Gevo Inc (GEVO) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gevo, Inc., quarter three 2024 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Gevo, Inc. 2024 年第三季財報電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I would now like to turn the conference call over to your speaker for today, Dr. Eric Frey, Vice President of Finance and Strategy. Eric, you may begin.

請注意，今天的會議正在錄製中。現在我想將電話會議交給今天的發言人，財務與策略副總裁艾瑞克‧弗雷博士。艾瑞克，你可以開始了。

Good afternoon, everyone, and thank you for joining us on today's call to discuss Gevo's third quarter 2024 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today are Gevo's CEO, Dr. Patrick Gruber; and CFO, Lynn Smull.

大家下午好，感謝您參加今天的電話會議，討論 Gevo 2024 年第三季的業績。我是 Eric Frey，Gevo 財務與策略副總裁。今天與我在一起的有 Gevo 執行長 Patrick Gruber 博士；和財務長林恩·斯莫爾。

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 recently executed 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 上取得。請注意，我們今天的言論，包括對您問題的回答，包含《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與目前預期有重大差異。這些聲明包括對我們可持續航空燃料項目的時間表、開發、工程、融資和建設的預測、我們最近執行的協議、我們的可再生天然氣項目以及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，這些文件由參考。我們不承擔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, which can be found on our website at www.gevo.com in the Investor Relations section. Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we're providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company's Investor Relations page.

此外，我們可能會在本次電話會議上提供某些非公認會計準則財務資訊。相關定義和 GAAP 調節可在我們的收益發布中找到，該收益發布可在我們網站 www.gevo.com 的投資者關係部分找到。在準備好的發言之後，我們將開始提問。我想提醒大家，這次電話會議向媒體開放，我們向公眾提供同步網路廣播。本次電話會議和其他過去事件的重播將透過公司的投資者關係頁面提供。

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

現在我想將電話轉給 Gevo 執行長 Patrick Gruber 博士。拍？

Thanks, Eric. Good afternoon, everyone, and thanks for joining us on our call. We have filed our Form 10-Q today. We ask that you refer to it for more detailed information after this call. During the third quarter and shortly after the close of the third quarter, we achieved several important milestones.

謝謝，埃里克。大家下午好，感謝您加入我們的電話會議。我們今天已提交 10-Q 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資訊。在第三季以及第三季結束後不久，我們實現了幾個重要的里程碑。

Not only do these milestones enhance our financial outlook, but they also reinforce Gevo's commitment to advancing drop-in, cost-effective, scalable carbon abatement solutions for those difficult to electrify market sectors and industries. In fact, two of the milestones we achieved are transformative to our company even when you consider them individually. Let's start with our acquisition of Red Trail Energy's low-carbon ethanol and carbon capture sequestration assets in North Dakota. This acquisition, which we expect to close by the first quarter of next year, brings a well-operated low-carbon ethanol plant along with an active CCS site into our portfolio. Red Trail assets will be a valuable addition to Gevo.

這些里程碑不僅增強了我們的財務前景，而且還強化了 Gevo 的承諾，即為那些難以實現電氣化的市場部門和行業提供即插即用、經濟高效、可擴展的碳減排解決方案。事實上，我們實現的兩個里程碑對我們公司來說是變革性的，即使你單獨考慮它們也是如此。讓我們從收購 Red Trail Energy 位於北達科他州的低碳乙醇和碳捕獲封存資產開始。此次收購預計將於明年第一季完成，將為我們的投資組合帶來一座運作良好的低碳乙醇工廠和活躍的 CCS 場地。Red Trail 資產將成為 Gevo 的寶貴補充。

In fact, they generate approximately $200 million in revenue in the fiscal year of 2023. They're going to be a great addition to our company. It's transformative. This positions us for long-term success, providing a platform for further growth by developing our carbon abatement capabilities. For example, we are exploring converting low-carbon ethanol at the site to SAF using our Verity business to track the farms and count carbon and make sure that we can account for all the carbon abatement that occurs throughout the business system.

事實上，他們在 2023 財年創造了約 2 億美元的收入。他們將成為我們公司的重要補充。這是變革性的。這使我們能夠取得長期成功，並透過發展我們的碳減排能力為進一步發展提供平台。例如，我們正在探索使用我們的 Verity 業務將現場的低碳乙醇轉化為 SAF，以追蹤農場並計算碳，並確保我們能夠計算整個業務系統中發生的所有碳減排量。

We also, by acquiring this site, provides our Net-Zero 1 project in South Dakota with access to a wholly owned CCS site that could be important for the future. In short, this acquisition, once closed, is expected to accelerate our plans to scale SAF production -- we call it Net Zero North -- and strengthen our footprint in the region with abundant renewable resources, strong rural communities and resilient domestic circular economies. Now let's talk about the other transformative milestone we achieved. That is the conditional commitment from the U.S. Department of Energy.

透過收購該站點，我們還為南達科他州的 Net-Zero 1 專案提供了存取全資 CCS 站點的權限，這對未來可能很重要。簡而言之，此次收購一旦完成，預計將加速我們擴大SAF 生產的計劃（我們稱之為「淨零北方」），並加強我們在該地區的足跡，該地區擁有豐富的可再生資源、強大的農村社區和富有彈性的國內循環經濟。現在讓我們來談談我們實現的另一個變革性里程碑。這是美國能源部有條件的承諾。

This is a major milestone for our Net-Zero 1 SAF project in South Dakota. This $1.63 billion loan facility marks the first large-scale alcohol-to-jet project to receive such a commitment. We believe this commitment validates the strength of our project, reduces our execution risk and supports our financing plan. Net Zero 1 is the largest economic development project in South Dakota history based on our research, and we expect to attract other capital investments to unlock SAF commercialization given the robust due diligence conducted by the DOE. We are grateful for the support from the DOE Loan Programs office.

這是我們在南達科他州的 Net-Zero 1 SAF 計畫的一個重要里程碑。這筆 16.3 億美元的貸款設施標誌著第一個獲得此類承諾的大型酒精飛機計畫。我們相信這項承諾驗證了我們專案的實力，降低了我們的執行風險並支持我們的融資計劃。根據我們的研究，淨零 1 是南達科他州歷史上最大的經濟發展項目，鑑於能源部進行的嚴格盡職調查，我們預計將吸引其他資本投資來解鎖 SAF 商業化。我們感謝能源部貸款計劃辦公室的支持。

We also recently acquired Cultivate Agricultural Intelligence, LLC or Cultivate AI. It's a proven business with expected 2024 revenue of $1.7 million and correspondingly positive cash flow. Cultivate AI provides agricultural data, including that from drones with near infrared sensors to clients through a Software-as-a-Service platform, a SaaS platform. We are combining Cultivate AI's digital agricultural data and analytics platform with Verity's carbon accounting and tracking solutions to provide the highest quality data-driven solutions for carbon abatement in food, feed, fuels and industrial markets while simultaneously helping farmers improve their operations, sustainability and profitability. Finally, in the third quarter, we were granted not 1, but 2 patents for our breakthrough ethanol to olefin process.

我們最近也收購了 Cultivate Agriculture Intelligence, LLC 或 Cultivate AI。這是一項經過驗證的業務，預計 2024 年將收入為 170 萬美元，相應的正現金流。Cultivate AI 透過軟體即服務平台（SaaS 平台）向客戶提供農業數據，包括具有近紅外線感測器的無人機的數據。我們將Cultivate AI 的數位農業數據和分析平台與Verity 的碳核算和追蹤解決方案相結合，為食品、飼料、燃料和工業市場的碳減排提供最高品質的數據驅動解決方案，同時幫助農民改善運營、永續性和盈利能力。最後，在第三季度，我們突破性的乙醇制烯烴製程獲得了 2 項專利，而不是 1 項專利。

We also monetized investment tax credits related to our RNG business, generating cash proceeds and further bolstering our liquidity. So in summary, we've been pretty busy, and there's a lot more to come. We are looking forward to next year with this acquisition of Red Trail Energy assets and in combination with our RNG business, we believe this will help us achieve a positive adjusted EBITDA in 2025. That's very exciting. This quarter's achievements reinforce our commitment to reducing the carbon footprint of the things people need, that is food, fuel materials while transforming Gevo into a large-scale platform for growth.

我們還將與 RNG 業務相關的投資稅收抵免貨幣化，產生現金收益並進一步增強我們的流動性。總而言之，我們一直很忙，而且還有很多事情要做。我們期待明年收購 Red Trail Energy 資產，並結合我們的 RNG 業務，我們相信這將有助於我們在 2025 年實現正調整 EBITDA。這非常令人興奮。本季的成就強化了我們對減少人們所需物品（即食品、燃料材料）的碳足跡的承諾，同時將 Gevo 轉變為大型成長平台。

With each milestone, we're advancing our vision to scale drop-in low-carbon molecules such as sustainable aviation fuel and of course, to create value for our stakeholders. Now I'll turn it over to Lynn, our CFO, to discuss the financial results for the quarter. Lynn?

透過每一個里程碑，我們都在推進我們的願景，擴大永續航空燃料等低碳分子的規模，當然，也為我們的利害關係人創造價值。現在我將把它交給我們的財務長 Lynn，討論本季的財務表現。林恩？

Thanks, Pat, and good afternoon, everyone. Starting with our financial position. We ended the third quarter of 2024 with $292.9 million in cash, cash equivalents and restricted cash. Our continued strong liquidity position reflects our disciplined approach to Net Zero 1 development and other capital expenditures, our attention to corporate G&A expense and our strategic approach to financing and our receipt of proceeds from the recent sale of RNG investment tax credits. Combined revenue and interest income for the third quarter was $5.8 million.

謝謝帕特，大家下午好。從我們的財務狀況開始。截至 2024 年第三季末，我們的現金、現金等價物及限制性現金為 2.929 億美元。我們持續強勁的流動性狀況反映了我們對淨零1 開發和其他資本支出的嚴格態度、我們對企業一般及行政費用的關注、我們的融資戰略方法以及我們從最近出售RNG 投資稅收抵免中獲得的收益。第三季的總收入和利息收入為 580 萬美元。

The third quarter's results include $2 million in revenue generated by our RNG business, including $1.8 million in net proceeds from environmental attributes and $0.2 million in RNG sales. This also represents a reduction in sales by choice due to our preference to build up environmental attributes inventory in anticipation of our final carbon intensity pathway approval under California's low carbon fuel standard. We expect this approval targeted for early 2025 to substantially increase the revenue potential from our RNG business. Operationally, the business has been running well, generating more than 100,000 MMBtu of RNG sales last quarter. And as previously announced, we sold RNG investment tax credits, netting about $14 million of cash to the balance sheet.

第三季的業績包括我們的 RNG 業務產生的 200 萬美元收入，其中包括來自環境屬性的 180 萬美元淨收益和 20 萬美元的 RNG 銷售收入。這也代表我們選擇減少銷售，因為我們傾向於建立環境屬性清單，以期根據加州低碳燃料標準獲得最終碳強度路徑批准。我們預計預計 2025 年初獲得批准將大幅增加我們 RNG 業務的收入潛力。營運方面，該業務一直運作良好，上季 RNG 銷售額超過 100,000 MMBtu。正如先前宣布的那樣，我們出售了 RNG 投資稅收抵免，為資產負債表淨淨了約 1400 萬美元的現金。

Our corporate spend, that SG&A was $8.6 million for the quarter, excluding noncash stock-based compensation of $3.1 million. The primary driver for these costs is personnel costs in critical areas to support execution and growth, the majority of which we expect to allocate to our projects, segments and legal entities. During the 9 months ended September 30, 2024, we invested $36.5 million into our capital projects comprised of $23 million for Net-Zero 1 development, $11.4 million for the NZ program modularization design and engineering work, $1.6 million in RNG project expansion and $0.5 million in other projects. Our strategic growth investments also include cash of $6 million we spent on Cultivate AI and $10 million of earnest money deposited in connection with the announced Red Trail asset acquisition. Our loss from operations in the third quarter was $24 million, and our non-GAAP adjusted EBITDA loss was $16.7 million.

本季我們的企業支出（SG&A）為 860 萬美元，不包括 310 萬美元的非現金股票薪酬。這些成本的主要驅動因素是支援執行和成長的關鍵領域的人員成本，我們預計將其中大部分分配給我們的專案、部門和法人實體。截至2024 年9 月30 日的9 個月內，我們向資本項目投資了3650 萬美元，其中包括2300 萬美元用於Net-Zero 1 開發、1140 萬美元用於NZ 項目模組化設計和工程工作、 160 萬美元用於RNG 項目擴建以及50 萬美元在其他項目中。我們的策略性成長投資還包括用於 Cultivate AI 的 600 萬美元現金以及為宣布的 Red Trail 資產收購而存入的 1000 萬美元保證金。第三季的營運虧損為 2,400 萬美元，非 GAAP 調整後 EBITDA 虧損為 1,670 萬美元。

This includes personnel and consulting expenses associated with our Net Zero and Verity growth initiatives. Notably, our development spend for Net Zero 1 is tracking to come in under the previously estimated range, and we expect reimbursement of our development capital at financial close, allowing us to reinvest in Net Zero 1 project equity and possibly recycling capital into other projects, depending on the total recovery and fee amounts, which will be negotiated with third-party equity investors. This project level financing strategy also means we do not expect to have to commit further cash to the project once it's in the construction phase. The Red Trail Energy asset acquisition is going well. We're advancing due diligence and term sheet discussions with multiple project finance lenders and plan to combine third-party project debt with Gevo equity capital to consummate the acquisition early 2025.

這包括與我們的淨零和 Verity 成長計畫相關的人員和諮詢費用。值得注意的是，我們對淨零1 的開發支出正在追蹤到先前估計的範圍內，我們預計在財務結算時償還我們的開發資本，使我們能夠對淨零1 專案股權進行再投資，並可能將資本回收到其他項目中，取決於回收總額和費用金額，這將與第三方股權投資者協商。這種專案級融資策略也意味著，一旦專案進入建設階段，我們預計無需向該專案投入更多現金。Red Trail Energy 資產收購進展順利。我們正在與多個專案融資貸方推進盡職調查和條款清單討論，並計劃將第三方專案債務與 Gevo 股權資本結合起來，以在 2025 年初完成收購。

In summary, we remain focused on prudent management of our capital with a view to supporting the continued development of Net Zero 1, the Red Trail asset acquisition and other value-generating projects. We're excited about the path forward and look forward to the opportunities in 2025. And now I'll hand it back to Pat.

總而言之，我們仍然注重審慎的資本管理，以支持 Net Zero 1、Red Trail 資產收購和其他價值創造項目的持續發展。我們對未來的道路感到興奮，並期待 2025 年的機會。現在我會把它還給帕特。

Thanks, Lynn. Before we open the line for questions, let me reiterate how proud we are of the progress we have made this quarter. This is hard work we're doing. Between our DOE loan commitment, our pending acquisition of Red Trail assets and the advancements in our Verity RNG and Technologies businesses, we're making meaningful strides towards this vision of net zero business systems where we can really, truly drive out and abate carbon throughout the whole of the business system, and that cuts across the fuels, the food and the feed. This is important stuff, and it matters.

謝謝，林恩。在我們開始提問之前，讓我重申我們對本季的進展感到多麼自豪。這是我們正在做的艱苦工作。在我們的能源部貸款承諾、即將收購的Red Trail 資產以及Verity RNG 和技術業務的進步之間，我們正在朝著淨零業務系統的願景邁出有意義的一步，在這個願景中，我們可以真正、真正地消除和減少碳排放。這是重要的事情，而且很重要。

Now remember what we're doing. This is about making something that's cost effective. It works economically and compete with petrochemicals on a cash cost basis. That's what we're trying to achieve and the vision. Yes, we got to spend the capital and build it.

現在記住我們在做什麼。這是關於製作具有成本效益的東西。它運作經濟，並在現金成本基礎上與石化產品競爭。這就是我們正在努力實現的目標和願景。是的，我們必須花費資金來建造它。

We got to get on and go get that done. It's a different game to play. This isn't just about taking -- it's not a giveaway. We're delivering products that are really, really valuable, and they truly abate carbon and cost competitive. That's what the future holds here.

我們必須繼續前進並完成這項工作。這是一個不同的遊戲。這不僅僅是索取——也不是贈品。我們提供的產品非常非常有價值，它們真正減少碳排放並且具有成本競爭力。這就是這裡的未來。

And that's what makes it so darn exciting. That's why we're able to get this DOE loan commitment. We're looking forward to continuing this momentum into our coming quarters and sharing further updates on the transformed company and a new platform in 2025. All right. Let's open it up for questions.

這就是它如此令人興奮的原因。這就是我們能夠獲得能源部貸款承諾的原因。我們期待在未來幾季繼續保持這一勢頭，並在 2025 年分享有關轉型後的公司和新平台的進一步更新。好的。讓我們打開它來提問。

Go ahead, operator.

繼續吧，接線生。

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

（操作員說明） Sameer Joshi, H.C.溫賴特。

We have discussed this before, the $1.6 billion conditional commitment is not dependent on any change in the administration. But can you explain what are the remaining steps before the money gets released? And is there a cadence to the release of the money?

我們之前已經討論過這一點，16億美元的有條件承諾並不取決於政府的任何變化。但你能解釋一下在資金發放之前剩下的步驟是什麼嗎？發放資金是否有節奏？

So yes, you're correct. This conditional commitment is a real commitment. It survives administration changes. They've designed it that way. And so yes, we just got to go through and do the work.

所以是的，你是對的。這種有條件的承諾是真正的承諾。它在管理變革中仍然存在。他們就是這樣設計的。所以，是的，我們只需要完成並完成工作。

Right now, everyone is trying to sort out what's what, where. So they will -- we can't talk about specific details of that according to their rules. That's just the way it is. So we have to go and once the dust settles a little bit, we'll have more insight into that, and then they'll let us know what we can say when. But it does survive is the important thing.

現在，每個人都在努力弄清楚什麼是什麼、在哪裡。所以他們會——我們不能根據他們的規則談論具體細節。事情就是這樣。所以我們必須離開，一旦塵埃落定，我們就會對此有更多的了解，然後他們會讓我們知道什麼時候可以說什麼。但它確實生存下來才是最重要的。

And now it's about how we still got to go push forward and get it done. Our project is a good one. So that's the thing that people forget. Our project is a good one. It creates a huge number of jobs.

現在的問題是我們仍然必須繼續前進並完成它。我們的項目是一個很好的項目。這就是人們忘記的事情。我們的項目是一個很好的項目。它創造了大量的就業機會。

Our project capital is high when we deploy in part because these are really good paying jobs that we're doing to go hire these thousands of people to build things. And so it plays to lots of agendas. And remember, the Charles River study shows that it creates $170 million regionally in South Dakota, and it creates a bunch of tax revenue. So it's a good, solid project, and it makes money, right? That's the thing.

當我們部署時，我們的專案資本很高，部分原因是我們正在做的這些工作確實報酬很高，可以僱用數千人來建造東西。因此它涉及很多議程。請記住，查爾斯河研究表明，它為南達科他州地區創造了 1.7 億美元，並創造了大量稅收。所以這是一個好的、可靠的項目，而且還能賺錢，對吧？就是這樣。

So it's a good overall project. That's what makes it good.

所以這是一個很好的整體項目。這就是它的優點。

Yes. I mean it's a tax generator. It's a job creator, and it is in a traditionally Republican state.

是的。我的意思是它是一個稅收產生者。它是一個就業機會創造者，而且它位於一個傳統的共和黨州。

And there's one other important thing that everybody seems to forget is that these net zero type system like we put together, the cash cost of our product would be competitive with petrojet. It's in that realm. So people forget that. This isn't like it's a free handout for carbon. No, it's not.

每個人似乎都忘記了另一件重要的事情是，像我們這樣組合在一起的這些淨零型系統，我們產品的現金成本將與 Petrojet 競爭。就在那個境界裡。所以人們忘記了這一點。這不像是免費的碳施捨。不，不是。

Yes, the carbon credits -- remember, it's $1 of carbon credit value creates $6 back to the general economy according to Charles River. Well, that's pretty important. And then of course, there's the RIN value and all the rest. But those -- all those kind of values, the RINs, the LCFS, what comes down the pike from other federal programs, those things are – they help pay for the capital. And you'll notice this thing is a conditional commitment without the finalization of the 45Z.

是的，碳信用額——記住，根據 Charles River 的說法，1 美元的碳信用額價值可以為整體經濟創造 6 美元的回報。嗯，這非常重要。當然，還有 RIN 值和其他所有內容。但那些——所有這些價值觀，RIN、LCFS，以及其他聯邦計劃中的東西，這些都是——它們有助於支付資本。你會注意到這件事是一個有條件的承諾，沒有最終確定 45Z。

Someone should ask themselves why. I can't talk about it in detail, but you've got to notice that. How did that happen?

有人應該問自己為什麼。我不能詳細談論它，但你必須注意到這一點。這是怎麼發生的？

No, it's very interesting. On the other major news from you guys, the Red Trail acquisition merger. I know it will be early 2025. But from now until then, are there any financing discussions? Are there any other steps that need to be accomplished, milestones to be accomplished before the merger can take place?

不，這很有趣。關於你們的另一個重大新聞，Red Trail 收購合併。我知道那會是 2025 年初。但從現在到那時，是否有任何融資討論？在合併之前是否還需要完成任何其他步驟或里程碑？

Yes, we're going to do debt. And so we've been doing a debt process, and it's going quite well. We're very pleased with it.

是的，我們要還債。所以我們一直在進行債務流程，而且進展順利。我們對此非常滿意。

And then the Cultivate AI acquisition, of course, is there a pathway or any plan of integrating the (inaudible) program into this? Or are these going to be independently operating?

當然，還有 Cultivate AI 收購，是否有將（聽不清楚）程式整合到其中的途徑或計畫？或者這些將獨立運作？

They're going to be -- they're together. They're already being integrated, and it makes for a more complete offering. And of course, for everyone who's listening, the big game here is it's not good enough just to say, oh, I hope my corn is good. You got to prove it's good with real data. That's the thing that gains good bipartisan support, and it's true also in the marketplace.

他們將會——他們在一起。它們已經被集成，這使得產品更加完整。當然，對於每個正在聽的人來說，這裡的大遊戲是僅僅說「哦，我希望我的玉米是好的」是不夠的。你必須用真實的數據來證明它是好的。這就是獲得兩黨良好支持的事情，在市場上也是如此。

You got to be able to show us that even if it's corn or soybeans or something, it's not just growing it that counts. It's how did you process it? What energy did you use? And you got to track things all the way through the whole supply chain. This point is lost on the world at large, it seems to us, and that creates the opportunity for Verity.

你必須能夠向我們展示，即使是玉米或大豆之類的東西，重要的不僅僅是種植它。那你是怎麼處理的呢？你用了什麼能量？你必須在整個供應鏈中全程追蹤事情。在我們看來，整個世界都忽略了這一點，而這為 Verity 創造了機會。

Now Cultivate AI has some outstanding tools available that are in operation and working with farmers and helps them measure their crops and how the crop is performing or what's needed in the fields, and it's valuable. And so that's one more component. And you'll look for us as we grow Verity to add in other technologies into the overall portfolio of Verity.

現在，Cultivate AI 擁有一些出色的工具，這些工具正在運作並與農民合作，幫助他們測量作物以及作物的表現或田間的需求，這是有價值的。這又是一個組成部分。當我們發展 Verity 並將其他技術添加到 Verity 的整體產品組合中時，您會尋找我們。

Interesting. We agree, it is a big opportunity and have a wide market that you can address. On the R&D front, I know you have intentionally not sold these environmental attributes. Do we -- the amount we see on the inventory in the balance sheet in the press release, what is the basis of the valuation for that? Is it based on a higher carbon intensity value?

有趣的。我們同意，這是一個巨大的機會，並且有一個廣泛的市場可供您利用。在研發方面，我知道你們故意不賣這些環境屬性。我們在新聞稿中看到的資產負債表中的庫存金額，其估值基礎為何？是基於較高的碳強度值嗎？

Or like how do we gauge -- should we say that the inventory will be translated into revenues going forward in subsequent months or it will be at a higher than the inventory that we see there?

或者就像我們如何衡量——我們應該說庫存將轉化為接下來幾個月的收入，還是會高於我們在那裡看到的庫存？

Yes. So what we expect to happen, we're holding them right now because we expect to get the pathway approval in California. We can see that they're working on it. We've done the site visits and stuff. So we know that it's progressing.

是的。所以我們期望發生的事情，我們現在就持有它們，因為我們期望獲得加州的批准。我們可以看到他們正在努力。我們已經完成了實地考察等工作。所以我們知道它正在取得進展。

It's just a question when it gets done. And if we hold the gas until we have the pathway done, then we can get the higher value for it rather than selling it at the 150 pathway. And so the question is, what is it currently booked at in the inventory, that's what you were asking?

只是什麼時候完成的問題。如果我們持有天然氣直到完成路徑，那麼我們可以獲得更高的價值，而不是在 150 路徑上出售它。所以問題是，目前庫存中的預訂量是多少，這就是您所問的？

Yes.

是的。

I don't know. We're going to plan on monetizing it at the full value. But I'll have to get back with you and check. Lynn is telling me it's booked at minus 150.

我不知道。我們將計劃以全部價值將其貨幣化。但我得回去跟你一起檢查。Lynn 告訴我預訂價格是負 150。

Okay. And then last question. Sequentially, the cost -- operating costs are slightly lower. Should we expect these new lower levels for operating costs, R&D, SG&A, those line items?

好的。然後是最後一個問題。因此，成本－營運成本會稍微降低。我們是否應該期待營運成本、研發、SG&A 以及這些項目的新的較低水準？

Yes. Stacy Bogue-Buchholz, who runs that plant, she's on a mission to keep driving out cost. So that's what I expect.

是的。Stacy Bogue-Buchholz 是該工廠的負責人，她的使命是不斷降低成本。這就是我所期望的。

Saumya Jain, UBS.

Saumya Jain，瑞銀。

How are you guys feeling about raising your, I guess, equity portion of the project financing? Are you guys looking towards that?

我想你們對於籌募專案融資的股權部分感覺如何？你們有朝這個方向看嗎？

Yes. There's a lot of interest in it. The thing about having a conditional commitment from the DOE loan office is that the amount of diligence that's done is absolutely mind-boggling, detailed. And so that helps. All the questions that can be asked have pretty much been asked.

是的。人們對此很感興趣。獲得能源部貸款辦公室有條件承諾的一點是，所做的努力絕對是令人難以置信的、詳細的。這很有幫助。所有能問的問題都已經問得差不多了。

So people know that there's built-in extra cost to protect the project financially, and that benefits equity holders, too. So yes, there's a lot of interest in it. So we've got to go work through it with the equity firms.

因此人們知道，為了在財務上保護項目，存在著內在的額外成本，這也有利於股東。所以是的，人們對此很感興趣。所以我們必須與股權公司一起解決這個問題。

And then how is your annualized RNG production looking this year compared to last?

那麼今年的 RNG 年產量與去年相比如何？

Well, I think last year, the actual -- the rate -- annualized rate was at 3.25 or something like that. We're up about 325 million BTUs last year. This year, we're going to be at like 400,000 million BTUs or so. On instantaneous rates, we're above that.

嗯，我想去年，實際的年化利率是 3.25 左右。去年我們增加了約 3.25 億 BTU。今年，我們的 BTU 約為 4000 億 BTU 左右。就即時費率而言，我們高於此。

[Greg Gilman, LBI.]

[格雷格·吉爾曼，LBI。

Can you talk more about the conditional loan with the DOE? When did you say you'd be giving us more information on that?

能詳細談談與能源部的有條件貸款嗎？您什麼時候說過要提供我們更多相關資訊？

When they tell us we can. It's one of these things where they're super-

當他們告訴我們我們可以時。這是他們超級的事情之一——

Super what? I think I lost you there, Dr. Gruber.

超什麼？我想我在那裡失去了你，格魯伯博士。

One moment for technical issues. Bear with us please. Thank you very much. Thank you standing by?

技術問題請稍等一下。請耐心等待。非常感謝。謝謝你站在那裡？

Dr. Gruber, you there?

格魯伯博士，你在嗎？

Yes, I'm here.

是的，我在這裡。

Yes, as far as the deal, they'll let you know and then you'll pass it on to us. But the big thing I heard a while go from the previous question was that this does survive the change and as far as presidents. So that's good. Good. Because I was very concerned about that.

是的，就交易而言，他們會讓您知道，然後您將其轉交給我們。但我從上一個問題中聽到的一件大事是，這確實在變化中倖存下來，就總統而言。所以這樣很好。好的。因為我對此非常關心。

So I'm glad to hear that.

所以我很高興聽到這個消息。

That's the most important thing. And the other part I was trying to get across is that our project plays to both sides of the aisle. We're in a red state. It's creating jobs. It's rural economic development, rural infrastructure development, lifts the price of corn in the region.

這是最重要的事。我試圖傳達的另一部分是我們的項目對兩黨都有影響。我們處於紅色狀態。它正在創造就業機會。正是農村經濟的發展、農村基礎設施的發展，提升了該地區的玉米價格。

It's a big economic impact. And it also sets a precedent and it's think of it instead of oil from under the ground, this is oil at the surface of the ground captured. And the paradigm buster is, yes, it can be cost competitive with oil. Hello, that's an important point. It's not that these things are just pie in the sky, it's going to cost 10x.

這是一個很大的經濟影響。而且它也開創了一個先例，它認為它不是從地下開採的石油，這是在地表捕獲的石油。範式破壞者是，是的，它可以與石油相比具有成本競爭力。你好，這是很重要的一點。並不是說這些東西只是天上掉下來的餡餅，它要花10倍的錢。

No, that's not the case of a project like ours. That's what makes it important. That's why we get lots of bipartisan support.

不，我們這樣的項目不是這樣的。這就是它的重要性。這就是為什麼我們得到兩黨大量支持的原因。

And this is something I should probably already know. But as far as deal, it's coming from things like corn and soybeans.

這是我應該已經知道的事情。但就交易而言，它來自玉米和大豆等商品。

Corn starch. So the business system works like this. They do climate smart corn. And so depending upon how you grow corn, you could actually improve the carbon footprint and actually make it negative. Not that we would get credit for that anytime soon, but in the future, we would.

玉米澱粉。所以業務系統是這樣運作的。他們生產氣候智慧玉米。因此，根據您種植玉米的方式，您實際上可以改善碳足跡並使其變為負值。並不是說我們很快就會因此而獲得榮譽，但在未來，我們會的。

You take the corn kernel, you fractionate the corn kernel in the process, and you're using the carbohydrate portion and making that into ethanol and then ethanol into jet fuel. In the meantime, you're generating enormous quantities of protein. In fact, on a tonnage basis, it's 3x the tons for making protein than it is for jet fuel in a plant like this. And then you also get a bunch of oil that you can use for the food market or to sell it into one of the other industrial markets for oil. And so you're capturing value from the protein, the oil and then the carbohydrates is transformed into jet fuel.

你取出玉米粒，在此過程中將玉米粒分餾，然後使用碳水化合物部分並將其製成乙醇，然後將乙醇製成噴氣燃料。同時，你會產生大量的蛋白質。事實上，以噸位計算，在這樣的工廠中製造蛋白質的噸數是製造噴射燃料噸數的三倍。然後你還可以獲得一堆石油，可以用於食品市場或將其出售到其他石油工業市場之一。因此，您可以從蛋白質、油中獲取價值，然後將碳水化合物轉化為噴氣燃料。

That's how the business system works. And then we're applying renewable energy across the whole of it, and that's what drives it down to a net zero. One of the important analyses that people need to do and pay attention to is that when we're going to very low CI scores or even negative in our business system when we include carbon capture, it's pretty darn interesting in that, that makes it more valuable. Why is it more valuable? Because when we take that net zero fuel and if I have 1 gallon of our net zero fuel and I blend it with 1 gallon of petrojet, I get 2 gallons when I'm done blending, I get 2 gallons at a 50% reduction.

這就是業務系統的運作方式。然後我們在整個區域應用再生能源，這就是將其降至淨零的原因。人們需要做和關注的重要分析之一是，當我們將碳捕獲納入業務系統時，CI 分數非常低，甚至為負，這是非常有趣的，這使得它更有價值的。為什麼更有價值？因為當我們採用淨零燃油時，如果我有 1 加侖淨零燃油，並將其與 1 加侖 Petrojet 混合，混合完成後我會得到 2 加侖，減少 50% 後會得到 2 加侖。

Think about what that means in the marketplace. That's a big deal in terms of value that's created for the customer, right? A lot of other technologies that are out there in our space, they struggle to get to a 50% reduction. You can get 2 gallons for 1 by blending one of ours. That's what's possible here.

想想這對市場意味著什麼。就為客戶創造的價值而言，這是一件大事，對嗎？我們領域中的許多其他技術都在努力實現 50% 的減排。透過混合我們的一種產品，您可以獲得 1 加侖 2 加侖的水。這就是這裡可能發生的事情。

And in the future world, I mean we're just talking with a group today talking about what future looks like. And it's going to be driving the CI scores down and negative. That because it takes less gallons to move the needle in the marketplace. That's the kind of technologies we're on and why they're important and why people care.

在未來的世界中，我的意思是我們今天只是在與一群人談論未來的樣子。這將導致 CI 分數下降並呈負值。這是因為在市場上移動所需的加侖數較少。這就是我們所採用的技術以及它們的重要性和人們關心的原因。

How high quality -- to make your SAF, how high quality does the corn have to be? For instance, if we have a drought condition and it's inedible corn, can you work with that? Or does it have to be very high-quality corn?

品質有多高——為了生產 SAF，玉米的品質必須有多高？例如，如果我們遇到乾旱，玉米無法食用，你能處理嗎？還是必須是非常優質的玉米？

No, no. So the corn that's grown in the United States is only 1% is actually grown for food. None of the corn that's used for food is what we're using. This is field corn. Yes, yes.

不，不。因此，美國種植的玉米實際上只有 1% 是作為食品而種植的。我們現在用的不是用來做食物的玉米。這是田裡的玉米。是的，是的。

So sweet corn and all that kind of stuff, that's not we're talking about here. So stuff that's in a corn flake box or in a bag of corn or a can of corn or corn in the cup, it's none of that. This is a different kind of corn. It's field corn, standard field corn. And instead of making it into more high fructose corn syrup or making -- feeding it the cows and making -- give them a sick stomach because you know when you feed too much sugar to a cow, they get a sick stomach and they burnt methane.

甜玉米之類的東西，我們不是在這裡討論的。所以，裝在玉米片盒裡、裝在玉米袋裡、裝在玉米罐頭裡、或是裝在杯子裡的玉米的東西，都不是這些。這是一種不同種類的玉米。這是大田玉米，標準大田玉米。不要將其製成更高果糖的玉米糖漿或製造——餵奶牛並製造——讓它們胃病，因為你知道當你給奶牛餵太多醣時，它們會胃病並且燃燒甲烷。

Well, how about this? We don't do that. We separate the protein from the carbohydrate and now they're happier cows. And in fact, that's how the world is working. So no, no, it's standard field corn.

嗯，這個怎麼樣？我們不這樣做。我們將蛋白質與碳水化合物分開，現在它們是更快樂的乳牛。事實上，世界就是這樣運轉的。所以不，不，這是標準的田間玉米。

Drought conditions would not impact.

乾旱條件不會產生影響。

Not the way you're talking about it. And so that's one of the beauties of the supply chain is that it's well established, fundamentally, no new creation of this. This is about what we've done in this business system is taking giant business systems that exist, and we're adapting them to make them decarbonized. And we're even -- the technologies that we're using in converting the carbohydrates from the corn into jet fuel, we're even co-opting things that are already existing in other industries and bringing them all together and putting it with renewable energy. And that's how we achieve a net zero.

不是你說的那樣。因此，供應鏈的優點之一是它已經完善，從根本上來說，沒有新的創造。這就是我們在這個業務系統中所做的事情，就是利用現有的巨型業務系統，我們正在對它們進行調整，使它們脫碳。我們甚至 - 我們使用的技術將玉米中的碳水化合物轉化為航空燃料，我們甚至採用了其他行業中已經存在的技術，並將它們全部結合在一起，並將其與可再生能源結合在一起活力。這就是我們實現淨零排放的方式。

So we -- in that sense, we don't have technology risk like you do in new magical things. Yes, we're boring. We use things that work for sure at giant scale. That's what we're doing.

因此，從這個意義上說，我們沒有像新的神奇事物那樣存在技術風險。是的，我們很無聊。我們使用在大規模上確實有效的東西。這就是我們正在做的事情。

Speaking of co-opting, how -- do you have any relationships with other countries like I think at one time, maybe you still do with India, for example. Are you still having any partnerships overseas?

說到拉攏，你與其他國家有什麼關係嗎？ 就像我曾經認為的那樣，也許你仍然與印度有關係。你們在海外還有合作夥伴嗎？

Yes, we do. We do. We work with Praj all the time and the other companies. So when they flew jet fuel in India, that was ours. India did.

是的，我們願意。我們做到了。我們一直與 Praj 和其他公司合作。因此，當他們在印度使用噴氣燃料時，那是我們的。印度做到了。

So yes, we've had many discussions. We stay involved with them and in other parts of the world, too. So it isn't just -- yes, we are very focused on execution here. We love our Net Zero 1 project. We want to get that done.

所以，是的，我們進行了很多討論。我們與他們以及世界其他地區保持聯繫。所以這不僅僅是——是的，我們非常注重這裡的執行。我們熱愛我們的淨零 1 項目。我們想要完成這件事。

I want to get it financed to prove the point that these things do work financially and then get on with it. And then we want to build our Net Zero North plant, get it going and get it financed up there in North Dakota because it's a great site already having sequestration right there on site. And we have other sites here in the States, but we're in discussions in other parts of the world as well.

我想獲得資金來證明這些事情在經濟上確實有效，然後繼續下去。然後我們想在北達科他州建造我們的淨零北方工廠，啟動它並獲得資金，因為這是一個很棒的工廠，已經在現場進行了封存。我們在美國還有其他站點，但我們也在世界其他地區進行討論。

Okay. Lastly, I'm sorry for taking some time. Is there any plans to dilute this current share base in the near term?

好的。最後，很抱歉耽誤了一些時間。短期內是否有計劃稀釋目前的股本基礎？

No.

不。

Raising capital through debt, is that what?

透過舉債籌集資金，是這樣嗎？

Yes. So let me add more color to this. To finance -- it's going to be a project level financing for Net-Zero 1. That means it's a separate company than Gevo. We have already spent $210 million or so in development of this project.

是的。讓我為此添加更多色彩。融資－這將是 Net-Zero 1 的專案級融資。這意味著它是一家獨立於 Gevo 的公司。我們已經花了大約 2.1 億美元來開發這個項目。

That gets contributed as equity into the project. By the time this is finally done, we get to financial close, maybe we'll have spent $250 million. That gets credited to us as an equity contribution in the project, and we get ownership for that. It shouldn't take any more capital unless we're in the mood to spend more capital down there. And then as far as anything else, we've got -- we're doing a Red Trail acquisition.

這筆資金將作為股權投入專案。當這一切最終完成時，我們將完成財務結算，也許我們將花費 2.5 億美元。這將被視為我們對該項目的股權貢獻，並且我們獲得了所有權。除非我們願意在那裡花費更多的資金，否則它不應該需要更多的資金。至於其他事情，我們正在收購 Red Trail。

I think we bought 3 things actually is the way to think of it. We bought an ethanol plant. We bought a CCS plant, where it obviously operates. And we also bought a big field of pour space under the ground that can be expanded. That's pretty darn important, too.

我認為我們實際上買了 3 件東西。我們買了一家乙醇廠。我們購買了一家 CCS 工廠，顯然它在那裡運作。我們還買了一大塊可以擴展的地下澆築空間。這也非常重要。

And so to finance that, we're bringing in debt. So no, I don't see us having -- to support these 2 projects, I don't see any need to raise capital at a Gevo level. We have more than enough cash on the balance sheet.

因此，為了籌集資金，我們舉債。所以不，我不認為我們需要——來支持這兩個項目，我認為沒有必要在 Gevo 層級籌集資金。我們的資產負債表上有足夠的現金。

Peter Gastreich, Water Tower Research.

Peter Gastreich，水塔研究。

Congratulations to Dr. Gruber and team, just really a transformational quarter there. A question on CCS. The Summit Carbon pipeline appears to have hit a snag with this referendum in South Dakota. Gevo already has the industry's lowest CI score.

恭喜格魯伯博士和團隊，這確實是一個變革性的季度。關於CCS的問題。南達科他州的這次公投似乎使峰會碳管道遇到了障礙。Gevo 已經擁有業界最低的 CI 分數。

So CCS is kind of a nice to have, so to speak, I understand that. But still would be interested in your thoughts there. And also related to that, could you discuss how Red Trail could be brought in as a CCS option for NZ1. So considering that we've got some distance there between the 2 between NZ1 and Red Trail, is that something you can work with in terms of logistics? Or is that something that's not on the table?

所以說，CCS 是一種很好的東西，我理解這一點。但仍然對你的想法感興趣。與此相關，您能否討論如何將 Red Trail 作為 NZ1 的 CCS 選項引入。因此，考慮到 NZ1 和 Red Trail 之間的 2 條線路之間有一段距離，您可以在物流方面進行處理嗎？還是這是沒有擺在桌面上的事情？

Yes, sure. So what was so bizarre about that referendum in South Dakota was that it was a landowner rights bill. People commonly talked about as the pipeline referendum. It wasn't a pipeline referendum. It was about making sure that people got paid more money if a pipeline went through and they had more protections if a pipeline went through.

是的，當然。因此，南達科他州公投的奇怪之處在於，這是一項土地所有者權利法案。人們通常談論的是管道公投。這不是管道公投。這是為了確保如果管道貫通，人們會得到更多的錢，如果管道貫通，他們會得到更多的保護。

That got defeated. That's astounding. What you saw was a bunch of activists talk about it as, oh, this is a pipeline approval. It has nothing to do with pipeline approval. That wasn't what it was.

就這樣被打敗了。太令人震驚了。你看到的是一群積極分子談論它，哦，這是管道批准。與管道審批無關。事實並非如此。

That's astounding that it even gets out that way, and that's what happens. It's like you're kidding me. So it doesn't change anything. The authority rests in the Public Utilities Commission. That still hasn't changed one bit.

令人震驚的是，它甚至以這種方式傳播出去，而這就是發生的事情。就好像你在跟我開玩笑一樣。所以它不會改變任何東西。該權力屬於公用事業委員會。這一點仍然沒有改變。

And so this nothing has changed from a fundamental real-life standpoint of what has to happen. The ball is in Summit's court. They tell us they're moving forward. They've got a plan to move forward. Great.

因此，從現實生活中即將發生的事情的基本角度來看，這一切都沒有改變。球在峰會的球場上。他們告訴我們他們正在前進。他們有一個前進的計劃。偉大的。

And we'll help them to get people educated about what really goes on with this pipeline. I mean, my goodness, people are opposing a CO2 pipeline. And guess what, it's the green -- the far activist green people who are trying to do that. And it's because they think it's somehow dangerous. They need to get -- we've got so much education to do with people.

我們將幫助他們讓人們了解這條管道的真實情況。我的意思是，天哪，人們反對二氧化碳管道。你猜怎麼著，是綠色人士——那些激進的綠色人士正在努力做到這一點。這是因為他們認為這有些危險。他們需要接受──我們有很多與人有關的教育。

So it will take some time. We'll get there. And our position is that in South Dakota, there is a, I think -- well, when you're putting up a pipeline, you also have to respect landowners rights and someone's done a great job of working on that, too, and making sure that people are in cooperation. This playing up of fears on all sides, that's not good for anybody. Remember, get this -- this is a piece of data I want everyone to understand.

所以這需要一些時間。我們會到達那裡。我們的立場是，在南達科他州，我認為，當你鋪設管道時，你還必須尊重土地所有者的權利，有人在這方面也做了出色的工作，並且使確保人們合作。各方都在渲染恐懼，這對任何人都沒有好處。請記住，明白這一點——這是我希望每個人都能理解的數據。

For every gallon of jet fuel burned, it makes 21.5 pounds of CO2 for every gallon. That's also true of gasoline. 21.5 pounds for each time you burn a gallon of gas, that's 21.5 pounds of CO2 that goes in the air, unless, of course, you have ethanol, in which case, it's only 18. Those numbers come from the Energy Information Agency. So people don't realize that this is a real issue.

每燃燒一加侖噴射燃料，就會產生 21.5 磅二氧化碳。汽油也是如此。每燃燒一加侖汽油，就會產生 21.5 磅二氧化碳，也就是說，會向空氣中排放 21.5 磅二氧化碳，當然，除非您有乙醇，在這種情況下，只有 18 磅。這些數字來自能源資訊署。所以人們沒有意識到這是一個真正的問題。

It's a big issue. It's a tremendous amount of thing. The pipeline itself is capturing biogenic carbon, biogenic carbon. That's the CO2 from the atmosphere. You see all this talk all around the world that people want that capture.

這是一個大問題。這是一個巨大的事情。管道本身正在捕獲生物碳，生物碳。那是來自大氣的二氧化碳。你會看到世界各地人們都在談論人們希望獲得這種捕獲。

Well, here's a way to do it. And now you have environmental groups opposing it directly in opposition to what they say is true, what do they want? More fossil stuff burned, are you kidding? So it's this whole -- we got a lot of education work to do here. But I think it's a practical matter.

嗯，這是一種方法。現在環保組織直接反對，反對他們所說的事實，他們想要什麼？更多化石被燃燒，你在開玩笑嗎？所以這就是整個——我們在這裡有很多教育工作要做。但我認為這是一個實際問題。

If it's going to -- and why the people of CO2 -- people of South Dakota should be punished and have markets work around them makes no sense to me. I don't understand it. Why would you want to have disadvantaged corn? Why? I don't understand.

如果南達科他州的人民——以及為什麼二氧化碳的人民——應該受到懲罰，讓市場圍繞著他們運作，對我來說毫無意義。我不明白。為什麼你想要弱勢玉米？為什麼？我不明白。

It has to be competitive. So it's just -- it's going to take work. But as far as decision-making goes, that ball is all about still in the PUC, Summit's got a plan. We'll work with these guys. Now in the meantime, you know what, it could take some time to get that pipeline built.

它必須具有競爭力。所以這只是——這需要努力。但就決策而言，這個球仍然在 PUC 中，高峰會有一個計劃。我們將與這些人合作。同時，你知道嗎，建造這條管道可能需要一些時間。

in which case, we could rail stuff up to our site up there in Richardson at our Net-Zero 1 North site. We could do that. We could do that. And yes, it costs a little more, but you know what the economics look like they work. And of course, if we ever believed that there really was never going to be a pipeline.

在這種情況下，我們可以將貨物運送到位於理查森的 Net-Zero 1 North 站點。我們可以做到這一點。我們可以做到這一點。是的，它的成本要高一點，但你知道它們的經濟效益如何。當然，如果我們相信真的永遠不會有管道。

well, then you know what, South Dakota has a big time problem, way bigger than something we can deal with. And in which case, you know what, it's probably not the place to be. Now that's all stuff that we'll have to all work through and develop a point of view. But as far as I can see right now, that pipeline, I think, is still going to happen. It's just a question of when.

好吧，那麼你知道嗎，南達科他州有一個很大的時間問題，比我們可以處理的問題要嚴重得多。在這種情況下，你知道嗎，它可能不是一個合適的地方。現在這就是我們必須解決並形成觀點的所有內容。但就我目前所見，我認為這條管道仍然會發生。這只是時間問題。

Emily Sorenson, Sorenson Farms.

艾米麗·索倫森，索倫森農場。

I guess on the coattails of that last gentleman, could you -- will you still go forward when the loans approved to build -- start building without the pipeline?

我想在最後一位先生的幫助下，當貸款被批准用於建設時，您是否仍然會繼續前進，在沒有管道的情況下開始建造？

I think -- well, we're going to make sure we're going to make that case. Now the way that case has to look is it's got to be attractive to Wall Street and the equity investors. This is the thing that we'll be focused on, and we could do that, but it is one of these cases where, like I say, we could rail stuff up and help solve the problem. There's definitely -- that's the beauty of us owning our own sequestration site. So the answer is, yes, that could happen.

我想——好吧，我們將確保我們能夠證明這一點。現在看來，這個案例必須對華爾街和股票投資者有吸引力。這是我們將重點關注的事情，我們可以做到這一點，但正如我所說，這是其中一種情況，我們可以把事情做好並幫助解決問題。肯定有——這就是我們擁有自己的封存場地的美妙之處。所以答案是，是的，這可能會發生。

But I got to tell you, there's a bigger issue at play here about business in South Dakota and how will people respond. It's a bigger issue that needs to be understood, and we're going to be working on it because we have options about other places. We do. So it's just kind of -- I can't give definitive answers other than to say we're going to execute this project. We're going to get -- we're going to work and make NZ project number one happen.

但我必須告訴你，這裡有一個更大的問題，涉及南達科他州的商業以及人們將如何反應。這是一個需要理解的更大問題，我們將致力於解決這個問題，因為我們還有其他地方的選擇。我們做到了。所以這只是——除了說我們將執行這個專案之外，我無法給出明確的答案。我們將努力實現紐西蘭的第一個項目。

I want it in Lake Preston, South Dakota. That's what I want. And we're going to do our very best to make that happen and convince everybody. Now like I say, that pipeline is important. And why everyone would want to give away value or not is like it's not a well-understood issue.

我想要它在南達科他州普雷斯頓湖。這就是我想要的。我們將盡最大努力實現這一目標並說服所有人。現在就像我說的，這條管道很重要。為什麼每個人都願意放棄價值，這似乎不是一個很好理解的問題。

So it's work to be done is what I would say.

所以我想說的是，這是有待完成的工作。

And I guess my second question and last question is, kind of working backwards, I guess. But with the new administration, I know he is pro ethanol and pro-farmers. So I get that. If he is not pro green deal, working backwards where you give credits to the airlines for their carbon neutral, if they lose those credits, would that affect what they purchase?

我想我的第二個問題和最後一個問題是，我想，有點倒退。但對新政府來說，我知道他支持乙醇和農民。所以我明白了。如果他不支持綠色協議，那麼倒退一下，你給航空公司的碳中和積分，如果他們失去了這些積分，這會影響他們購買的東西嗎？

Well, you know what's interesting about that is there isn't that credit that the airlines get. It's in a section -- it's IRA Bill, Section 45Z. The way that the Section 45Z works has quite broad bipartisan support. The reason is to get the credit, it's a tax credit. And the tax credit to get it even get on the scoreboard on the tax credit, you have to do a 50% CI reduction.

好吧，你知道有趣的是，航空公司並沒有獲得這樣的榮譽。它位於一個章節中——IRA 法案第 45Z 節。第 45Z 條的運作方式得到了兩黨相當廣泛的支持。原因是為了獲得抵免，這是稅收抵免。為了獲得稅收抵免，甚至進入稅收抵免記分牌，你必須減少 50% 的 CI。

I mean the carbon score reduction is by 50%. So you got to show you have 50% less emissions of CO2. And then for every point of reduction, you get rewarded further. You also have to prove how you did it with bulletproof information, okay? Now that means it's not a broad bucket giveaway.

我的意思是碳分數減少了 50%。所以你必須證明你的二氧化碳排放量減少了 50%。然後，每減少一分，您就會獲得進一步的獎勵。你還必須用防彈資訊證明你是如何做到的，好嗎？現在這意味著它不是一個廣泛的贈品。

You actually got to work hard to get this. We like that approach because it start -- that can get bipartisan support. When it's a broad bucket giveaway, that causes rock throwing from every side that there is at different points in a political life cycle. Here, it's set up so that it goes down this path of you got to prove what you said you're delivering, you've got to validate it, have it audited, make it transparent and then get credit for it. I like that approach.

事實上你必須努力工作才能得到這個。我們喜歡這種方法，因為它可以得到兩黨的支持。當它是一個廣泛的贈品時，就會導致政治生命週期不同階段的各個方面都投擲石頭。在這裡，它的設定是為了讓它沿著這條路走：你必須證明你所說的你正在交付的東西，你必須驗證它，對其進行審計，使其透明，然後獲得認可。我喜歡這種方法。

That's the right approach because that way, we can build credibility and stop all this fighting because the data is the data. So we like it a lot. And they got to finalize the rules and all that kind of stuff, and we want to see it extended. It seems to be the good bipartisan support for that, too. Now as I mentioned, the conditional commitment we have was given to us without a finalization of Section 45Z.

這是正確的方法，因為這樣我們就可以建立信譽並停止所有這些爭鬥，因為數據就是數據。所以我們非常喜歡它。他們必須最終確定規則和所有類似的東西，我們希望看到它擴展。這似乎也得到了兩黨的良好支持。正如我所提到的，我們的有條件承諾是在第 45Z 條尚未最終確定的情況下給予我們的。

That is telling, isn't it? And that the DOE thinks that the marketplace will accommodate it somehow. So it's not -- is it important? Yes. Is it the right thing?

這很能說明問題，不是嗎？美國能源部認為市場會以某種方式適應它。所以不重要嗎？是的。這是正確的事嗎？

Yes, I think that portion of that IRA bill was well done. And I think they'll have -- the new administration will have their hands full on doing the things that don't make sense. This one does make sense. And remember, every dollar tax credit under 45Z returns $6 back to the general economy. That's what Charles Rivers did the analysis and published.

是的，我認為 IRA 法案的這一部分做得很好。我認為他們將會——新政府將全力以赴做那些沒有意義的事情。這句話確實有道理。請記住，45Z 下每 1 美元的稅收抵免都會向整體經濟返還 6 美元。這就是查爾斯·里弗斯所做的分析並發表的。

So that's a big deal. And it's real economic development, it's jobs. It's about energy infrastructure because with Net-Zero 1, you also get a bunch of wind energy. Why would it ever be built there? There'd be no demand for it.

所以這是一件大事。這是真正的經濟發展，是就業機會。這與能源基礎設施有關，因為透過 Net-Zero 1，您還可以獲得大量風能。為什麼它會建在那裡？那就沒有這個需求了

So this is about economic development, job creation. It's about fundamentally making a cost competitive jet fuel. Forget all subsidies. Remember what I'm talking about here, if the plant was built and paid off, depreciated and paid off, it competes head-to-head with petrojet except for the footprint would be net zero. So that's-

所以這關係到經濟發展、創造就業機會。從根本上來說，這是為了製造一種具有成本競爭力的噴射燃料。忘記所有補貼。記住我在這裡所說的，如果工廠建成並還清，折舊並還清，它就會與 Petrojet 正面競爭，只是佔地面積為零。所以那就是——

And we're not talking about getting rid of jet fuel anyway. I mean we're going to work together. I mean it's not one or the other. You can work together. So you can make -- that's the thing I think people forget.

無論如何，我們不是在談論擺脫航空燃料。我的意思是我們要一起工作。我的意思是這不是一個或另一個。你們可以一起工作。所以你可以做——我認為人們會忘記這一點。

You don't have to do 100% SAF. You don't have to do 100% jet fuel. You can do a combination and everybody can be happy.

您不必執行 100% SAF。您不必使用 100% 的噴射燃料。你可以進行組合，每個人都會很開心。

You got it. And so that's the thing that is so important, it's carbon abatement. The jet fuel itself is just jet fuel. It's made from renewable carbon, but it's just jet fuel. It has to meet the specs.

你明白了。所以這就是非常重要的事情，那就是碳減排。噴射燃料本身只是噴射燃料。它是由可再生碳製成的，但它只是噴氣燃料。它必須符合規格。

It couldn't fly if it wasn't just jet fuel. And you're going to blend it with petrojet. And so the idea is that the more carbon -- the lower the carbon score we can get, the more carbon negative we can make it, the less of it we have to make to move the needle on the overall emissions of the blend. That is a big deal. And remember, this is using all existing infrastructure.

如果不是噴射燃料，它就無法飛行。你要把它與 Petrojet 混合。因此，我們的想法是，碳越多，我們獲得的碳分數越低，我們可以製造的碳負值就越多，我們需要製造的碳就越少，才能提高混合物的整體排放量。這是一件大事。請記住，這是使用所有現有基礎設施。

But the same thing is possible with gasoline and diesel fuel. We can do the same thing. Those are all possibilities. We can do those. And so that means you can keep a combustion engine of whatever type and we can drive the emissions down.

但汽油和柴油也可能發生同樣的情況。我們也可以做同樣的事情。這些都是可能性。我們可以做到這些。因此，這意味著您可以保留任何類型的內燃機，我們可以降低排放量。

That's what this technology that we have holds as a promise. That's what makes it exciting. It's a different game to play about what's possible. And when you take it then and start thinking about energy infrastructure and energy security, you won't see -- this is going to be spread out across the country in places. It's not all concentrated on the Gulf Coast, for example.

這就是我們所擁有的這項技術的承諾。這就是它令人興奮的原因。這是一場關於可能性的不同遊戲。當你開始思考能源基礎設施和能源安全時，你不會看到——這將蔓延到全國各地。例如，它並不全部集中在墨西哥灣沿岸。

So it's a different game to play in the long run. And I think that from having all the discussions with political people over the last couple of years, it's been -- they didn't know it's possible. So we just show them the economics openly and show them, here's what's possible. It's pretty exciting, and it changes how they think about things.

所以從長遠來看，這是一個不同的遊戲。我認為，從過去幾年與政治人士的所有討論來看，他們不知道這是可能的。所以我們只是公開地向他們展示經濟學並向他們展示，這就是可能的。這非常令人興奮，它改變了他們對事物的看法。

I'm an investor, so I wish us all the best.

我是投資者，所以我祝我們一切順利。

At this moment, I am showing no further questions. I would now like to turn it back to Dr. Gruber for closing remarks.

此時此刻，我沒有再提出任何問題。現在我想請格魯伯博士做結束語。

And in fact, I'd like to thank all the investors for investing with us. It's been quite a ride lately. And it's going to get, I hope, better from here. And we definitely -- whenever there's an election like this, it causes people to go what and all they hear all this crazy talk. You know what, practical ideas, job creation matter, practical solutions to carbon matter.

事實上，我要感謝所有與我們一起投資的投資者。最近真是一段旅程。我希望，從這裡開始，情況會變得更好。我們肯定 - 每當有這樣的選舉時，它都會導致人們去做他們聽到的所有這些瘋狂的言論。你知道嗎，實用的想法、創造就業機會、解決碳問題的實用解決方案都很重要。

There's a marketplace that's growing that demands that there be carbon abatement. So that's what we're talking about is serving a new segment of market that demands it. And so we have a practical solution. Yes, we got to get that first plant financed, get it in the ground and do it at scale and show people. But it's an exciting, exciting opportunity, and we are extremely well positioned and the furthest along in the space.

有一個不斷增長的市場要求減少碳排放。這就是我們所說的服務於有需求的新市場領域。所以我們有一個實用的解決方案。是的，我們必須為第一座工廠提供資金，將其落地並大規模實施並向人們展示。但這是一個令人興奮的機會，我們處於非常有利的位置，並且在該領域走得最遠。

Thank you all for joining us on this call today. Thanks for your questions, too. I appreciate it.

感謝大家今天參加我們的電話會議。也謝謝你的提問。我很感激。

Thank you very much for your participation in today's conference. This does conclude the program, and you may now disconnect.

非常感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。