GREENWOOD VILLAGE, Colo. — A Denver-area company developing a way to turn corn into low-carbon jet fuel is pursuing federal funding for its first plant and has a new timeline for the $950 million project attracting interest from U.S. airlines.
Gevo Inc. (Nasdaq: GEVO), based in Greenwood Village, says it has been invited to apply and go through underwriting for a low-interest U.S. Department of Energy loan guarantee to help finance the company’s Net-Zero 1 corn-to-sustainable-aviation-fuel plant it plans to build in South Dakota.
Gevo sold $458 million in stock in 2021, in part, to fund the development of its first Net-Zero biofuel plant. But the company says it needs third-party debt financing for construction in addition to the funding the company can provide.
Interest rates have soared since the company solidified plans for the plant, enlisted project partners and began announcing fuel supply deals with airlines.
>Read the rest of the article at the Denver Business Journal.
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