Gevo Inc (GEVO) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gevo's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Gevo 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Mr. John Richardson, Investor Relations. Please go ahead.

我現在想把會議交給今天的演講者，投資者關係部的 John Richardson 先生。請繼續。

Good afternoon, everyone. This is John Richardson, Gevo's Director of Investor Relations. Thanks for joining us to discuss Geva's fourth quarter results for the period ended December 31, 2020.

大家下午好。我是 Gevo 的投資者關係總監 John Richardson。感謝您加入我們討論 Geva 截至 2020 年 12 月 31 日的第四季度業績。

I would like to start by introducing today's participants from the company. With us today are Dr. Patrick Gruber, Gevo's Chief Executive Officer; and Lynn Smull, Gevo's Chief Financial Officer.

首先，我想介紹一下今天來自公司的與會人員。今天和我們在一起的有 Gevo 的首席執行官 Patrick Gruber 博士；和 Gevo 的首席財務官 Lynn Smull。

Earlier today, we issued a press release that outlines the topics we plan to discuss. A copy of this press release is available on our website at www.gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing and construction of our sustainable aviation fuel projects, our agreements, our renewable natural gas project and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements.

今天早些時候，我們發布了一份新聞稿，概述了我們計劃討論的主題。本新聞稿的副本可在我們的網站 www.gevo.com 上獲取。請注意，我們今天的評論，包括對您問題的回答，包含《私人證券訴訟改革法》含義內的前瞻性陳述。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與目前預期的結果存在重大差異。這些聲明包括對我們的可持續航空燃料項目、我們的協議、我們的可再生天然氣項目和我們向美國證券交易委員會提交的文件中描述的其他活動的時間安排、開發、工程、融資和建設的預測，這些文件通過引用併入。我們不承擔任何更新這些前瞻性陳述的義務。

In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release and 10-K, which can be found on our website at www.gevo.com. in the Investor Relations section. Following the prepared remarks, time permitting, we'll open the call to your questions. I would like to remind everyone that this conference call is open to the media, and we are providing a simultaneous webcast in the public. A replay will be available via the company's Investor Relations page at www.gevo.com.

此外，我們可能會在此次電話會議上提供某些非 GAAP 財務信息。相關定義和 GAAP 調節可在我們的收益發布和 10-K 中找到，可在我們的網站 www.gevo.com 上找到。在投資者關係部分。在準備好的評論之後，如果時間允許，我們將開始回答您的問題。我想提醒大家，這個電話會議是對媒體開放的，我們正在對公眾進行同步網絡直播。重播將通過公司的投資者關係頁面 www.gevo.com 提供。

I'd now like to turn the call over to the CEO of Gevo, Dr. Patrick Gruber. Pat?

我現在想把電話轉給 Gevo 的首席執行官 Patrick Gruber 博士。拍？

Thanks, John. Good afternoon, everyone, and thanks for joining us on our call. We are filing our Form 10-K today, and we ask that you refer to it for more detailed information after this call. You've probably read that Carol Battershell has joined Gevo as its newest member of our Board of Directors. Carol has had a long and successful career in the energy industry, and provides our Board with additional depth in the field of federal energy regulatory policy. Carol was Principal Deputy Director in the Office of Policy at the Department of Energy. She spent 10 years at the DOE. She also spent over 24 years at BP. Her last role at BP was Vice President of Policy and Strategy in their Alternative Energy division. We are very glad that Carol could join our Board, and I expect she'll be able to contribute greatly.

謝謝，約翰。大家下午好，感謝您加入我們的電話會議。我們今天要提交 10-K 表格，我們要求您在本次電話會議後參考它以獲取更多詳細信息。您可能已經讀到 Carol Battershell 已加入 Gevo，成為我們董事會的最新成員。卡羅爾在能源行業擁有長期而成功的職業生涯，並為我們的董事會提供了聯邦能源監管政策領域的更多深度。卡羅爾是能源部政策辦公室的首席副主任。她在能源部工作了 10 年。她還在 BP 工作了 24 年多。她在 BP 的最後一個職位是替代能源部門的政策和戰略副總裁。我們很高興 Carol 可以加入我們的董事會，我希望她能夠做出巨大貢獻。

We successfully commissioned our Northwest Iowa RNG project. It's been up and running since the third quarter of 2022. We've worked through the start-up issues, and we're able to achieve greater than design raw gas production for the digesters in late fourth quarter of 2022. We made the decision to expand the capacity of our system to 400,000 million BTUs per year. That's up from 355,000 million BTUs. The digesters have already been optimized to achieve that capacity, and we are expanding the gas upgrading system at the pipeline injection site to be able to inject that 400,000 million BTUs. This expansion should be completed by or in the third quarter of 2023 and operational in the fourth quarter. We have already RIN approval from the EPA.

我們成功地委託了西北愛荷華 RNG 項目。它自 2022 年第三季度開始運行。我們已經解決了啟動問題，我們能夠在 2022 年第四季度末實現超過設計的沼氣池原氣產量。我們做出了決定將我們系統的容量擴大到每年 4000 億英熱單位。這高於 3550 億英熱單位。消化器已經過優化以實現該容量，我們正在管道注入站點擴展氣體升級系統，以便能夠注入 4000 億 BTU。此次擴建應在 2023 年第三季度或之前完成，並在第四季度投入運營。我們已經獲得 EPA 的 RIN 批准。

And of course, we've already applied for the temporary pathway from CARB for the LCFS credits. This approval would apply to all the gas we produced to date, and until we get the final pathway from LCFS approved. That could happen later this year, it could possibly even drag into next year, depending upon their workload at LCFS card. If a temporary pathway is assumed to be in place all year, that's a good assumption for the moment, without being superseded by the final pathway, we'd expect the revenue from our R&D project to be about $13 million in 2023. And based on the production of about 360,000 million BTUs and using current low prices, just projecting it forward throughout the year.

當然，我們已經從 CARB 申請了 LCFS 學分的臨時途徑。該批准將適用於我們迄今為止生產的所有天然氣，直到我們獲得 LCFS 批准的最終途徑。這可能會在今年晚些時候發生，甚至可能會拖到明年，具體取決於他們在 LCFS 卡上的工作量。如果假設全年都有一條臨時途徑，目前這是一個很好的假設，在不被最終途徑取代的情況下，我們預計 2023 年我們研發項目的收入約為 1300 萬美元。並且基於約 360,000 百萬 BTU 的產量並使用當前的低價，只是預測全年。

We expect that we should see the RNG project being operating cash flow positive even using these low values of the temporary pathway and the conservative assumptions for pricing. When the final pathway gets approved, we would expect an uplift of about $400,000 per month. Now if anyone's trying to model RNG business, note that the 2023 revenue expectation takes into account, RINs lagging by a month and LCFS lagging by about 1/4. For example, we carried $4.2 million worth of RINs and LCFS value in inventory into 2023 that was actually attributable to 2022. In the fourth quarter of 2023, we may choose to delay monetizing RNG inventory until the first quarter of 2024, if we believe that our final LCFS pathway approval will be delayed until then. Although this would reduce the RNG revenue in 2023, it would be more than made up for in 2024 by a higher value in pricing.

我們預計，即使使用臨時路徑的這些低值和保守的定價假設，我們也應該看到 RNG 項目的運營現金流為正。當最終途徑獲得批准時，我們預計每月可增加約 400,000 美元。現在，如果有人試圖為 RNG 業務建模，請注意考慮了 2023 年的收入預期，RIN 滯後一個月，LCFS 滯後約 1/4。例如，我們將價值 420 萬美元的 RIN 和 LCFS 價值存入 2023 年，這實際上歸因於 2022 年。在 2023 年第四季度，如果我們認為我們最終的 LCFS 途徑批准將推遲到那時。儘管這會減少 2023 年的 RNG 收入，但 2024 年的定價將被更高的價值所彌補。

Our Net-Zero 1 project continues to be on track with its first (inaudible) 00:06:29 values targeted for 2025. We plan to use our balance sheet to execute the remaining detailed engineering, purchases of certain long lead equipment, and enter into construction contracts for mobilization this year. Fortunately, because our balance sheet is healthy, we can keep the project on schedule while we negotiate detailed agreements, including the EPC contracts required for the financial close later this year. In other words, the EPC contracts are not on our critical path for COD, which they often are for project developers. We're lucky in this case.

我們的 Net-Zero 1 項目繼續按計劃在 2025 年實現第一個（聽不清）00:06:29 值。我們計劃使用我們的資產負債表來執行剩餘的詳細工程，購買某些長周期設備，並進入進入今年動員的建築合同。幸運的是，由於我們的資產負債表健康，我們可以在談判詳細協議的同時按計劃進行項目，包括今年晚些時候財務結算所需的 EPC 合同。換句話說，EPC 合同不在我們的 COD 的關鍵路徑上，而 COD 通常是項目開發商的關鍵路徑。在這種情況下我們很幸運。

We will begin purchasing certain long-lead equipment for NZ1 in the coming months. And we have already advanced funds to support the wind project development and the hydrogen plant development, including some wind turbine and hydrogen electrolyzer purchases, and money to support development and long leads for our electricity service at NZ1. We expect to start construction in earnest by this summer with a limited notice to proceed in advance of full financial closing. We intend to keep the project on schedule with Gevo continuing to fund the first phase of the project as needed prior to financial close, which will fund the complete construction work of NZ 1.

我們將在未來幾個月開始為 NZ1 採購某些長周期設備。我們已經預付了資金來支持風能項目開發和氫工廠的開發，包括一些風力渦輪機和氫電解槽的購買，以及用於支持我們在 NZ1 的電力服務開發和長期開發的資金。我們希望在今年夏天認真開始建設，並在全面財務結算之前發出有限通知。我們打算讓 Gevo 繼續按計劃推進項目，在財務結算前根據需要為項目的第一階段提供資金，這將為 NZ 1 的完整建設工作提供資金。

During this time, we will continue to work with potential equity and debt partners, including the Department of Energy in order to secure third-party capital that will help to conserve Gevo's balance sheet. We expect that Gevo will have the option to leave some or all of the development money in the project as project equity. Or to take reimbursement of capital from potential partners for some amount of the development capital, in order to recycle it into other NZ projects.

在此期間，我們將繼續與包括能源部在內的潛在股權和債務合作夥伴合作，以獲得有助於保護 Gevo 資產負債表的第三方資本。我們預計 Gevo 將有權選擇將項目中的部分或全部開發資金作為項目股權。或者從潛在合作夥伴那裡償還一定數量的開發資金，以便將其回收到其他新西蘭項目中。

We are working with Guggenheim and Citigroup on the equity financing, and Nomura Green Tech and Citigroup on the debt financing. We have engaged with investors and are finding strong interest. Many interested parties are in the due diligence phase doing deep dives, and we are in the midst of securing term sheets. Some potential investors have expressed interest in both equity and debt. However, all of this will take several months to get arranged and get it in place.

我們正在與古根海姆和花旗集團進行股權融資，與野村綠色科技和花旗集團進行債務融資。我們已經與投資者接洽並發現了濃厚的興趣。許多感興趣的各方都在盡職調查階段進行深入研究，而我們正在確保條款清單。一些潛在投資者對股權和債務都表示了興趣。然而，所有這些都需要幾個月的時間來安排和到位。

Additionally, we have submitted part 2 of the application for the DOE loan guarantee process. DOE appears to be very supportive, and it is possible that a DOE loan guarantee will provide the lowest cost debt to the project. So we need to work through that process along with the process that would secure commercial debt. We're running these things in parallel. The DOE time line is expected to take incrementally longer than a commercial debt process, but it potentially increase the equity distributions of the product and the overall profitability. One of the special things about this NZ1 design is that we're doing is that can have a very low carbon footprint with lots of optionality.

此外，我們已經提交了 DOE 貸款擔保流程申請的第 2 部分。 DOE 似乎非常支持，DOE 貸款擔保可能會為項目提供最低成本的債務。因此，我們需要完成該過程以及確保商業債務的過程。我們並行運行這些東西。預計 DOE 的時間線將比商業債務流程花費更長的時間，但它可能會增加產品的股權分配和整體盈利能力。這個 NZ1 設計的一個特別之處在於我們正在做的是它可以具有非常低的碳足跡和很多可選性。

As we've previously discussed, Zero6 Energy, that's formerly dual Energy, is our partner for wind and hydrogen. Zero6 is developing both a 99-megawatt wind site and a 20-megawatt hydrogen plant for NZ1. As we recently announced, Cummins has been selected as a supplier for the green hydrogen electrolysis member.

正如我們之前所討論的，Zero6 Energy（以前是 dual Energy）是我們在風能和氫能方面的合作夥伴。 Zero6 正在為 NZ1 開發一個 99 兆瓦的風電場和一個 20 兆瓦的氫工廠。正如我們最近宣布的那樣，康明斯已被選為綠色氫電解部件的供應商。

Turning to the NZ1 plant site build out itself. We have been working through the EPC contracts to get favorable terms for debt financing, while also working on limited notice to proceed contracts, which will cover the initial phase of construction prior to finalizing the debt and equity financing. Because we're using our own cash for the NZ1 projects until financial close, we can keep the project moving forward in parallel against EPC agreements in place. As we negotiate the EPC contracts, we expect to arrive at final terms that derisk the project and lower the financing costs.

轉向 NZ1 工廠現場建設。我們一直在努力通過 EPC 合同為債務融資爭取有利的條款，同時也在有限通知的情況下繼續進行合同，這將涵蓋在完成債務和股權融資之前的初始建設階段。因為在財務結束之前，我們將自己的現金用於 NZ1 項目，所以我們可以根據現有的 EPC 協議繼續推進項目。在我們談判 EPC 合同時，我們希望達成最終條款，以降低項目風險並降低融資成本。

The ATJ plant is expected to be heavily modularized, and we have our favorite fabrication shops identified in what has been a competitive process. However, we still need to finalize the pricing guarantees. The ATJ plant details are coming together. One thing we're doing to reduce project risk is that we are planning to have the ethanol plant startup well ahead of the ATJ plant. So we ensure it's running at a stable rate prior to feeding it into the ATJ plant. This sequencing of construction in this way is expected to reduce overall execution risk and give people comfort.

ATJ 工廠預計將高度模塊化，我們在競爭激烈的過程中確定了我們最喜歡的製造車間。但是，我們仍然需要最終確定定價保證。 ATJ 工廠的詳細信息正在匯集。我們為降低項目風險所做的一件事是，我們計劃在 ATJ 工廠之前啟動乙醇工廠。因此，在將其送入 ATJ 工廠之前，我們確保它以穩定的速度運行。以這種方式進行的這種施工順序有望降低整體執行風險並給人們帶來舒適感。

We are also in the midst of engineering our NZ2 plan. We have committed $25 million for the development and engineering of NZ2. NZ2 is expected to be 3x the size of NZ1, and is being designed to utilize fossil-free electricity, process energy and hydrogen at a commercially advantaged location convenient to supply Chicago O'Hare International Airport with sustainable aviation fuel. We expect to be able to say more about NZ2 in the near future.

我們也在設計我們的 NZ2 計劃。我們已投入 2500 萬美元用於 NZ2 的開發和工程。 NZ2 的規模預計是 NZ1 的 3 倍，其設計目的是在具有商業優勢的位置利用非化石電力、加工能源和氫氣，方便為芝加哥奧黑爾國際機場提供可持續航空燃料。我們希望在不久的將來能夠更多地談論 NZ2。

Now we've had several questions from investors related to the recent comments from Axens about their exposure to projects with Gevo. They referenced 3 projects. And obviously, we are working with them on NZ1, NZ2, however, the details of the third project are still confidential. I can confirm there is one, but it's confidential.

現在我們收到了投資者的幾個問題，這些問題與 Axens 最近關於他們接觸 Gevo 項目的評論有關。他們參考了 3 個項目。顯然，我們正在與他們合作開發 NZ1、NZ2，但是，第三個項目的細節仍然保密。我可以確認有一個，但它是機密的。

We are planning several sites that would be developed in cooperation with existing ethanol plants. We have a partner in network of ethanol producers that understand how to decarbonize the ethanol plants, lowering their CIS far below where most ethanol plants are currently targeting. We expect to carbon copy the design and modules of the ATJ portion of the plant from our NZ1 site. Some of the potential partners for equity in NZ1 have also expressed interest in developing and investing in multiple plants along with us.

我們正在規劃與現有乙醇工廠合作開發的幾個地點。我們在乙醇生產商網絡中有一個合作夥伴，他們了解如何使乙醇工廠脫碳，將其 CIS 降低到遠低於大多數乙醇工廠目前的目標水平。我們希望從我們的 NZ1 站點複製工廠 ATJ 部分的設計和模塊。 NZ1 的一些潛在股權合作夥伴也表示有興趣與我們一起開發和投資多個工廠。

It's obvious to everybody that Gevo doesn't have the balance sheet to build all these plants by itself. We plan on raising money, we've already disclosed so we can plan on raising it at a project level. Now I expect that Gevo will play the role of project originator, developer and investor in these projects. As such, we expect to recycle capital from project to project. The implication is that Gevo expects to see cash flow much sooner than the NZ1 operation date. We expect to provide guidance on our potential revenue and cash flows once we define the details of our partner deals. The idea that Gevo will have to wait for cash until 2026 or so, that's the wrong paradigm. We should see it sooner as we get into this developing business.

眾所周知，Gevo 沒有資產負債表來獨自建造所有這些工廠。我們計劃籌集資金，我們已經披露過，因此我們可以計劃在項目層面籌集資金。現在我期待Gevo在這些項目中扮演項目發起人、開發商和投資人的角色。因此，我們希望將資金從一個項目循環到另一個項目。這意味著 Gevo 預計會比 NZ1 運營日期早得多看到現金流。一旦我們確定了合作夥伴交易的細節，我們希望就我們的潛在收入和現金流提供指導。認為 Gevo 必須等到 2026 年左右才能獲得現金的想法是錯誤的範式。當我們進入這個發展中的業務時，我們應該更快地看到它。

In addition to revenue from developing and investing in projects, we also expect to generate cash from licensing and/or assisting others to build out ATJ projects. These markets are huge and growing. The Axens technology, combined with Gevo's low-carbon integration technologies is attractive. And the most commercially ready and scalable technology compared to others in the field, at least in our opinion and that of our potential partners. We would expect to see some revenue streams from licensing and/or assisting others in the relative near term. The details are being negotiated, and we'll report them as to the deals or deals that are signed.

除了開發和投資項目的收入外，我們還希望從許可和/或協助他人建立 ATJ 項目中獲得現金。這些市場巨大且不斷增長。 Axens 技術與 Gevo 的低碳集成技術相結合具有吸引力。與該領域的其他技術相比，這是最具商業準備和可擴展性的技術，至少在我們和我們的潛在合作夥伴看來是這樣。我們希望在相對近期內看到一些來自許可和/或協助他人的收入流。細節正在協商中，我們將報告已簽署的交易或交易。

We are in the midst of creating a new business line called Verity Carbon Solutions, which includes a proprietary Verity Tracking digital, MRV or measurement reporting and verification platform. Over the past year, we've realized that the solutions we are developing to immutably track, count and report and monetize carbon sensory reductions from the field to final fuel for SAP, is the same solution needed for the biofuels and bioproducts industry. Therefore, we are planning to develop and launch the Verity Carbon Solutions business to service the needs of the broader industry.

我們正在創建一個名為 Verity Carbon Solutions 的新業務線，其中包括專有的 Verity 跟踪數字、MRV 或測量報告和驗證平台。在過去的一年裡，我們已經意識到，我們正在開發的解決方案是為了不可變地跟踪、計算和報告從現場到 SAP 最終燃料的碳感官減少並將其貨幣化，這與生物燃料和生物產品行業所需的解決方案相同。因此，我們計劃開發和推出 Verity Carbon Solutions 業務，以滿足更廣泛行業的需求。

Now I'll pass it off to Lynn to talk through the numbers.

現在我將把它傳遞給 Lynn 來討論這些數字。

Thank you, Pat. We ended the fourth quarter of 2022 with a strong liquidity position of $482.8 million in cash, restricted cash and other liquid investments. The restricted cash component of that number was $78.3 million and is associated with the Northwest Iowa RNG bonds, and certain collateral we've had to post related to the development of NET-Zero 1. Long-term debt outstanding was $67 million and is related to the Northwest Iowa RNG project.

謝謝你，帕特。截至 2022 年第四季度，我們擁有 4.828 億美元現金、受限制現金和其他流動性投資的強勁流動性頭寸。該數字的受限現金部分為 7830 萬美元，與西北愛荷華州 RNG 債券相關，我們必須提供的某些抵押品與 NET-Zero 1 的開發相關。長期未償債務為 6700 萬美元，與相關西北愛荷華 RNG 項目。

Our corporate spend, that is SG&A, was approximately $7.3 million for the quarter, net of noncash stock-based compensation of $3.4 million. During the fourth quarter of 2022, we invested and capitalized $15.6 million cash in the capital projects, comprised of $8.6 million into Net-Zero 1, $5.3 million into Net-Zero 2 and $1.7 million into the Northwest Iowa RNG project.

本季度我們的公司支出（即 SG&A）約為 730 萬美元，扣除非現金股票薪酬 340 萬美元。在 2022 年第四季度，我們在資本項目中投入了 1560 萬美元現金，其中 860 萬美元用於 Net-Zero 1，530 萬美元用於 Net-Zero 2，170 萬美元用於西北愛荷華 RNG 項目。

We are progressing our Net-Zero program and are in the process of seeking debt and equity partners for NZ1 and projects beyond the flagship project. Third-party debt and equity financings for the program are currently being structured at the Net-Zero 1 subsidiary level rather than at the Gevo, Inc. level. The equity outreach is going well with substantial market interest, and we expect to secure one or more investors as a result of those efforts. The NZ1 debt process is underway with dual tracking of commercial debt sourcing and DOE guaranteed loan sourcing. Both tracks are progressing well, and we expect to secure debt for the plant construction late this year.

我們正在推進我們的淨零計劃，並正在為 NZ1 和旗艦項目以外的項目尋找債務和股權合作夥伴。該計劃的第三方債務和股權融資目前正在 Net-Zero 1 子公司層面而非 Gevo, Inc. 層面構建。股權外展進展順利，市場興趣濃厚，我們希望通過這些努力獲得一個或多個投資者。 NZ1 債務流程正在進行中，雙重跟踪商業債務來源和能源部擔保貸款來源。兩條軌道都進展順利，我們預計將在今年晚些時候為工廠建設獲得債務。

As Pat mentioned, we continue to spend development and engineering capital to progress the project and maintain its time line in advance of securing the full construction financing.

正如 Pat 所提到的，我們繼續花費開發和工程資金來推進項目並在獲得全部建設融資之前保持其時間表。

Now I'll turn the call back to Pat.

現在我將把電話轉回給帕特。

Thanks, Lynn. And with that, we can open up for questions.

謝謝，林恩。這樣，我們就可以提出問題了。

(Operator Instructions) Our first question comes from Dushyant Ailani from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Dushyant Ailani。

I want to quickly ask if you're seeing any inflation on the long lead items that you guys are planning to purchase. Maybe just kind of remind us of the overall CapEx budget for NZ1.

我想快速問一下你們是否看到你們計劃購買的長鉛商品有任何通貨膨脹。也許只是提醒我們 NZ1 的總體資本支出預算。

The overall, we'll probably spend about, in the next year or so, about $100 million or something like that of getting the project going and putting the money in on long lead equipment. And it may go -- we'll have to see how it goes along the year. We're not finding big delays on long lead equipment. We don't have anything super fancy. So so far, things are looking pretty good. A lot of this will be in deploying capital about the site development and the early construction of our balance sheet. And I think within a year, yes, so we'll see it. We had -- I don't -- there's nothing on our critical list that's popped up that says the big ticket item that we got to lay money down now, except for the hydrogen modules, that we already did.

總體而言，我們可能會在未來一年左右花費大約 1 億美元或類似的資金來推動項目的開展，並將資金投入到長周期設備上。它可能會繼續——我們將不得不看看這一年的進展情況。我們沒有發現長周期設備的大延遲。我們沒有什麼超級花哨的。到目前為止，情況看起來還不錯。其中很多將用於部署有關網站開發和資產負債表早期建設的資金。我想一年之內，是的，所以我們會看到它。我們有——我沒有——在我們的關鍵清單上沒有任何東西彈出來說明我們現在必須花錢的大件物品，除了氫模塊，我們已經做了。

And then, I guess, so you talked about roughly $100 million for 2023. And I just want to understand your total CapEx for 2023 and then how do we think about next year as well?

然後，我猜，所以你談到了 2023 年大約 1 億美元。我只想了解你 2023 年的總資本支出，然後我們如何看待明年？

Lynn?

林恩？

Well, as we disclosed in the 10-K, we expect that the next 12 months for Net-Zero 1 will involve somewhere between $100 million and $200 million. The reason why the range is wide is because we're managing through the EPC contracting process and limited notice to proceed, in the timeframe of the project spend but that's the range that we feel comfortable with.

好吧，正如我們在 10-K 中披露的那樣，我們預計未來 12 個月的 Net-Zero 1 將涉及 1 億至 2 億美元之間的資金。範圍廣泛的原因是因為我們在項目支出的時間範圍內通過 EPC 合同流程和有限的通知進行管理，但這是我們感到滿意的範圍。

We have a question from Derrick Whitfield from Stifel.

Stifel 的 Derrick Whitfield 提出了一個問題。

Peter, regarding your capital raising efforts for NZ1, how should we think about your equity ownership of the project and its production streams, as you advance the private capital market solutions? And more specifically, is there a minimum or maximum ownership you want to maintain?

Peter，關於您為 NZ1 籌集資金的努力，在您推進私人資本市場解決方案時，我們應該如何考慮您對該項目及其生產流的股權？更具體地說，您是否希望維持最低或最高所有權？

Well, it's hard to say because it's -- the discussions have ranged, believe it or not, from people saying, "Hey, we want to do all equity" to "We want to do some partnership" and we got to collect everybody and see what we can get done. The one thing that's interesting is a pure developer model, if we were to go a pure developer model, what would happen is then we get to retained interest, okay? That's a possibility here. We have to go play it out and see what happens.

好吧，這很難說，因為不管你信不信，討論範圍很廣，從人們說，“嘿，我們想做所有的股權”到“我們想做一些合作”，我們必須召集所有人，看看我們能做什麼。有趣的是純開發人員模型，如果我們採用純開發人員模型，那麼我們會保留興趣，好嗎？這是一種可能性。我們必須去試一試，看看會發生什麼。

The retained interest means we don't have to invest, we still get equity in the deal. That's not a bad thing. It's a very efficient use of capital, allows us to use more money for developing other projects, collecting more retained interest. That's a possibility. It may be that we invest the capital straight away, it will be whatever percentage of money pursuant to how much -- or related to how much money we have on our balance sheet that we feel comfortable with.

保留的權益意味著我們不必投資，我們仍然在交易中獲得股權。這不是壞事。這是一種非常有效的資金使用，讓我們可以用更多的錢來開發其他項目，收取更多的留存利息。這是一種可能。可能是我們直接投資資本，這將是根據多少的錢的百分比 - 或者與我們覺得合適的資產負債表上的錢有關。

Now we have multiple projects to develop. This isn't a one-and-done deal on NZ1. So that's the balancing act. And it will depend a lot on what our partners say, what they want to do, if they want to -- some of the folks want to invest in multiple plants. We just got to pin everybody down and get on with it.

現在我們有多個項目要開發。這不是關於 NZ1 的一勞永逸的交易。這就是平衡行為。這在很大程度上取決於我們的合作夥伴說什麼，他們想做什麼，如果他們願意——有些人想投資多個工廠。我們只需要把每個人都固定住，然後繼續做下去。

And regarding Net-Zero 2, are you seeing the potential for capital synergies if the project is designed to be 3x the size of Net-Zero 1?

關於 Net-Zero 2，如果該項目的設計規模是 Net-Zero 1 的 3 倍，您是否看到了資本協同效應的潛力？

There is.

有。

Any of that you can elaborate on, just to give us a feel for how that scales?

您可以詳細說明其中的任何內容，只是為了讓我們了解其規模如何？

Not at this time. It's a bit premature, but there's advantages in these processes and economies of scale. And the site that we've selected is -- it's a good site. It's a really good site and we'll be saying more on it pretty soon. But after seeing that at Chicago, it's a very practical place to be then for us in where we're putting this thing. And we have a good solution for the defossilization as well. We'll talk more about it when we're at liberty to fully disclose everything.

不是在這個時候。現在還為時過早，但這些流程和規模經濟具有優勢。我們選擇的網站是——這是一個很好的網站。這是一個非常好的網站，我們很快就會對它進行更多介紹。但是在芝加哥看到它之後，對於我們來說，這是一個非常實用的地方，我們可以把它放在那裡。我們也有很好的解凍解決方案。當我們可以自由地完全披露所有內容時，我們將更多地討論它。

And Pat, if I may, just maybe one build on that comment. While the ink is still dry on the Illinois SAF tax credit bill, could you offer a perspective on the degree at which airlines are, I suppose, the degree you expect they will be willing to share with the industry, that SAF tax credit?

Pat，如果可以的話，也許只是基於該評論的一個基礎。雖然伊利諾斯州 SAF 稅收抵免法案的墨水還沒有寫完，但我想，您能否就航空公司在多大程度上願意與業界分享 SAF 稅收抵免提供一個觀點？

Well, everybody is cooperative. So what's being done on the -- so what we're talking about here for everyone who doesn't know, is that there's $1.5 tax credit for SAF in the state of Illinois. So makes it a good place to be. And everybody understands they need to have SAF. They want it in large scale. We have a lot of customers who work out of O'Hare, and they are our friends and partners in this. And so everybody has that perspective and is very open-minded.

嗯，大家都很合作。因此，正在做的事情——所以我們在這里為所有不知道的人談論的是，伊利諾伊州的 SAF 有 1.5 美元的稅收抵免。所以讓它成為一個好地方。每個人都明白他們需要擁有 SAF。他們想要大規模的。我們有很多在奧黑爾工作的客戶，他們是我們的朋友和合作夥伴。所以每個人都有這樣的觀點，而且思想非常開放。

Our next question comes from Manav Gupta with UBS.

我們的下一個問題來自瑞銀集團的 Manav Gupta。

I actually just want to deviate a little and talk a little bit more about your RNG business. Is this something you can grow? Is this something you want to keep? Is this something you can monetize to fund some of the other developments? We've seen some attractive investments in R&D. So what's the path forward for your RNG business here?

其實我只是想稍微偏離一下，多談談你的 RNG 業務。這是你可以成長的東西嗎？這是你想保留的東西嗎？您可以將其貨幣化以資助其他一些開發項目嗎？我們已經看到一些有吸引力的研發投資。那麼您在這裡的 RNG 業務的發展方向是什麼？

All right. So to step back on why we started an RNG in the first place. It is that we are in the belief that biogas and RNG are going to be really important in the long run, to displace fossil-based natural gas, if you want to really defossilize something and achieve low CI scores. And that also is true as we apply it to supplying a plant like ours up in NZ1, or one of our other plant sites in the future. That's how come we got into this. And it's very practical to put it to a pipeline and distribute it through BP into the transportation market in California because you can make money at that in the near term. However, it also makes money to send it to our plants. I view that solving the natural gas heat problem implants is one of the bigger problems we have in general.

好的。因此，回顧一下為什麼我們首先開始 RNG。我們相信，從長遠來看，沼氣和 RNG 將非常重要，以取代基於化石的天然氣，如果你想真正去除化石並獲得較低的 CI 分數。這也是正確的，因為我們將它應用於供應像我們在 NZ1 的工廠，或未來我們的其他工廠之一。這就是我們進入這個的原因。將它放入管道並通過 BP 將其分配到加利福尼亞的運輸市場是非常實用的，因為你可以在短期內從中賺錢。但是，將其發送到我們的工廠也可以賺錢。我認為解決天然氣植入物的熱問題是我們普遍面臨的更大問題之一。

So for us, you can anticipate that we'll be involved in other RNG projects. It isn't lost on us that people are interested in it. You see that we're expanding it already. It hasn't been operating a year, we're already expanding it. And there'll be other opportunities for us to do more. We want to make the decisions about what we would do in the future investments, based upon what balance sheet we have and other capital commitments that are in play.

因此，對於我們來說，您可以預期我們將參與其他 RNG 項目。我們並沒有忘記人們對它感興趣。你看我們已經在擴展它了。它還沒有運行一年，我們已經在擴展它。我們還有其他機會做更多事情。我們希望根據我們擁有的資產負債表和其他正在發揮作用的資本承諾來決定我們將在未來的投資中做什麼。

I can tell you that doing RNG is -- we did 3 (inaudible) 00:24:01 dairies connected by pipeline that we build to an upgrading unit. Getting these things to stabilize and run, we took a lot of effort to do it and get it right and get her working right. And now we're expanding it. Now we're getting some good expertise here. That expertise is going to be hard fought for other people. So that isn’t lost on us either.

我可以告訴你，做 RNG 是——我們做了 3 個（聽不清）00:24:01 奶牛場，通過我們建造的管道連接到升級單元。讓這些東西穩定運行，我們付出了很多努力來做到這一點並把它做好，讓她正常工作。現在我們正在擴大它。現在我們在這裡獲得了一些很好的專業知識。其他人將很難獲得這種專業知識。所以我們也沒有忘記這一點。

So in front of us is the decision of how much more do we invest in RNG, when? We're going to continue to go down the path learning and working to develop sites that benefit our other plant locations for NZ plants, the jet fuel plants. That's how we think about it. So we aren't doing it just to do transportation fuels in California. That's not the game of foot. The game of foot is to be fossilized ethanol plants, who can supply ATJ plants and decarbonize ATJ plants themselves. Does that make sense?

所以擺在我們面前的是決定我們在RNG上再投資多少，什麼時候？我們將繼續沿著學習和工作的道路前進，以開發有利於新西蘭工廠（噴氣燃料工廠）的其他工廠所在地的場地。我們就是這麼想的。所以我們這樣做不僅僅是為了在加利福尼亞州提供運輸燃料。那不是腳的遊戲。腳的遊戲是化石乙醇工廠，他們可以供應 ATJ 工廠並使 ATJ 工廠自己脫碳。那有意義嗎？

Absolutely. A quick follow-up here. I know you're in the middle of raising financing for NZ1 and maybe NZ2 one day. Like looking out there, one of the companies like ours, PBF, they got a deal of lifetime from ENI, walked in $7 a gallon, CapEx, fully refunded the project. And I'm wondering if a European major or U.S. major walks up to you and says, okay, I want 50% of NZ1 or 50% of NZ2, and here is all the money of the CapEx, would you be open to that?

絕對地。在這裡快速跟進。我知道您正在為 NZ1 籌集資金，也許有一天會為 NZ2 籌集資金。就像往外看，像我們這樣的公司之一，PBF，他們從 ENI 那裡獲得了一筆終身交易，每加侖 7 美元，資本支出，全額退還了該項目。我想知道是否有歐洲專業人士或美國專業人士走到你面前說，好吧，我想要 NZ1 的 50% 或 NZ2 的 50%，這是資本支出的所有資金，你願意接受嗎？

Yes, those are -- that's very similar to the discussions that we're having. It's along those lines. And so that is -- we got to pin down all what's real. Right now, we see lots of people learning from us. They see what we're doing. They're validating everything, the signals are strong and positive. And we got to go to finish the work with them and their diligence and then bring home the investment. And people recognize that Gevo has, we think differently about how to do all this whole business system.

是的，那些 - 這與我們正在進行的討論非常相似。就是沿著這些路線。那就是——我們必須確定所有真實的東西。現在，我們看到很多人向我們學習。他們看到我們在做什麼。他們正在驗證一切，信號是強烈而積極的。我們必須去完成他們的工作和他們的勤奮，然後把投資帶回家。人們認識到 Gevo 對如何做整個業務系統有不同的看法。

Now I think you would find that people will say this publicly about us. As we think about the whole value that you've seen from agriculture, the defossilization of the plants, the defossilization of the ethanol, how do you integrate ATJ? Axens' just did a road show talking about our relationship and the things we're doing together. And that's what they think is special about us to. And of course, then we collaborate with Axens anyway on the hydrocarbon stuff in improvements. And so it makes for a pretty strong story.

現在我想你會發現人們會公開談論我們。當我們考慮您從農業、植物的去化石化、乙醇的去化石化中看到的全部價值時，您如何整合 ATJ？ Axens 剛剛做了一次路演，談論我們的關係以及我們一起做的事情。這就是他們認為我們的特別之處。當然，無論如何我們都會與 Axens 合作改進碳氫化合物。因此，它構成了一個非常強大的故事。

And I think we're going to see people who want to grow, they want bigger plants. And then we have other ones that are going to want to have it more smaller plants are okay, but they're going to be more keen on driving the CI score down even further and faster. So I think it's going to look something like that. A couple -- and there might be multiple investors here. I would -- in fact, I'd be surprised if there wasn't.

我認為我們會看到想要種植的人，他們想要更大的植物。然後我們還有其他人想要擁有更多更小的工廠是可以的，但他們會更熱衷於進一步更快地降低 CI 分數。所以我認為它會看起來像那樣。一對——這裡可能有多個投資者。我會——事實上，如果沒有，我會感到驚訝。

Perfect. We are rooting for you, and we hope you get the best deal just like PVF did.

完美的。我們支持你，我們希望你能像 PVF 一樣得到最好的交易。

Thank you. And we also have a question from Amit Dayal with HCW.

謝謝。我們還有來自 HCW 的 Amit Dayal 的問題。

With respect to the DOE loan guarantee, Pat, could you provide some additional color on maybe what the process is in terms of where the differences are relative to going to typical project financing lenders? And then in addition to that, is there a cap on the amount for a loan from DOE?

關於 DOE 貸款擔保，帕特，你能否提供一些額外的顏色來說明這個過程與典型的項目融資貸款人的差異在哪裡？那麼除此之外，DOE 的貸款金額是否有上限？

Well, I'll comment on the cap part and the amount of money that's available from DOE, and then Lynn can talk about the process because that's his life these days.

好吧，我將評論上限部分和 DOE 提供的金額，然後 Lynn 可以談論這個過程，因為這就是他這些天的生活。

The overall -- one of the good things about IRA is it funded the DOE well. So this program is super well-funded. So there's not a limit like that. In fact, there'll be money available, I think, for multiple plants, which isn't lost on us either. And so we're in pretty good shape on that front. And that would have been an issue prior to the IRA bill potentially, but we're in good shape.

總的來說——IRA 的好處之一是它為 DOE 提供了很好的資金。所以這個項目資金超級充足。所以沒有這樣的限制。事實上，我認為，將有可用的資金用於多個工廠，這對我們來說也沒有損失。因此，我們在這方面的狀況非常好。這可能是 IRA 法案之前的一個問題，但我們狀況良好。

Lynn, you can talk about the process comparison.

Lynn，你可以談談過程比較。

Sure. In terms of process, DOE is a very well laid out process. We are in Part 2 now, and that's a key milestone because that starts the clock ticking on their DOE's due diligence. And they engage consultants and begin to engage, in earnest, with the financing process. The terms and conditions -- let me comment first on the commercial debt, sort of debt funds. Those are mostly private equity run funds, maybe some institutionals, but a lot of PE run debt funds who do infra debt. They're a little more nimble. Their terms are not going to be as good as the DOE terms. The terms that we had to request in our Part 2, our long-term fixed-rate debt, construction plus term, and we're seeking a pretty good debt deal out of that. We'll see where we end up.

當然。就流程而言，DOE 是一個精心設計的流程。我們現在處於第 2 部分，這是一個關鍵的里程碑，因為這開始了他們 DOE 盡職調查的時間。他們聘請顧問並開始認真參與融資過程。條款和條件——讓我首先評論商業債務，一種債務基金。這些主要是私募股權基金，也許是一些機構，但很多 PE 經營的債務基金從事次級債務。他們更靈活一點。他們的條款不會像 DOE 條款那樣好。我們在第 2 部分中必須要求的條款，我們的長期固定利率債務，建築加期限，我們正在尋求一個相當好的債務交易。我們會看到我們最終的結果。

But if we were to get that, it would probably be better than what would be available in the commercial markets, which would likely be construction plus a short term and a balloon. So what's known as a mini-term say, 2 years construction plus 3 to 5 years term with a balloon and a refinancing need at the end of that balloon. But we'll have to trade the 2 off because I think the commercial debt will be faster. If we have a burden hand, we'll have to look at that vis-a-vis where we're at with DOE. And how much longer it may take and what the economic benefits will be to distributions ultimately to equity between the 2 options.

但如果我們要得到它，它可能會比商業市場上可用的更好，商業市場可能是建築加短期和氣球。所以所謂的迷你期限就是說，2 年的建設加上 3 到 5 年的期限，氣球和氣球結束時的再融資需求。但我們必須權衡 2，因為我認為商業債務會更快。如果我們有負擔，我們將不得不看看我們與 DOE 所處的位置。以及可能需要多長時間以及最終分配給兩種選擇之間的股權的經濟利益是什麼。

That sort of leads to my follow-up question on this. Now that you have the DOE as well as a potential financing option. From the potential close aspect, it's understandable that timeline for that could be moved around a little bit depending on how DOE comes in or not. But should we assume that the project timeline itself, given that you have the capacity to fund some of the initial development requirements from your own balance sheet, the project timeline for completion should still remain in line with what you have indicated previously, right?

這導致了我對此的後續問題。現在您有了 DOE 以及潛在的融資選擇。從潛在的密切方面來看，可以理解的是，根據 DOE 的參與方式，該時間表可能會略微移動。但是我們是否應該假設項目時間表本身，鑑於您有能力從自己的資產負債表中為一些初始開發需求提供資金，項目完成時間表仍應與您之前指示的一致，對嗎？

That's right. You thought about it correctly. And that's one of the big challenges. A lot of folks ask questions about, hey, what's going on, and we want to see these rigid milestones. That's not how the real world works. It's about keeping the whole thing on track and doing the balancing act. And you're exactly right. The deal we may take longer, but it might be the right answer economically, right? So that's part of it.

這是正確的。你想得對。這是最大的挑戰之一。很多人問問題，嘿，發生了什麼，我們希望看到這些嚴格的里程碑。現實世界不是這樣運作的。這是關於讓整個事情都走上正軌並做出平衡的行為。你是對的。我們可能需要更長的時間達成交易，但從經濟角度來看這可能是正確的答案，對吧？這就是其中的一部分。

And the same thing is true about doing these deals that we're talking about earlier. We could do a deal not as bad, but we've got multiple parties involved here. We should work through -- we got to work through the process of doing it in a disciplined way. So we're getting the right deal done for us because it's not just NZ1, it's NZ1 plus the other plants.

進行我們之前討論的這些交易也是如此。我們可以做一個沒有那麼糟糕的交易，但我們有多個參與方。我們應該努力完成——我們必須以一種有紀律的方式完成這個過程。所以我們正在為我們完成正確的交易，因為它不僅僅是 NZ1，它是 NZ1 加上其他工廠。

And then finally, this last thing that I really want to emphasize again and was in my comments, I'm going to emphasize it again, a lot of times, I'll get questions and people have this paradigm that we're somehow just got to wait to see revenue from NZ1 in whatever year that is, '25 or '26 or '27, whatever they assume, right? Oh, gee, Gevo -- how are they going to do that? What are they going to do in the meantime? Well, hey, look, we plan on growing the R&D business. We talked about that. That brings in cash.

最後，我真正想再次強調的最後一件事在我的評論中，我要再次強調它，很多次，我會收到問題，人們有這樣的範式，我們在某種程度上只是必須等待看到 NZ1 在任何一年的收入，即 25 年或 26 年或 27 年，無論他們假設什麼，對嗎？哦，哎呀，Gevo——他們要怎麼做？與此同時，他們打算做什麼？好吧，嘿，看，我們計劃發展研發業務。我們談過那個。這帶來了現金。

We're doing a model that is a developer model, too, so we can take cash back out of these projects and recycle it. It'd change our ownership percentage. But as a developer, we can also get and expect to carry that is possible as we develop projects. That means we don't have to invest to get a percentage of the project. We might invest more than that carry. We'll do that. That's a choice.

我們也在做一個開發者模型，所以我們可以從這些項目中收回現金並進行回收。它會改變我們的所有權百分比。但是作為開發人員，我們也可以在開發項目時獲得併期望能夠實現。這意味著我們無需投資即可獲得項目的一定比例。我們可能會投資更多的東西。我們會那樣做。那是一個選擇。

And then this other thing I mentioned was the licensing and facilitation. That's another rev -- that's another potential revenue stream too. We just got to get our deals done, put the numbers together, that people paint the picture for people, but not going to be, I think, pleasantly surprised, I hope so.

然後我提到的另一件事是許可和便利化。那是另一個收入——這也是另一個潛在的收入來源。我們只需要完成交易，將數字放在一起，人們為人們描繪畫面，但我認為不會令人驚喜，我希望如此。

And then just on the Verity, the tracking solution, who are we sort of targeting as near-term customers? And is this product ready to launch? And are you building the sales pipeline for this right now?

然後就 Verity 而言，跟踪解決方案，我們將哪些人作為近期客戶？這個產品準備好推出了嗎？你現在正在為此建立銷售渠道嗎？

Yes. So the farm to flight grant that we got from the USDA in the final strokes are getting it finalized, but that's in support of developing this whole Verity tracking. Verity tracking is the technique of paying attention and documenting what happens on a field, and then how something is manufactured and then taking it off to the marketplace. And put it in -- we're using DLT technology, which is the stuff that's underneath the block chain type stuff, to be able to make digital -- think of it as digital quality certificates or digital sustainability or carbon certificates that can be transferred to another party. But in DLT technology, you guys all understand that all the data stays attached to it, the whole way through with smart contracts.

是的。因此，我們在最後一步從美國農業部獲得的農場到飛行補助金正在最終確定，但這是為了支持開發整個 Verity 跟踪。 Verity tracking 是一種關注和記錄現場發生的事情的技術，然後是某些東西是如何製造的，然後將其投放市場。並將其放入 - 我們正在使用 DLT 技術，這是區塊鏈類型的東西下面的東西，能夠製作數字 - 將其視為可以轉移的數字質量證書或數字可持續性或碳證書給另一方。但是在 DLT 技術中，你們都明白所有數據都附加在它上面，通過智能合約的整個過程。

So that's part of what we're doing here and developing. It's far along. We've already made tokens. So we already know that it can be done. We've already had interest in tokens. So now it is in the midst of working through the commercialization steps. We'll commercialize it first with other people, because we don't have -- our NZ1 plant isn't running. So we're going to -- we're setting it up to get that done with other people. We'll talk more about that. Paul Bloom is in charge of that business. He's got to decide when he wants to talk publicly about it more. But that is something that's pretty exciting.

所以這是我們在這裡所做和發展的一部分。已經很遠了。我們已經製作了令牌。所以我們已經知道這是可以做到的。我們已經對代幣產生了興趣。所以現在它正在進行商業化步驟。我們將首先與其他人一起將其商業化，因為我們沒有——我們的 NZ1 工廠沒有運行。所以我們要 - 我們正在設置它以與其他人一起完成。我們將詳細討論這一點。 Paul Bloom 負責這項業務。他必須決定何時要更多地公開談論它。但這是非常令人興奮的事情。

And its a way of bringing value to farmers, to sharing value across the whole supply chain. And remember, we're going to be making immutable, documented bulletproofed validation of carbon savings. And it applies for other fuel products, it could also apply to food products. So we'll be working with -- expect us over time to work with a variety of folks on this outside of what we do ourselves. It's bigger than us in this case. It will be interesting to see. So it's getting traction already. And so we've got to go through commercialization of it.

這是一種為農民帶來價值、在整個供應鏈中分享價值的方式。請記住，我們將對碳減排進行不可變的、記錄在案的防彈驗證。它適用於其他燃料產品，也適用於食品。因此，我們將與 - 希望我們隨著時間的推移與我們自己做的事情之外的各種人一起工作。在這種情況下，它比我們大。看到會很有趣。所以它已經開始流行了。所以我們必須完成它的商業化。

At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Dr. Gruber for his closing remarks.

至此，我們的問答環節到此結束。我現在想把電話轉回給格魯伯博士，讓他發表閉幕詞。

Thanks all for joining us. It's an exciting time for us at Gevo. We're bringing in -- we're working on these partners and stuff. It's going to be very interested to see how this all comes together. I'm glad that we're able to share a little more color than we have in the past, talking about how we see commercialization of these multiple plants actually occurring. And I look forward to being able to talk about it a whole lot more, as all the pieces come together. Thank you for joining us.

感謝大家加入我們。這對我們 Gevo 來說是一個激動人心的時刻。我們正在引入——我們正在研究這些合作夥伴和其他東西。看看這一切是如何結合在一起的將會非常有趣。我很高興我們能夠分享比過去更多的顏色，談論我們如何看待這些多種植物的商業化實際發生。我期待著能夠更多地談論它，因為所有的部分都匯集在一起。感謝您加入我們。

Thank you. This ends our presentation. Thank you for joining us today. You may now disconnect.

謝謝。我們的介紹到此結束。感謝您今天加入我們。您現在可以斷開連接。