Gevo Inc., a developer of net-zero hydrocarbon fuels and chemicals, received a conditional commitment for a loan guarantee with disbursements totaling $1.46 billion from the Department of Energy. The funds will be used for a Net-Zero 1 project in Lake Preston, South Dakota. The facility will use 100 percent U.S.-sourced feedstocks and is designed to produce approximately 60 million gallons of sustainable aviation fuel, about 1.3 billion pounds of protein and animal feed products, and approximately 30 million pounds of corn oil per year.
“This marks a watershed moment for the Net-Zero 1 project and a critical step forward in our mission to transform the aviation industry by providing a sustainable and economical renewable carbon-based jet fuel,” says Gevo CEO Patrick Gruber.
A recent report shows the facility will create over 100 direct jobs and hundreds of local indirect jobs, with an economic impact of more than $100 million.
NAFB news service
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