In Colorado, on June 30, 2025, Gevo Intermediate HoldCo, LLC entered into a Tax Credit Transfer Agreement with a transferee bank pursuant to which Transferor agreed to supply “Clean Fuel Production Credits” to Transferee from the production of ethanol between January 31, 2025 and December 31, 2025 by Transferor’s wholly owned subsidiary, Net-Zero Richardton, LLC. Under the Agreement, Transferor expects to deliver $22 million worth of credits to Transferee between June 30, 2025 and December 10, 2025 upon satisfaction of certain conditions precedent on each transfer date, with $5 million worth of credits being transferred at the time of execution of the Agreement.
The Agreement provides Transferee with a right of first offer (under certain conditions) for up to an additional $20 million of credits related to production of ethanol by NZ-R during the Production Year. The Agreement also provides Transferee with a right of first refusal to purchase up to all of the credits related to the production of ethanol by NZ-R during the 2026 calendar year at the same price and on substantially the same terms as those contained in the Agreement.
