Gevo, Inc.

Welcome to GIBO's fourth quarter 2020 earnings conference call. My name is Carmen, and I'll be your operator for today's call. At this time, all participants are in a listening mode. Later, we will conduct a question and answer session. Please note that today's conference is being recorded. I'll now turn the call over to Jeff Williams, GIBO's vice president, general counsel, and secretary. Please go ahead, Mr. Williams.

Good afternoon, everyone, and thank you for joining GEVO's fourth quarter 2020 earnings conference call. I would like to start by introducing today's participants from the company. With us today is Patrick Gruber, GEVO's chief executive officer, and Carolyn Romero, GEVO's chief accounting officer. Earlier today, we issued a press release that outlines the topics we plan to discuss today. Thank you for joining us. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is contained in the press release distributed today, which is posted on our website. We will also make certain forward-looking statements about events and circumstances that have not yet occurred including but not limited to projections about JIVO's business development plans and operating activities for 2021 and beyond. These forward-looking statements are based on management's current beliefs, expectations, and assumptions and are subject to significant risks and uncertainty, including those disclosed in JIVO's Form 10-K for the year ended December 31, 2020 that was filed with the U.S. Securities and Exchange Commission. and in subsequent reports and other filings made with the SEC by GVO, including GVO's quarterly reports on Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements. Such forward-looking statements speak only as of today's date, and GVO disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise. On today's call, Pat will begin with the discussion of GEVO's business developments, and then Carolyn will review GEVO's financial results for the fourth quarter of 2020. Following the presentation, we will open up the call for questions. I'll now turn the call over to Pat. Thanks, Jeff.

Hello, everyone. I'm going to keep this relatively short today because tomorrow we're doing another fireside chat. Those who join us will hear Lynn and I discuss more information around the financing projects, how to think about them, et cetera. But back to reporting on this year. We've had quite a change from a year ago. So I'm going to run through a partial list. Now, we sold out the capacity to a large commercial plant using take or pay contracts that are suitable for use in backing of project debt financing. Now, these contracts add up to more than 45 million gallons per year of hydrocarbons. That offtake caused us to think bigger sooner. We also paid off all the white box debt. We advanced the development of our renewable natural gas project. We figured out how to make net zero hydrocarbon products by using a mix of renewable energy with our process. And of course, that's targeted for our net zero plant. in Target for Lake Preston, South Dakota. We have $530 million of cash on the balance sheet and no material debt. That money should enable us to develop multiple plans and make the full equity investment in our Net Zero One plan rather than being dependent upon a third party. We also have the cash in the balance sheet that should allow us to sponsor significant equity investments in future Net Zero plans such as Net Zero 2 or Net Zero 3 projects. We've worked with Citigroup to figure out and they have figured out and vetted a potential bond offering that we may use to finance our debt for the Net Zero 1 project. That's taken a lot of work to actually work through that and they have a really attractive solution in line. We have work to do to get ready for it still.