Gevo at Renmark Virtual Non-Deal Roadshow: Strategic Growth in Renewable Energy

On Tuesday, 01 April 2025, Gevo Inc. (NASDAQ: GEVO) participated in the Renmark Virtual Non-Deal Roadshow Series, where Eric Fry, VP of Finance and Strategy, outlined the company’s strategic direction. Gevo, a player in the renewable energy sector, highlighted its 2024 financial performance and set ambitious goals for 2025, driven by recent acquisitions and projects. While the company is optimistic about achieving positive adjusted EBITDA, challenges such as regulatory impacts and project financing remain.

Key Takeaways

• Gevo aims for positive adjusted EBITDA in 2025, following a transformative acquisition.
• The North Dakota ethanol plant acquisition is expected to boost revenue significantly.
• The ATJ 60 sustainable aviation fuel project in South Dakota has a $1.6 billion DOE commitment.
• Gevo’s RNG business in Iowa has achieved a negative carbon intensity score.
• Plans are underway to monetize the 45z tax credit, valued at $30-40 million annually.

Financial Results

• Revenue: While specific Q4 or FY 2024 figures were not disclosed, Gevo anticipates substantial revenue increases from the North Dakota facility, projected between $150 million and $200 million.
• Capitalization: Gevo concluded 2024 with $259 million in cash, including $70 million in restricted cash.
• Tax Credit: The 45z tax credit is expected to contribute $30-40 million annually over the next three years from the North Dakota site alone.

Operational Updates

• North Dakota Acquisition: The newly acquired ethanol plant captures 60,000 tons of carbon dioxide annually, enhancing Gevo’s carbon management capabilities.
• ATJ 60 Project: This South Dakota project is poised to produce 60 million gallons of sustainable jet fuel annually, backed by a conditional $1.6 billion commitment from the US Department of Energy.
• Gevo RNG: In Iowa, Gevo’s RNG business produces 400,000 BTUs of renewable natural gas annually, with a negative carbon intensity score of 339.
• Verity Platform: This software-as-a-service subsidiary supports inventory management and carbon tracking, currently serving seven customers, including five ethanol and two soybean crush plants.

Future Outlook

• EBITDA Goals: Gevo targets positive EBITDA by 2025, leveraging its diversified energy portfolio.
• ATJ 60 Construction: Construction is anticipated to start by late 2025 or early 2026, pending DOE loan finalization.
• North Dakota Expansion: Feasibility studies for a smaller ATJ plant (ATJ 30) are underway, aiming to produce 30 million gallons of jet fuel annually.

Q&A Highlights

• Summit Pipeline: Gevo is awaiting approval for the Summit carbon dioxide pipeline in South Dakota, with alternative transport options considered.
• Stock Buybacks: No immediate buyback plans are in place, though future actions may be considered if share prices are undervalued.
• ATJ Fuel Process: This involves converting corn-derived alcohol into jet fuel via catalytic chemistry, utilizing renewable power sources.
• Scaling Production: Gevo plans to leverage existing ethanol production facilities and renewable power to scale up operations.

For more detailed insights, please refer to the full transcript provided below.

Full transcript - Renmark Virtual Non-Deal Roadshow Series:

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Hello, and good afternoon, ladies and gentlemen. Welcome to today’s virtual non deal roadshow. My name is Julia Perron, a virtual event moderator here at Renmark Financial Communications. On behalf of our team, we’d like to thank everyone in Europe for joining us today for the presentation of Gevo Inc, trading on the Nasdaq under the ticker symbol GEVO. Presenting today is Eric Fry, VP of Finance and Strategy.

The presentation will last approximately twenty to twenty five minutes and will be followed by a formal q and a session for which you could participate in using the chat box on the top right hand corner of your screen. And with that, I will hand it over to Eric.

Eric Fry, VP of Finance and Strategy, Gevo Inc: Great. Thank you, Julia. Thanks everybody for being here. As as she mentioned, we’re Gevo, stock ticker g e v o on the Nasdaq. We recently released our fourth quarter and and whole 2024 financial results in our 10 k.

Also, on March 7, we put out a business update with a lot of details about what we expect in the year 2025. Twenty ’20 ’5 is a is a big year for us. We made a transformative acquisition that was closed in at the January. And so you won’t see the impact of that acquisition in our 2024 results, but we have tried to be as detailed as we can be about what we think is gonna happen in 2025 and what we’re targeting and what the assumptions are and what the kind of sensitivities are around that. So it’s a big year for us, and I wanted to we wanted to, talk a little bit about that and also give our shareholders, and possible new folks an opportunity to hear our story and ask us questions.

So let me hop right into it. I’ll try to maybe take fifteen or twenty minutes to give you an overview of of our company and what we do, and then we’ll leave the rest of the time for for questions. Check out our IR, website. On our website, we do have a list of past presentations, past podcasts, and and virtual fireside chats like this that are available, that are recorded, that you can go look at for more information. But I think the best place to start is with this corporate investor presentation and the business update that we released on March 7.

So with that, I’ll I’ll get started. We think that we’re pretty unique as as public companies go. So if you’re familiar with the renewable energy space generally, whether it’s wind, batteries, geothermal, solar, there’s an enormous and growing demand for energy. And in particular, there’s an enormous and growing demand for energy that reduces greenhouse gas emissions. So we’re part of that overall, industry.

But within that industry, there’s a subsector that produces drop in fuels. So the same, liquid, high energy density hydrocarbons that work in a diesel truck or in a jet engine today, can you produce that? But from a method that comes from biomass that sort of grow as you go instead of harvesting it from deep under the earth and then burning it and emitting greenhouse gases? Can you pull greenhouse gases out of the air by growing biomass in a sustainable way and then use that to make the same drop in fuels? That’s what we’re focused on.

Within that, we focus on proven technologies. So, Jibo does have proprietary technologies and and IP, but our core operations and our, large projects, growth projects, focus on proven commercial technologies that have been shown to operate at scale that already exist. They may not have been put together in the way that we’ve designed them to give this result where you have a sustainable drop in product, but the unit operations exist in the petrochemical industry. That’s something that’s that’s unique about us and and a few other types of companies. The last thing on this or the second to last piece on this pyramid here that makes us unique is we focus on the abundant feedstock of plant sugars as the starting point.

The world has an abundance of plant sugars, and particularly The United States has an abundance of plant sugars. You can certainly eat sugar, but we have a lot of sugar. You can also ferment it into ethanol, but we have a lot of ethanol. And so what Gevo’s focused on is using leveraging this enormous industry, this scalable, low cost industry to make hydrocarbon fuels. So you get you can use the same infrastructure, the same diesel or jet engines, and get the same performance and energy, but in a way that gets you to a net zero or even net negative carbon result.

That’s what we’re targeting. The last piece in the top of this pyramid that we think makes Chivo unique is this process actually gets you a result. It can get you a result that is net cost competitive with fossil oil. That’s very surprising to a lot of people. Most most of us usually think that there’s a dilemma.

Something’s either gonna be lower carbon and and more expensive, or it’s fossil fuels, but it’s cheap. And our goal is to break that dilemma and actually create an industry, that could be net cost competitive with fossil oil. So I can explain how we do that. And we’re a diversified company. We’re diversified and integrated in that we have several pieces that all kinda tie together.

So let me talk about what those pieces are. Overall, the common thread is on the left side of this page, which is we start with things like nonfood corn, nonhuman food corn. Most of the corn in The United States is grown for, animal consumption. You can mill corn, and you can mill lots of other types of crops to produce protein, vegetable oil, and sugar. And, of course, you could you can use the sugar, and and the protein ultimately goes into into the food chain to make food and feed for animals as well as vegetable oil.

But you could also use that sugar and ferment it into alcohol. And once you get a clean alcohol, now you can do chemistry at scale. Now you’ve taken sort of a mixture, a biomass mixture that that maybe is more sustainable, but it’s not clean from a chemistry perspective, from an industrial perspective. Fermentation, leverages nature, leverages microorganisms. They do a lot of work, those cells, to take that sugar and metabolize it and then give what to them is a waste product, but to us as a clean product, which is an alcohol.

You can make sterile medical grade alcohol. You can make food, you know, food grade alcohol. You can make fuel grade alcohol. But once you have that clean clean molecule from a chemistry chemistry perspective, now you can do scalable, catalytic chemistry to make hydrocarbons. And hydrocarbons are basically chains of carbon atoms, and ethanol is basically two carbon atoms with an oxygen atom.

So that’s that’s the high level idea that ties everything Gevo does together. And we put our again, I said that we’re a diversified company that’s integrated. We have four boxes on this slide that are sort of the four buckets of things that we do. This first box that says Gevo Fuels has two projects in it. The first project is Gevo North Dakota.

We acquired, as I mentioned, an ethanol plant that has operating carbon capture in North Dakota, and we closed on that in January. That’s a very unique asset, with a lot of acres and pore space that’s doing carbon capture today. In fact, it’s one of only a couple of ethanol plants in the world that has operating carbon capture. Ethanol is a great business to do carbon capture if you have access to the right geology to do carbon capture, if you happen to have an ethanol plant that sits on top of the rock to do carbon capture. And the reason for that is because the other product that comes off of fermentation is a very high purity carbon dioxide stream.

And so it’s a very cheap, low cost target for carbon capture from from an industrial process. And in fact, those carbon atoms came from the atmosphere because the process starts with biomass and plants through photosynthesis take carbon dioxide out of the atmosphere and fix it into into molecules. And so we’re doing biogenic carbon capture at a 60,000 tons, per year at that site. So that’s very transformative for us. And like I said, you won’t see that in our 2024 results, because we just completed that, in January.

Those assets historically have done anywhere from, you know, a hundred and 50,000,000 to 200,000,000 of revenue. And Gevo historically, you know, if you look at last year, we’re kind of a 16 to $18,000,000 revenue company from these other businesses that I’ll talk about. So this acquisition was a big transformative, scale up for us, and we’re really excited about it. The second piece in this Gevo fuels bucket, is our we have a couple of alcohol to jet products. We call them ATJ projects.

This is where if you make ethanol or a different type of alcohol, you can convert it, like I said, using chemistry to jet fuel and renewable diesel and, naphtha too, but mostly jet fuel. And when you do it this way, you get SAF, synthetic aviation fuel or sustainable aviation fuel. Our flagship new build project in that bucket is what we call ATJ 60. We call it ATJ 60 because it’s designed to produce about 60,000,000 gallons of jet fuel, sustainable jet fuel per year. ATJ sixty is a greenfield project in South Dakota.

We are working on we’re in the financing stage of that and the design stage. We’ve almost completed all the engineering and design spend that we plan to do on that plant. That’s a very important asset for us because it’s an electrified plant design. And just as to make electric vehicles, you need a good engineering design. This is an electrified, alkali jet plant that requires a good engineering design.

And, that project has a commitment of $1,600,000,000 from the US Department of Energy. It’s conditional. So there are some things that we need to do over the course of this year to close on that commitment. And once it’s funded, our intent is to start construction, on that project. So that’s sort of a flagship new build project.

That’s a capital intensive new build project that we’re working on. The one I described earlier is an operating project. It’s not making alcohol a jet, but it’s making it is doing carbon capture and making a low carbon ethanol. The second box that I’ll jump to in the bottom right corner that says GIGO RNG, that is a business that we have in Iowa. We have three we have partnerships with three dairy farms in Iowa.

And what’s being done there is similar to, to some other private and public companies, which is you can use anaerobic digestion to capture the manure from dairy cows and capture the methane that comes off that manure. And so you’re doing two things. You avoid the greenhouse gas emissions of the fugitive methane emissions, and then you clean it up and you inject it into the local natural gas utility, and you displace a little bit of fossil fuel. So we’re producing about 400,000 BTUs per year of, of gas, renewable natural gas from that facility. And just a couple days ago, we announced that we got our final carbon intensity score approved in California.

The carbon intensity score, there’s a negative three thirty nine, and that’s in units of the sort of standard units of grams of carbon dioxide, equivalents per megajoule. That negative number, that big negative number, means that by producing that fuel and using that fuel in compressed natural gas vehicles or other uses, you are actually taking more carbon dioxide or, equivalents, methane, out of the atmosphere than you put into it. And so we think that that’s that’s pretty cool. That business, did generate positive EBITDA for us historically, and we expect a significant increase this year because we got that final score, also because there are certain tax credits that take effect this year. So those are two operating businesses.

Switching gears a little bit, the bottom left corner that says GevoChem. Gevo does have a large patent portfolio. While we’re building this in you know, this is a new industry. Making alcohol to jet and making sustainable hydrocarbons is is new. Even if the technologies exist, the design, the business system is new.

And so what that means is that when you take ethanol and make certain drop in petrochemicals out of it, olefins, you can make a wide variety of molecules like polypropylene in addition to jet fuel. Well, Gevo’s designed improvements on these technologies, and we have a partnership with Axon’s and with LG Chem to commercialize those improvements and make a variety of fuels and products at at, and this is a critical point, at scale and at low cost. So the goal is to make the same products that you get from fossil fuels, whether it’s polypropylene or whether it’s jet fuel, that can use the same infrastructure that we have so we don’t have stranded infrastructure, stranded products, but in a way that reduces the carbon footprint even to net zero or lower than net zero and make it cost competitive with fossil fuel by leveraging, nature, by leveraging the most the cheapest, most scalable solution to take biomass and make alcohols and fuels out of it, which we think is fermentation. The last piece in the upper right corner here sorry. I’ve kinda gone out of order.

But in the upper right corner, it says Verity. Jibo also has a wholly owned subsidiary called Verity. It’s got its own website, its own board of advisers, its own employees, and that is a software as a service business, actually. So it’s it it seems really different from the rest of what Jibo does, but it all ties together. The reason it’s different is because, like I said, it’s essentially a software startup business that Jibo built in house that makes, a software platform that does inventory management and carbon tracking from field to fuel.

And when I say field to fuel, that’s really important because there’s a there’s a long value chain in agriculture, in the agriculture economy, and in fuels and chemicals, and in in feed, animal feed. And, if you want sustainability, if you want customers to know that they bought something that was more sustainable, maybe use less fertilizer, or maybe it had better, tillage practices that have less soil runoff, and therefore and and and maybe these things lead to a lower carbon footprint. The software is designed to allow the ethanol plant operator or the soybean crush plant operator, farmers, and customers ultimately to have an immutable blockchain token that tracks this gallon came from this plant on this day using this amount of energy from these renewable or nonrenewable resources, and it came from that farm that used that amount of fertilizer. All that detail as cheaply and efficiently as possible can be tracked and then auditable. That’s the important thing.

And we built we built this software system, and we started this for ourselves because if we’re gonna make sustainable aviation fuel or synthetic aviation fuel, we knew that we our customers would want this. If corporate customers claim on their ESG reports that they’ve reduced their greenhouse gas footprint because their employees flew, let’s say, on an on a jet aircraft, and that jet aircraft came from our plant, and our plant uses more wind power or uses more biogas, they’re gonna wanna know that they could audit that at any time if someone challenges them. And so we built this for ourselves initially. But now it’s taken on a life of its own where Verity has seven, customers and growing core customers and growing, five ethanol plants, and two soybean crush plants. We have 200,000 acres under what we call our grower program, so that means that farmers are collaborating with us and partnering with us to share their data so that we can track it.

And Verity doesn’t take title to the farmer’s products or the ethanol plants’ products or anybody else’s products. We just provide the digital solution to make it, as push button and as auditable and as secure as possible to measure, verify, and track that value chain. So that was you know, it it takes a while to go through this page because, like I said, we’re a diversified, business. But you when you do sustainable products, you can’t just do one thing. You can’t just produce the product and not track it.

You can’t just produce it and not have energy sources like like renewable natural gas available to trim the carbon intensity. And you can’t just start to produce it today and build a new plant design, but not follow that up with technology improvements. And so all those things are really complementary and synergistic when you look at these four boxes of what we do even though, you know, these look like different things when at first glance. So I said that, I’m gonna go through this is a bit of an an eye chart, and there’s some more detail in the appendix. So I won’t go through this in detail, but what you’re seeing here is how we get to positive adjusted EBITDA.

We’ve said that we’re targeting positive adjusted EBITDA this year, and these green bars essentially are showing you the the growth in revenue bottom line that we’re expecting that we’re targeting this year. And there’s some ranges to that. We’re we’re we haven’t committed to a particular EBITDA target. We think it could be very large, or it could just be positive. That’s why you see this this last bar here goes about just below neck you know, just below zero kind of negative to to a large positive number.

That’s a range. And the appendix, we have we have, details on these ranges. The most important point here is that little to no additional capital is required to be spent by us, by Jivo, to achieve this. That’s number one. Number two, even if we exclude the growth project, ATJ 60, that’s the one that, requires a DOE loan that we’re working on, and we’re making good progress on that.

But even if you exclude that, even if you push that into the in the next year, we still have a good path to be EBITDA positive. And so that’s why we made that we we we put out that target. We’re well capitalized. This slide walks through some details of that, but I would just say that we ended last year with $259,000,000 of cash, and about $70,000,000 of that is restricted cash. We do have plans to refinance some tax exempt green bonds that we have that are secured by that restricted cash at one of our assets and thereby free up that restricted cash.

The last thing in this section that I’ll mention is we have a very experienced team. I feel really fortunate to work at Gevo because we all kind of have a unique set of experiences that really are well, uniquely well suited for what we’re doing. You know, you can’t just know the fuel industry and the hydrocarbon fuel industry. You can’t just know the agriculture industry, and you can’t just know regulatory and software and project financing. You have to bring all those things together in one team under one roof, and that’s we’re really fortunate that we’ve done that here.

Some of the few companies that have done fermentation at scale and biofuels at scale are the experiences of our of our executive management team with with a combined more than one hundred and eighty years of relevant experience. And most of our senior executives who who have worked in, bio based fuels and chemicals have have commercially have commercialized new bio based fuels and chemicals in the past. This isn’t actually the first time that they’ve done that. So this section, I’ll skip over briefly because I wanna, wrap up and get to q and a. We have several slides in the market backdrop that go into a lot of detail.

I’ll, let folks look at this on their own. Like I said, this corporate presentation is posted on our website. A couple points I’ll make. In The United States, and globally, obviously, but but in The United States too, the majority of adults in every state think and a big majority think that global warming is happening. So our view is that, the demand to reduce greenhouse gases is not going away.

Now we have a philosophy that you need to do it economically and as cheaply and scalably as possible. So in this bottom left chart, which, again, I’ll I’ll kinda let you look at, the x axis is showing the price of fossil crude oil, and the y axis is showing the price of, jet fuel. So this scatter plot, these, blue dots, they’re showing that if the price of oil goes up, the price of jet fuel goes up. So that’s not surprising. But this green box is our, for our ATJ projects, our targeted cash cost of production.

In other words, if we’re operating, what’s the marginal cost to produce a gallon of jet fuel? And you’ll see that it’s this is the beginning of a new industry, but at that beginning, it’s competitive with fossil fuel, actually. We do need extra value, a premium to that to pay the capital cost to build something new. That’s true. But once that capital has been paid for and once that return has been made, we think that the industry is not a forever subsidy industry.

We think that that’s a good investment for policymakers, and we think it’s a good investment for, ultimately, the the end customers, the corporate customers that wanna reduce fossil footprint. They’re gonna be paying for a premium to fossil fuel that’s based on carbon abatement and the and the price of carbon. That premium is what allows us to build the capital, to put the steel in the ground, to build plants that allows us to build something where once it’s built like I said, this is the thing that surprises a lot of folks. Its cash cost of production is competitive for fossil fuel, actually. And that’s because plant sugars are so abundant and fermentation is so efficient that you can that you can do that effectively.

In the past, it just wasn’t needed or or emphasized. It wasn’t really fully exploited because there wasn’t a drive to reduce greenhouse gas emissions. Once there is a drive to reduce greenhouse gas emissions, we think that this industry can scale up and be complementary actually to the fossil fuel industry and and reduce its greenhouse footprint over time. I won’t go over these other, slides, although there’s some really interesting data that we put together. Some of it comes from a a consulting report that we also put out, called the deep dive a while ago.

I think you’ll still see that on our website, but if not, you’ll see it in this slide presentation too. Let me go to our assets. Just real briefly, this this slide gives you an overview of the North Dakota asset that I mentioned that has carbon capture. Like I said, this is a transformative acquisition. The thing I’ll just point out here is this chart’s showing you a consistent operating history.

So we like that. We don’t plan to change anything about that. It doesn’t require a lot of capital. It’s already operating, like I said. And this ’21 right here is an industry leading carbon intensity.

The industry average ethanol carbon intensity is something like anywhere from 50 to 70, depending on, your assumptions. So ’21 is way below the industry average. And the reason it’s way below the industry average is because it’s a very unique asset. It sits on top of a rock formation called the Broome Creek Formation, and it happens to sit on top of one of the thickest parts of that formation. And so back in 2022, a this the the seismic and the engineering studies were done to drill a well and a and a monitoring well and start the process of carbon capture.

Again, like I said, a 60,000 tons a day. The fermentation process gives you that automatically. It gives you a 99% pure biogenic carbon dioxide stream that came from the atmosphere, And this asset sits on top of good carbon capture geology. So it’s a very unique, set of circumstances that we’re really excited about. And like I said, it’s already operating.

I won’t go over this slide in detail. This gives some more details about the ATJ 60 product that I mentioned. That’s our greenfield new build product in South Dakota. Like I said, what this three d engineering design is showing you is what we believe is a is a is a critical asset for us that we’ve we’ve created, which is an electrified integrated plant design that reduces energy consumption where where possible and uses renewable energy inputs wherever possible instead of fossil energy inputs. That’s that combined with existing technologies.

It’s the design plus existing technologies gives you the whole package, which is you start with biomass and plant sugars. You end up producing an enormous quantity of feed, ultimately, for human consumption. You end up producing sugar. And then for making that sugar and getting a jet fuel, that can be a net zero or even negative, carbon intensity jet fuel. So that’s what we’re aiming to do in South Dakota.

And like I said, that’s the one where we have a, Department of Energy loan guarantee, but it’s not in construction yet. We’re still working on the on all the things we need to get in place to, disperse that loan, which we’re targeting by the end of this year. I won’t go into more details about Verity. I think maybe I’ll, save most of that for for q and a. And I think the last thing I wanted to mention is just this page.

I won’t go through the things on the left side of this page, but I did wanna highlight the things on the right side of this page because it’s something that I’m really proud of, working at Gevo and I think, can be easily missed, which is that this is part of a circular agriculture rural economy that we think can be, rejuvenated and participate in clean energy transition. A lot of folks think that clean energy transition is about building, you know, everyone buying a really expensive electric car and building, fancy new technologies that are also really expensive. And that that’s that’s part of it for sure. But another part of it is growing biomass on the Earth’s surface that takes carbon out of the air and then using it wisely. Using it wisely means efficiently, scalably, making it cheap so that’s affordable for people, helping rural communities earn a living, and then using it to make things that make our lives better, making protein for human consumption and making fuels so we can drive trucks and fly aircraft.

And one thing I’m really proud of is the quotes on the right side. These are snippets from letters of support that, some folks have written in South Dakota. I’m sure they’re impatient with us to actually get get started in that plan in South Dakota. Like I said, we’re working on it. But they did write these letters of support, about how we work with rural communities, with farmers to grow their community and make it better, cheaper, more sustainable.

And so we’re we’re proud of that aspect of it, and I think that’s something that needs to be taken into account. So I think, yeah, I think I’ll stop there, and maybe, Julia, we we could go to q and a.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you, Eric, for the presentation. As mentioned, we will start the q and a. Your first question for today is, when do you realistically expect a decision on Summit’s pipeline application in South Dakota? How long are you willing to wait for that decision?

Eric Fry, VP of Finance and Strategy, Gevo Inc: So I can’t give an exact answer. I think what the questioner is referring to is in South Dakota, we have an agreement with a with a company called Summit, and they are building a carbon dioxide pipeline that connects to several plants, takes their carbon dioxide through a pipeline, and then pumps it downhole to do carbon capture. And we have an agreement with them that when our plant is built, they’ll build a spur of that pipeline to our plant and connect it to their main trunk line so that our the carbon dioxide of our plant can go downhole. We have alternative options, because we can’t control the exact timing of when their pipeline gets built and when our plant gets built. So we have plans b and c, basically.

Plans b and c involve one of putting carbon dioxide on a rail and and railing it up to North Dakota. Okay? North Dakota is where we have our own carbon capture. Another option that we have is our renewable natural gas asset that I mentioned. We we could haul biogas, a relatively small volume of biogas because it’s negative carbon, from our Iowa plants to the Lake Preston plant to just trim the carbon intensity of that.

Now the question is asking when will we know? We we have the same question. We like to know and have certainty. It’s critical that we have certainty one way or another, on the timing of of that pipeline because it helps us in our financing. That’s what lenders, even the US Department of Energy, want is they wanna know before they lend, which is totally understandable.

Recently, South Dakota passed a law that basically inhibits eminent domain for carbon dioxide pipelines specifically. So that needs to be worked through. You know, there are folks that don’t wanna see eminent domain in South Dakota, which is understandable. There are a lot of folks that feel like this is this has the majority of landowner support in South Dakota for the folks that are actually on the path of the pipeline and that it will bring a lot of jobs and growth to the community. That’s also understandable.

So Jivo kinda you know, our our position is we will benefit from the pipeline. We will benefit from certainty on the pipeline. And the sooner we get that, the better. Our CEO has mentioned this a few times, and I’ll reiterate it. It’s not our only growth project.

If we don’t have good certainty or if the returns aren’t what we need to see or wanna see and we see a better return in North Dakota, where we have our own carbon capture already and we have our own, you know, ethanol, low carbon ethanol already, we could build a smaller plant there that just takes that ethanol that’s there and converts it to jet fuel. We’re already in process of the feasibility study actually to do that project. So we’ll we’re just gonna have to see. I would say that we we don’t it it it’s a little bit nuanced because the carbon capture in South Dakota, we view as if we don’t have it, it reduces the returns there by a couple points. Okay?

Not knowing also reduces certainty and is and makes it harder to get to lock in the financing. At the same time, it it’s it’s still possible that that we could get it done without the carbon capture there. Like I said, we have plans b and c. So it’s a little bit of a nuanced story, and it’s not totally in our control. But having said that, our our target is to wrap up our DOE loan and get into construction.

It’s been a while, but we wanna get in construction by the by the end of this year or early next. That’s kind of our target on the DOE loan. But but we’ll we’ll see. Like I said, we don’t control that that legal process.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for elaborating on that, Eric. Moving on to your next question. Given the current stock price, do you expect to continue stock buybacks?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Yeah. That’s a good question. We don’t have immediate plans to do stock buybacks, but we did do stock buybacks, last year, when our share price was what we felt unreasonably and unsustainably low. And I’m kinda proud that we were right about that, because our share because we we did some things that we had said we were gonna do, and our share price, reacted. And we were happy to see that, and we felt that that was inevitable, because we just felt that we were undervalued.

We think we’re undervalued now, actually. I don’t think, folks I don’t think the market has fully maybe digested our acquisition and RNG and Verity yet. So we’ll we’ll just need to earn our way into that by by printing results and by executing like we’ve always done. I think that, we definitely will be looking at at share buybacks. We continually sort of evaluate that, and it’s it’s a great question.

Like I said, we haven’t made definitive plans to do buybacks, but, it’s something that, it’s it’s a it’s a good point. If our share price is, in our view, kind of unreasonably low and we’re well capitalized, we’re gonna look at that.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for your insight on that. Moving on to your next question. A viewer’s asking. As I’m new to the story, could you provide a bit more insight to the process of making ATJ fuel?

How long of a process is it from start to finish?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Oh, yeah. Great question. So, I think, it’s it’s not a long process from start to finish. If you’re familiar with the ethanol industry, that’s sort of like the first half of it. So the ethanol industry, our our our ATJ process is no different, basically, in the first half except, you know, you design it to be low carbon.

Biomass comes in the door. In The US Midwest, the cheapest, most abundant source for for plant sugar and that kind of biomass is corn. You have a corn milling process where you make basically three products, vegetable oil, protein, and, sugar. The protein, it goes back mostly into the local ag economy, in some cases to the same farmers who sold you the corn. They buy that for for animal feed and then ultimately for human consumption.

So it provides us with our with the protein that we need in our diets. Corn oil, you rail. There’s a lot of different uses for for vegetable oil. And then the sugar, you put in a fermenter, with microbes. The microbes eat the sugar, and they make two things that to them are just byproducts or even toxic products for them.

But it’s a product for us, which is alcohol and carbon dioxide. And people have been doing this for thousands of years, basically. I mean, you can put sugar, starch. You can do it in your garage. Right?

You can make beer and other things. And depending on how pure you make the end product, you can make hand sanitizer, right, using using these alcohol products and other specialty specialty products depending how pure you want it. So you make those in batches, and you can make that continually throughout the year. The second part of our alcohol to jet process is catalytic chemistry. Okay?

So that’s where you’re doing industrial, scale, chemical processing. And what you need to do there is you’re taking ethanol, carbon atoms, an oxygen and using catalytic chemistry to get chains of, sorry, chains of carbon atoms, like 12 to make, you know, c 12 to make jet fuel. And, you can do that. There’s existing industrial processes that convert ethanol to ethylene, convert ethylene to ultimately to these other molecules. But they’ve never they all those unit operations, they’ve never been put together in one plant design that’s designed to be energy efficient where you integrate the hot part and the cold part of the processes to reduce the energy footprint and, therefore, the greenhouse gas footprint and to ultimately get a low carbon result.

Just to give you an example, Gevo has a unique, demo plant in Minnesota that has two wind turbines that power the plant. Now it’s not very common in The US Midwest to have wind turbines powering ethanol plant, but there’s a lot of wind in The US Midwest. It’s just The US Midwest doesn’t have a lot of the the demand, the sink to use renewable electricity. Right? Because there’s not a lot large populations.

Well, our plant, one of the things that that it’s designed to do is use electricity wherever possible. And so it’ll be connected to the grid, to the electric grid, so it’ll always have power. But we’re also building, 20 or so wind turbines. And this is sort of using the natural resources that exist in that area. That area has wind resource.

It’s not being used. But if you build a plant that uses electricity, now you have a reason to build the wind farm. And so it’s a wind powered ethanol plant. You in some ways, you get a wind powered burger because, you know, the animal animal feed goes to feed cattle and ultimately people, but you also get a wind powered jet fuel. So that’s the overall process.

It’s continuous. It’s it’s batch processing on the ethanol side, continual processing on the catalytic chemistry side. And these plants would continuously produce. It’s designed to produce about 65,000,000 gallons a year, and it would be sort of producing more or less continuing throughout the year absent, you know, turnarounds.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for elaborating on that. Your next question, if you were commented, given the growing demand for sustainable aviation fuel and the challenges associated with feedstock and financing, what are Gevo’s primary strategies to scale up production and meet supply agreements such as those with Delta and British Airways while remaining cost competitive and reducing carbon intensity?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Yeah. That’s a that’s a great question. So just to, highlight the last part of that question, many of the world’s major airlines have signed offtake agreements with Jibo. Jibo’s produced alcohol to jet, and it’s flown on aircraft in the past. So we know that the demand is there.

And we in fact, we stopped signing offtake contracts because we know that we need to our production has to catch up with the demand. So the the demand for jet fuel is not going away. It’s growing. And in particular, the demand for staff is not going away. That’s growing.

So those relationships with airlines are really a huge opportunity for us to grow into them. How we grow into them? Well, you know, the industry to date is producing a little bit of sustainable aviation fuel. The broad industry, some fossil, oil and gas companies have have done it. You take an existing crude oil refinery, and you can make some tweaks and bring in, like, French fry grease and use cooking oil, and you can make biofuels from that.

And that’s sort of the low hanging fruit. But that low hanging fruit has been picked, for the most part. And the reason I say that is because there’s only so much used cooking oil in the world, and most of it’s spoken for, especially in The United States. Plant sugar is different. Plant sugar, first of all, it it it doesn’t cannibalize that used cooking oil.

It can it they can coexist, number one. Number two, it’s it’s extraordinarily abundant and cheap to grow. In fact, we we probably eat too much sugar. Right? And that’s why in The United States, not only do we have an enormous amount of sugar, but we also have a lot of ethanol.

And that ethanol will need a home over time as vehicles are electrified. So on the supply side so on the demand side, we can see that the demand is is big and growing. On the supply side, our feedstock is targeting plant sugars that are very abundant, very cheap efficient, don’t require new land because we’re already producing these sugars and producing this ethanol, and a lot of ethanol that’s that’s made from that sugar. There’s this big supply. How do you connect to this big demand?

That’s where we wanna be in the middle. We wanna break down the barriers to connect that supply and demand. And the way you do it is with fermentation and with alcohol to jet technologies that that actually exist. There were some slides that I skipped, but but a portion of the world’s jet fuel today already uses our partner’s technology. We partnered with a company called Axons to license their catalytic chemistry that goes from ethanol to to jet.

Their technology is already in use today. In fact, they won a Nobel Prize for it some years ago. So, that’s not new. What’s new is connecting it all the way from the field and where the bushels are grown, making it using renewable power, using a wind powered plant, and getting a net zero result. That is the the new piece.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for shedding light on that. Your next question is, are your existing offtake agreements indexed to oil prices, inflation, or other variables? How do they compare to traditional jet fuel pricing in terms of long term margin protection?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Yeah. Great question. So, our existing offtake agreements, most, if not all, are are filed with the SEC, so they’re in our they’re in our, in our filings. And what you’ll see is that those existing agreements, typically, they’re they’re they’re each one is different. They’re not all precisely the same.

But, typically, they’re indexed to the price of crude oil with an adder. Okay? So there will be some premium above above crude oil. That’s typically what you’ll see. However, we talked about this on our earnings call for the South Dakota plant because that’s a project financing.

Product financing means that that debt, that 1,600,000,000 that comes from the DOE, it’s secured by a special purpose vehicle. It’s secured by that asset. It’s not recourse to Jivo. Okay? What that means is that you have to have margin protection as the questioner, alluded to in your offtake contracts.

And so we’ve been working with our offtakers to make some tweaks to provide more margin protection to make it, to satisfy lenders and equity holders. We’re making progress on that. You can tell we’re making progress on that because, we were able to get the conditional commitment from the DOE last year, but we still have more work to do.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for your comments on that, Eric. Your next question, a viewer asks, in regards to the secured site in Nebraska, is that site a greenfield or brownfield project?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Greenfield.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for the clarification. Your next question is, a viewer commented, I was wondering how HB one zero five two passing an SD will impact net zero one and the DOE loan. Now that the pipeline might not get built in South Dakota and if the DOE won’t permit moving the project to MD, how will GBO respond to that scenario?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Well, I think the questioner is actually referring to a law in South Dakota that I referred to earlier. So I think I think we can skip that question because I I sort of answered it

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Okay.

Eric Fry, VP of Finance and Strategy, Gevo Inc: In that previous question. That they’re just referring to the same situation that I talked that I talked about earlier with with the summit pipeline.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. So we will skip that question. Your next question is, when can we expect further guidance on 45z?

Eric Fry, VP of Finance and Strategy, Gevo Inc: So we we have quite a bit of knowledge of 45z, actually. There’s a model released that allowed us to calculate our carbon intensity score, in North Dakota. We released what that is when I when I said that our carbon intensity was 21 in North Dakota. That’s that’s based on the 45 z model, and we’ve had that validated by a third party consulting firm. So you should see in the coming months, in the coming quarter or two, more updates from Jibo about how we intend to monetize the 45 z.

We don’t expect to have to wait until the year 2026 or until things are, a % certain. We think that, right now, we have sufficient information over the next coming kind of months, quarter or two that you’ll start to see sales from us, actually. And I think that may, surprise people, but that is that is actually what we’re targeting and where we’re headed. And so look look out for, those announcements. We’re we’re actually targeting anywhere from 30 to $40,000,000 per year for the next three years of gross value in the, just for the 45 z for North Dakota alone.

It’s a it’s a large amount, because that asset is so efficient and reducing carbon intensity because of the carbon capture.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for your comments on that, Eric. Your next question is, in the worst case scenario where the pipeline doesn’t get built, what happens? Will net zero north be converted for SAF production? If yes, how much capital would be needed to retrofit the facility for SAF production?

Eric Fry, VP of Finance and Strategy, Gevo Inc: Yeah. That’s a great question. So let me talk about Jibo North Dakota. In South Dakota, we call it the ATJ 60 project. Well, you can scale that down by about half, and then we call it the ATJ 30 project.

And that would be a bolt on in North Dakota. We’re in the feasibility stage to see what the engineering would look like. But essentially leveraging the plant design that we did in South Dakota, you have in North Dakota, we have in North Dakota operating ethanol and carbon capture. And so you don’t need to build the ethanol plant. You just need to build the part that takes ethanol and makes jet fuel.

So we are in a feasibility study doing that. I think one of the slides I showed shows that there’s a lot of acreage at that site. So the the plant does not occupy the whole footprint of of the acreage that we control. And there’s a lot of existing carbon capture as well as pore space to do more carbon capture. So all the ingredients are are right to do an alkali jet plant, a smaller scale brownfield alkali jet plant in North Dakota compared to the larger scale greenfield alkali jet plant in South Dakota.

That’s why we that’s one of the reasons why we acquired the plant in North Dakota is actually to is it was strategic for us, that it enables another growth project. Now that project, would require capital because we’d have to more capital because we have to build it. So we’re looking at how much that would be. It would obviously be a lot less than ATJ sixty. And, we probably we haven’t made final decisions, but we would probably do it in some other financing, structure rather than a DOE loan for that one.

But we’ll see.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for your response. Moving on to your next question. A viewer asks, has early adoption of this approach to renewable energy reached its end? When do you expect to see a wider adoption, more significant increase in production slash sales?

Eric Fry, VP of Finance and Strategy, Gevo Inc: So I I think the answer is no. And that’s because even even folks who so first of all, I think the world, burning fossil fuels produces greenhouse gases. There’s just no way to get around it, and greenhouse gases are increasing. And most Americans believe that climate change is happening. So that’s number one.

Number two, even putting that aside, the world is growing, and more energy consumption lifts people’s standard of living. And the whole world wants access to the same standard of living that we have. And those of us who are fortunate to live in industrialized countries and even people who are in industrialized countries wanna continue. They want the next generation to have access to energy that doesn’t pollute, energy that’s abundant and cheap, that’s safe, so that the next generation can enjoy what we enjoy. And so even if you just believe in growth, we need more energy.

And when you have wind resource in the Midwest, when you have methane being emitted in the Midwest, in The US Midwest by manure, these are energy resources. And so I think those communities want more investment to efficiently and scalably use those resources. Just like if you had, fossil fuels on your property, if you had an oil reserve under your property, you want someone to come drill it and and use it. Otherwise, it’s it’s not doing any way any good. Same idea here.

There are wind resources. There are biogas resources. There are carbon capture geologic resources. And in in The US Midwest and in lots of places around the world, there’s an abundance of, high yield plant sugars. Now we grow we typically grow corn for the protein, and people need proteins protein in their diets.

We we have to have protein in our diets because we can’t just produce the protein that we need. It also produces sugar. Well, we have like, the American Heart Association had a report that maybe we should post to our website that talks about how Americans and lots of folks around the world have just too much sugar. Companies are putting the sugar in our food against our will in some cases. And so what The US has done is taken some of that sugar and fermented it to make ethanol, and now we blend ethanol in our vehicles.

But these are things that just have to be done, I think, no matter what your beliefs are about sustainability and climate change, even if you just think that energy is important, it’s part of an all of the above energy strategy. And in fact, even the, the Trump administration had an executive order in January that said declaring an energy emergency. And in that executive order, it called out biofuels, ethanol, and aviation fuel as something that The US needs more of. So we we think that there is no end in sight to the need for sustainable drop in fuels. Energy broadly, but particularly sustainable drop in fuels.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for shedding light on that. Your next question, a viewer’s asking, is isobutanol production still an important part of Gevo’s strategy?

Eric Fry, VP of Finance and Strategy, Gevo Inc: So I I don’t have a lot of comments to share on that. Right now, I I think the high level thing I would say about that is Gevo had has its own patented technology to make isobutanol. Isobutanol is a four carbon, alcohol instead of a two carbon alcoholic ethanol, and that’s really interesting for a variety of reasons. Two two elements that that I should point out about that is when we when Jivo decided to build the big project in South Dakota, the ATJ 60 project, the world really wanted sustainable aviation fuel, jet fuel in particular, and the world of project financing wants proven technologies. So we made a choice, which we think was the right choice, which was to use ethanol to jet because that method is number one, a proven technology.

Ethanol, you know, no one there’s a 80 operating ethanol plants, so no one thinks that you can’t produce ethanol. And two, it’s really good at making a high yield of jet fuel. And so that was the technology that was chosen for the ATJ 60 project. In the meantime, the isobutanol was was put a little bit on the back burner. I’m not saying we turned it off, but but it it’s on the low the low heat, you know, back burner compared to that project.

We’ve been focused on these larger scale alcohol to jet projects that use the ethanol to jet pathway, and we have our own technologies to improve that those pathways with accents. But meanwhile, isobutanol has kind of been over here. And separately and in addition to that, I should mention that we do have an agreement with a counterparty to produce racing fuels. So for racing fuels, you need different molecules. You don’t need jet fuel.

You need octane. And how do you make a low carbon bio based octane? So, there are a couple of sort of projects that has that are separate and apart from the product in South Dakota. That project does not, right now, use the isobutanol technology. It uses ethanol to jet because, like I said, it’s, it’s more financeable because there’s a 80 operating ethanol plants in The US.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for your answer, Eric. Moving on to your next question. A viewer asks my apologies. A viewer asks, please clarify the anticipated EBITDA for 2025 on a quarter by quarter basis.

What do you expect the year end 2025 net cash position to be? How will Gevo avoid the need for a dilutive raise of capital?

Eric Fry, VP of Finance and Strategy, Gevo Inc: So we’ve been trying really hard to release guidance and expectations that are, that we think we can achieve and that are, realistic in terms of what we know and not so precise that we’re gonna we’re gonna miss it. That’s what we try to do. So last year, we said we’d do a couple things. We said we would spend a certain amount of money on the on the, South Dakota project. We said we’d get first revenue at Verity.

We said we’d get our final carbon intensity score at RNG and that we would make progress on our Alcala jet projects. And we did all those things. We’ve done all those things over the past sort of twelve to fifteen months. Right now, what we’re saying is we have a plan in 2025 to get to run rate positive EBITDA. And what you’re seeing in the slide presentation is a range, is set several pieces that don’t require a lot of capital actually this year.

They just require execution commercially and and in in a regulatory way. That gets us there. Now there’s some big ranges there, and we haven’t provided the detail of how each quarter will look. And we’re not we don’t plan to provide that detail because we we intend to get more precise and more detailed as we go. Remember, we we just completed the acquisition of North Dakota at the January.

So as as we see those results, we’ll get more and more precise each each quarter and each year about what our expectations are. But we we wanna grow into that, so that we we create a track record of promises made, promises kept, if that makes sense.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you for elaborating on that, Eric. Due to the essence of time, I will ask you two more questions. Your next question is, a viewer commented, tell us more about Gevo’s North Dakota’s growth prospects. How much would it cost to retrofit the plant with the Gevo modular design, and what is the time frame to complete the retrofit from start to finish?

When Gevo ND is converted to an SAF plant, what is the plant size Gevo is targeting for this site? Example, one twenty, one 80 gallons per year.

Eric Fry, VP of Finance and Strategy, Gevo Inc: Yeah. So to answer the last question first, we’re target we would target 3,000,000 gallons a year of hydrocarbons. Okay? That’s starting with, about 67,000,000 gallons a year of ethanol that’s being made there today. To answer the other questions, the immediate growth is from targeting the low carbon fuel standard markets like California, Oregon, Washington, British Columbia and earning the 45 z tax credit that takes effect this year.

Like I said, that tax credit alone is worth an incremental 30 to $40,000,000 based on our estimated carbon intensity score. So that’s that’s pretty significant, and that doesn’t require any capital or any engineering at all. But in terms of what’s the growth after that, we have some ideas about how to unlock more carbon dioxide. So right now, the well is is is sequestering a 60,000 tons of of c o two per year, but it’s permitted to go up to a 80,000 tons per year. And so there may be some tweaks we can make to make more carbon dioxide.

But then in the longer term, we are in the feasibility studies to do an alkali jet plant there there that we call ATJ 30, and it would be 30,000,000 gallons of of jet fuel design.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you, Eric. And your last question for today is, what is Eric’s preferred feedstock?

Eric Fry, VP of Finance and Strategy, Gevo Inc: I I don’t know. Coffee?

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. I will ask one more in that case. Last question is, will you be increasing or reducing the labor force at Red Trail?

Eric Fry, VP of Finance and Strategy, Gevo Inc: We’re we have the same labor force at Red Trail. I don’t think we put we don’t really plan to increase it. There are a couple people that we had in house that are now assigned to Red Trail full time. So I guess from that perspective, we we slightly increased it. And then our functions, the functions that you’ve already had, government relations, community relations, sustainability.

You know, it it it does take people who know this kind of stuff to make sure that you’re qualified for RINs and that you qualify for the British Columbia, you know, path carbon intensity score, the California carbon intensity score, those resources that Jibo already had and Verity, by the way, Verity is another great example. Verityracking, we’re deploying that at Jibo North Dakota. So that software is going to be used at Jibo North Dakota. So those are all resources that we’ve added as sort of, like, ancillary to to North Dakota, but the the staff, the people are great. They’ve done an excellent job.

They’re pioneers in the industry, and we our goal one when we acquired the asset was do no harm. We want the employees to be safe. We want the employees to, keep doing the great job they’re doing and then grow it over time. Oh, and I should mention the, the the farmers too, the community that lives in that area. You know, we had a great event with them where our CEO and our COO, spoke to them.

That’s important too. You know, it’s the the the plant employees, but, also, remember, that plant is buying corn from the community, from farmers in that area. And so we wanna be a good steward of the asset and a good neighbor.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Excellent. Thank you, Eric, for answering all of our questions today, and thank you to our viewers for submitting your questions. If you do not get a chance to submit your question, feel free to reach out to the appropriate account manager here at Renmark. This concludes our presentation for today. But before we go, I will turn it back over to you, Eric, for final remarks.

Eric Fry, VP of Finance and Strategy, Gevo Inc: Great. Thank you so much, and thanks to the Renmark team for for putting this together. I just remind you, our stock ticker is GEVO. I think that we’re a pretty unique public company. I don’t think that there are many public companies that give the same exposure to renewable energy and clean energy, but also to something that, we think appeals to to folks across the political spectrum, across the business spectrum, and that’s not reliant on, new technologies succeeding or failing.

It’s really reliant on the business case and making things that are both low carbon and also sensible. You know, it’s sensible to us to use wind in a place that’s windy. It’s sensible to us to do carbon capture in a place that has a really good thick rock formation right under it to do carbon capture. And, and it’s sensible to use plant sugars when they grow in such abundance in The US Midwest and cooperate with rural communities so they can participate in clean energy transition and in growing energy. So we think that we’re doing things that are sensible, that make sense, that make people’s lives better, both in the short term and long term.

And like I said, this is a transformative year for Gevo. A lot has changed. Check out our March 7 business update and our corporate presentation on our website. It’ll give you a lot more detail.

Julia Perron, Virtual Event Moderator, Renmark Financial Communications: Thank you, Eric, for the presentation. Once again, this was Gevo Inc, trading on the Nasdaq under the ticker symbol g e v o. Thank you again to everyone in Europe for joining us today. The playback for this virtual non deal roadshow will be available on our website twenty four to forty eight hours after the presentation under the VNDR library tab. Stay tuned for other presentations in your area.

Thank you, and see you next time.

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