Gevo, Inc. (NASDAQ:GEVO), a leader in renewable fuels, chemicals and carbon management, today announced the company's withdrawal of its loan guarantee financing application with the U.S. Department of Energy (DOE) Office of Energy Dominance Financing (EDF) and is developing other funding opportunities to meet its goal of financing the company's Alcohol-to-Jet (ATJ)-30 plant by end of 2026.

Gevo withdrew its application today following a conversation with EDF in which it was clear the business objectives EDF required—that the project support enhanced oil recovery (EOR)—are not yet commercially viable at scale in the project area, and that there are opportunities for alternative financing better aligned with company strategy that can accelerate the timeline for project execution with improved returns. The withdrawal affords Gevo the opportunity to resubmit an application for a project at a later date, if desired.