US Offers Gevo $1.46 Billion in Financing for Clean Fuel Project

Bloomberg

2024-10-17

(Bloomberg) -- The Biden administration is offering biofuel company Gevo Inc. $1.46 billion in financing for a large-scale facility that turns corn starch into jet fuel in Lake Preston, South Dakota.

The conditional loan guarantee, announced by the US Energy Department Wednesday for the Englewood, Colorado-based company’s Net-Zero 1 project, helps spur production of sustainable aviation fuel, renewable diesel and renewable naphtha, the government said in a statement.

The Energy Department’s Loans Program Office also announced Wednesday it was offering $1.44 billion in a conditional financing to Calumet Inc. subsidiary Montana Renewables LLC to finance the expansion of a renewable fuels facility in Great Falls, Montana. The plant will utilize vegetable oils, fats, and greases to produce sustainable aviation fuel, renewable diesel and renewable naphtha.

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