Gevo (GEVO) said Monday it has completed the acquisition of the ethanol production plant and carbon capture and sequestration assets of Red Trail Energy for $210 million.
The acquired assets are being Net-Zero North, Gevo said.
The transaction is expected to contribute $30 million to $60 million to adjusted earnings before interest, taxes, depreciation and amortization annually, Gevo said.
The deal is being funded through a combination of Gevo equity capital and a $105 million senior secured term loan through Orion Infrastructure Capital, which also investing $5 million in equity at Net-Zero North, the company said.
Gevo shares were down 4.6% in recent trading.
Price: 1.66, Change: -0.10, Percent Change: -5.68
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