Could Supply Nearly the Entire Jet Fuel Demand of the US Without Affecting Current Food/Feed Supply Economic today Increasing yield Economic at certain carbon prices Total United States Example SAF production potential, Carbon abated, Feedstock Billion GPY1 mil
Slide 27: Additional opportunities in bio-chemicals
What is SAF? Why SAF? Gevo’s competitive position Additional opportunities in bio-chemicals 27
Slide 28: Same Process Can Make Non-Fossil, Carbon-Negative Materials
The Same Process that Makes Our SAF Can Also Make Non- Fossil Derived, Carbon-Negative Materials Example: Carbon Intensity of polyethylene using part of the Alcohol-to-Jet SAF process Biologic sequestration Ethylene Ethylene Polyethylene xx Cost in typical units Production route Carbon intensity of
Slide 29: Market Opportunity for Low-Carbon, Drop-in Chemicals is ~$400-500 Billion
The Market Opportunity for Low-Carbon, Drop-in Chemicals is ~$400-500 Billion No Commitment Scope 1 and 2 only Scope 3 Across end markets with significant chemical consumption, hundreds of billions in Majority of players across the chemicals spend is under scrutiny given Scope 3 emission reduction c
Slide 30: Thank You
A Carbon Abatement Company Thank You 345 Inverness Drive South Building C | Suite 310 Englewood, Colorado 80112 gevo.com