Gevo withdraws DoE financing application
In the UK, SAF Investor reported that renewable fuels producer Gevo announced withdrawal of its loan guarantee financing application with the US Department of Energy (DOE) Office of Energy Dominance Financing (EDF).
The company said it is developing other funding opportunities to meet its goal of financing the company’s alcohol-to-ket (ATJ)-30 plant by end of 2026, according to the report.
Gevo said the EDF’s business objectives required that the project supports enhanced oil recovery (EOR) which the company said is not yet commercially viable at scale in the project area, and that there are opportunities for alternative financing better aligned with company strategy that can accelerate the timeline for project execution with improved returns.
Gevo previously received a conditional commitment from EDF to guarantee a loan for its ATJ-60 SAF project in Lake Preston, South Dakota, the report added.
The facility includes low-carbon ethanol production, and carbon capture and geological carbon sequestration capabilities, which are beneficial for cost-effective ATJ production.
Category: SAF
