Gevo, Inc. (GEVO) 2025 Q4 法說會逐字稿

Thank you for standing by. Welcome to Gevo's fourth-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您稍候。歡迎參加 Gevo 2025 年第四季財報電話會議。(接線員指示) 提醒您，今天的節目將被錄音。

And now I'd like to introduce your host for today's program, Eric Frey, Vice President of Finance and Strategy. Please go ahead, sir.

現在我想介紹今天節目的主持人：Gevo 財務與策略副總裁 Eric Frey。先生，請開始。

Good afternoon, everyone, and thank you for joining us on today's call to discuss Gevo's fourth-quarter and full Year 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today, we have Patrick Gruber, our Chief Executive Officer; Paul Bloom, our President; Leke Agiri, our Chief Financial Officer; and Chris Ryan, our Chief Operating Officer.

各位下午好，感謝各位參加今天的電話會議，與我們一同討論 Gevo 2025 年第四季及全年業績。我是 Gevo 財務與策略副總裁 Eric Frey。今天與我一同出席的有：我們的執行長 Patrick Gruber；總裁 Paul Bloom；財務長 Leke Agiri；以及營運長 Chris Ryan。

Earlier today, we issued a press release that outlines our fourth-quarter and full year 2025 results and some of the topics we plan to discuss as well as a slide presentation that we will discuss on today's call. Copies of the press release and the slide presentation are 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.

今天稍早，我們發布了新聞稿，概述 2025 年第四季及全年業績，以及我們計畫討論的部分主題；同時也發布了我們將在今天電話會議中討論的簡報。新聞稿與簡報可於我們網站 www.gevo.com 取得。請注意，我們今天的發言（包括對各位提問的回答）包含《私人證券訴訟改革法》所定義的前瞻性陳述。

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 alcohol to jet projects, our future carbon credit sales, our Gevo, North Dakota and RNG plants and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference.

這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與目前預期有重大差異。這些陳述包括：關於我們酒精轉航空燃料（ATJ）專案的時程、開發、工程、融資與建設之預測；我們未來的碳權銷售；我們的 Gevo（北達科他州）與 RNG 工廠；以及我們向美國證券交易委員會提交之文件中所描述的其他活動（該等文件以引用方式併入）。

We disclaim any obligation to update these forward-looking statements. 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.

我們不承擔更新這些前瞻性陳述的任何義務。此外，我們可能在本次電話會議中提供某些非 GAAP 財務資訊。相關定義與 GAAP 調節表可於我們的財報新聞稿中查閱，該新聞稿可在 www.gevo.com 的投資人關係專區找到。在預先準備的發言結束後，我們將開放提問。

I'd like to remind everyone that this conference call is open to the media, and we are 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 at www.gevo.com.

我想提醒各位，本次電話會議對媒體開放，我們也同步向大眾提供網路直播。本次電話會議的重播以及其他過往活動，將可透過公司投資人關係頁面 www.gevo.com 取得。

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

現在我想把電話交給 Gevo 執行長 Patrick Gruber。Pat？

Thanks, Eric. What a year. Successfully acquiring and integrating our North Dakota ethanol and carbon capture assets has transformed our adjusted EBITDA and has enabled us to learn and to capture value from carbon, treating it as an important co-product in addition to the ethanol, animal feed and oil that we produce. Gevo North Dakota has performed superbly well.

謝謝你，Eric。真是精彩的一年。成功收購並整合我們在北達科他州的乙醇與碳捕捉資產，改變了我們的調整後 EBITDA，並使我們得以學習並從碳中擷取價值，將其視為除我們所生產的乙醇、動物飼料與油品之外的重要共同產品。Gevo North Dakota 的表現非常出色。

It's the well-run operations, combined with our learnings on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the fourth-quarter. We also now have three-quarters in a row of positive non-GAAP adjusted EBITDA. I'm very pleased with the progress and what we are learning.

正是這些運作良好的營運，加上我們在如何從二氧化碳中擷取價值方面的學習，使我們在第四季的營運現金流轉為正值。我們現在也已連續三個季度達成正的非 GAAP 調整後 EBITDA。我對這些進展以及我們所學到的內容感到非常滿意。

Great operating results, combined with consolidating our debt in early 2026, has strengthened our balance sheet and increased our cash on the balance sheet without tapping into equity markets. We also continue to make progress on our ATJ-30 plant, the jet fuel project that is targeted for our North Dakota site. I believe Gevo is in a really good place.

優異的營運成果，加上我們在 2026 年初整合債務，強化了資產負債表，並在不動用股權市場的情況下，提高了資產負債表上的現金。我們也持續推進 ATJ-30 工廠，也就是鎖定在北達科他州基地的航空燃料專案。我相信 Gevo 正處於非常好的位置。

I make this point because you probably all recall that I'm retiring as CEO on March 31. Paul Bloom, who has been with us five-years now, will assume the role of CEO on April 1. He has been instrumental in helping us build the business platform to where it is today. He also knows technology and processing, operations, market development and business. I'm convinced he's the right person to take over. I think he will be a really strong CEO, and I'm excited for him to take the helm.

我之所以強調這一點，是因為各位大概都記得，我將於 3 月 31 日卸任執行長並退休。與我們共事已五年的 Paul Bloom，將於 4 月 1 日接任執行長一職。他在協助我們建立業務平台、使公司達到今日的狀態方面，發揮了關鍵作用。他也熟悉技術與製程、營運、市場開發與商務。我深信他是接任的最佳人選。我認為他會是一位非常強而有力的執行長，我也很期待他接掌領導。

Paul, it's your show today.

Paul，今天就交給你了。

Thanks, Pat. To begin, I'm extremely honored to be taking on the role of CEO starting April 1. Pat has led the company for nearly two decades, guiding Gevo through some incredible times and put us in a great spot with our current business that sets the stage for future growth. From developing our intellectual property portfolio to shaping Gevo's business system from field to flight, Pat has been a visionary leader for renewable fuels and chemicals.

謝謝你，Pat。首先，我非常榮幸能自 4 月 1 日起接任執行長一職。Pat 領導公司將近二十年，引領 Gevo 經歷許多非凡時刻，並以我們目前的業務把公司帶到一個很好的位置，為未來成長奠定舞台。從建立我們的智慧財產權組合，到塑造 Gevo 從田間到飛行（field to flight）的商業系統，Pat 一直是再生燃料與化學品領域具遠見的領導者。

I'm happy to announce that after Pat's retirement, he will continue to serve on Gevo's Board of Directors, and the company will continue to benefit from his expertise and insights. Thank you, Pat. Now I'm pleased to highlight some of the progress we made in Q4 and on our full year for 2025. 2025 was truly a transformational year for Gevo.

我很高興宣布，Pat 退休後將繼續擔任 Gevo 董事會成員，公司也將持續受益於他的專業與洞見。謝謝你，Pat。接下來，我很高興重點說明我們在 2025 年第四季以及 2025 全年所取得的一些進展。2025 年對 Gevo 而言確實是轉型的一年。

The successful acquisition and integration of the Red Trail Energy assets now operating as Gevo North Dakota marked a pivotal moment in the company's growth story. I want to express my sincere appreciation for the outstanding people and great community who have welcomed us so warmly. Their partnership and dedication have been essential to our success.

成功收購並整合 Red Trail Energy 資產（目前以 Gevo North Dakota 營運）標誌著公司成長故事中的關鍵時刻。我想對那些傑出的人才與優秀的社區表達由衷的感謝，感謝他們如此熱情地歡迎我們。他們的合作與投入對我們的成功至關重要。

The team did an outstanding job across the board in 2025, delivering record-setting biofuel production, starting up our carbon business and leading the industry with some of the first large-scale 45Z clean fuel production tax credit sales. All of this was accomplished while substantially advancing our alcohol-to-jet growth platform.

團隊在 2025 年各方面都表現卓越，創下破紀錄的生質燃料產量，啟動我們的碳業務，並以業界領先之姿完成了首批大型 45Z 清潔燃料生產稅額抵免的銷售。同時，我們也大幅推進了酒精轉航空燃料的成長平台。

Our execution in 2025 led to three consecutive quarters of positive adjusted EBITDA with almost $8 million in adjusted EBITDA in Q4 as we continue to make solid progress on our goal of reaching $40 million in adjusted EBITDA on an annualized basis from our current asset base. Leke will give more color when he highlights our financial results.

我們在 2025 年的執行成果帶來連續三個季度的正調整後 EBITDA，第四季調整後 EBITDA 接近 800 萬美元；同時，我們持續朝著目標邁進：以目前的資產基礎，將年化調整後 EBITDA 提升至 4,000 萬美元。Leke 在說明我們的財務結果時，會提供更多細節。

Gevo's operations team exceeded the nameplate capacity of our ethanol production facility, reporting a record of about 69 million gallons of ethanol produced during the full 12-month period of 2025 while capturing 173,000 metric tons of carbon dioxide. To further build on these strong results, I'm happy to announce that we've approved our capital plan for Gevo North Dakota to expand capacity to 75 million gallons per year, produce more co-products, improve energy efficiency, capture more carbon dioxide and invest in our operational reliability.

Gevo 的營運團隊超越了我們乙醇生產設施的名目產能，在 2025 年完整 12 個月期間，通報乙醇產量約 6,900 萬加侖的紀錄，同時捕捉 173,000 公噸的二氧化碳。為了在這些強勁成果上再接再厲，我很高興宣布，我們已核准 Gevo North Dakota 的資本計畫，將產能擴增至每年 7,500 萬加侖、產出更多共同產品、提升能源效率、捕捉更多二氧化碳，並投資於營運可靠性。

We are reinvesting in Gevo North Dakota to grow our base business and improve our returns while we set the table for alcohol to jet. We have an aggressive time line to deliver these projects and anticipate they will be starting to deliver returns in early 2027. Chris will say more on this during his operations update. During 2025, we also started up our carbon business.

我們正在對 Gevo North Dakota 再投資，以擴大我們的基礎業務並提升報酬，同時為酒精轉航空燃料做好準備。我們有一個積極的時程來交付這些專案，並預期它們將於 2027 年初開始帶來回報。Chris 將在他的營運更新中進一步說明。在 2025 年期間，我們也啟動了碳業務。

The team has done extremely well developing the business from scratch, and we believe we are the first biofuel producer to develop and operate this business model. We believe our flexibility to sell carbon value either with our fuel products or separately in the voluntary carbon market provides a distinct advantage for optimizing returns and will apply to our ATJ growth platform in the future.

團隊從零開始打造這項業務，表現極為出色；我們相信我們是第一家開發並營運此商業模式的生質燃料生產商。我們認為，能夠選擇將碳價值與燃料產品一併出售，或在自願性碳市場中單獨出售，提供了優化報酬的明顯優勢，且未來也將適用於我們的 ATJ 成長平台。

In Q4, about 80% of our carbon benefits remained attached to ethanol gallons sold into low carbon fuel markets, and we built our inventory to roughly 30,000 tons of carbon dioxide removal credits or CDRs, by the quarter's end to meet future demand from spot and contract sales. Our customer base for CDR credits continues to grow beyond those previously reported such as NASDAQ and now

在第四季，我們約 80% 的碳效益仍附著於銷往低碳燃料市場的乙醇銷售量上；截至季末，為滿足未來現貨與合約銷售需求，我們將庫存建立至約 30,000 噸的二氧化碳移除額度（CDR）。我們的 CDR 額度客戶群持續擴大，超越先前已揭露的客戶（如 NASDAQ），現在也

includes companies like PayPal, Bank of Montreal and additional international clients. As the market develops, we are confident that Gevo is well positioned to produce, certify and supply high-integrity carbon credits that can help supply the growing market demand. In addition, Gevo retired carbon credits from Gevo, North Dakota to offset substantially all our own air travel in 2025.

包括 PayPal、蒙特婁銀行（Bank of Montreal）以及其他國際客戶。隨著市場發展，我們有信心 Gevo 已處於有利位置，能夠生產、認證並供應高完整性的碳額度，以協助滿足日益成長的市場需求。此外，Gevo 也註銷了來自 Gevo（北達科他州）的碳額度，用以抵銷我們在 2025 年幾乎所有自有航空旅行的排放。

At Gevo, we're committed to leading by example. We don't just talk about our values. We put them into action by utilizing our own products and solutions. Turning to our growth platform. Let me comment on ATJ-30, which stands for alcohol to jet at 30 million gallons per year in North Dakota. We refer to this as Project North Star.

在 Gevo，我們致力於以身作則。我們不只是談論我們的價值觀。我們透過使用自家產品與解決方案，將其付諸行動。接著談我們的成長平台。我想評論 ATJ-30，意指在北達科他州每年 3,000 萬加侖的「酒精轉航空燃料」（alcohol to jet）。我們將其稱為「北極星計畫」（Project North Star）。

As we've mentioned before, we anticipate that by adding Project North Star, once constructed, we could deliver $150 million in adjusted EBITDA per year from the fuels, carbon value and co-products. From there, we believe we can enable and create a franchise approach to deploying synthetic aviation fuel globally. But first, we need to build cereal number one and demonstrate the value proposition monetizing our commodities and carbon.

如同我們先前提到的，一旦北極星計畫建成並投運，我們預期可從燃料、碳價值與副產品中，每年貢獻 1.5 億美元的調整後 EBITDA。在此基礎上，我們相信我們能夠推動並建立一種特許經營式（franchise）的方式，在全球部署合成航空燃料。但首先，我們需要打造第一座示範工廠，並證明透過商品與碳的變現所帶來的價值主張。

Project North Star is designed to be a modular build that we can copy edit paste to meet the growing global demand for synthetic aviation fuel. North Star lays the groundwork for building out a franchise that is deploying many similar plants, either with our own capital or through partnerships to meet the growing global demand for jet fuel as the world flies more, not less.

北極星計畫採模組化設計，可透過「複製、編輯、貼上」的方式擴建，以滿足全球對合成航空燃料日益成長的需求。北極星為建立特許經營版圖奠定基礎，部署多座類似工廠；無論是使用我們自有資本或透過合作夥伴關係，皆可因應全球對噴射燃料的需求成長——世界將飛得更多，而不是更少。

We are developing the playbook containing Gevo's intellectual property and business system, which can be effectively replicated and implemented on a global scale. The work we are doing at Gevo North Dakota and with Verity is critical and provides the blueprint for what needs to happen at more ethanol plants in the future. Low carbon ethanol is the feedstock for our synthetic aviation fuel.

我們正在制定包含 Gevo 智慧財產與商業系統的作戰手冊（playbook），可在全球範圍內有效複製與落地。我們在 Gevo 北達科他州基地以及與 Verity 所進行的工作至關重要，並為未來更多乙醇工廠需要採取的行動提供藍圖。低碳乙醇是我們合成航空燃料的原料。

We need more of it, and we can help enable it. In fact, we started to sign letters of intent with third-party ethanol producers to bring Gevo's carbon business and Verity capabilities to other locations along with carbon management services. We believe our collaboration with Frontier Infrastructure Holdings and the options we are exploring to transport and store third-party carbon dioxide at Gevo North Dakota may enable more low-carbon ethanol facilities to be viable sites for additional ATJ plants.

我們需要更多低碳乙醇，而我們也能協助促成。事實上，我們已開始與第三方乙醇生產商簽署意向書（LOI），將 Gevo 的碳業務與 Verity 能力帶到其他地點，並提供碳管理服務。我們認為，與 Frontier Infrastructure Holdings 的合作，以及我們正在探索於 Gevo 北達科他州基地運輸與封存第三方二氧化碳的選項，可能使更多低碳乙醇設施成為新增 ATJ 工廠的可行據點。

As we started to show at Gevo North Dakota, there is money to be made in setting the table with low-carbon ethanol today and potentially a lot more with ATJ additions in the future. We currently believe that this will take the form of us delivering and getting paid for our technology, business system and know-how. It could give us more flexibility between investing our own capital and more of a capital-light type growth model, the franchise model.

正如我們在 Gevo 北達科他州基地開始展現的，當下透過低碳乙醇「把桌子擺好」就能賺錢，而未來若加入 ATJ，潛在收益可能更大。我們目前認為，這將以我們交付並就我們的技術、商業系統與專業知識收取費用的形式呈現。這可讓我們在投入自有資本與採取更輕資本（capital-light）的成長模式（即特許經營模式）之間，擁有更大的彈性。

While we are very optimistic about this growth, we will continue to be laser-focused on getting Project North Star to the finish line. Our goal is to reach FID on the project in 2026. We have a conditional commitment from the US Department of Energy's Office of Energy Dominance Financing, or EDF, for a loan guarantee to finance the construction of an ATJ plant.

儘管我們對此成長非常樂觀，我們仍將持續高度聚焦，推動北極星計畫順利完成。我們的目標是在 2026 年就該計畫達成最終投資決策（FID）。我們已獲得美國能源部「能源主導融資辦公室」（Office of Energy Dominance Financing，EDF）的有條件承諾，提供貸款擔保以資助 ATJ 工廠的建設。

As previously announced, we are discussing with them using that loan for ATJ-30. EDF is an excellent goal-aligned partner and a strong option for us, assuming we can get all the details worked out. Our goal is project level non-dilutive funding to build ATJ-30. Finally, as part of our growth strategy and what we've learned at Gevo, North Dakota, we'll also stay on the lookout for more acquisitions that are accretive, that strategically fit our platform and further scale our adjusted EBITDA. It was a transformational 2025 that we are leveraging to make 2026 even better.

如先前公告，我們正與其討論將該筆貸款用於 ATJ-30。在假設我們能把所有細節談妥的前提下，EDF 是一位目標一致的優秀合作夥伴，也是我們的強力選項。我們的目標是在專案層級取得非稀釋性資金，以建設 ATJ-30。最後，作為我們成長策略的一部分，以及基於我們在 Gevo 北達科他州基地的學習，我們也會持續留意更多具增益性（accretive）、在策略上契合我們平台、並能進一步擴大我們調整後 EBITDA 的併購機會。2025 年是具轉型意義的一年，我們正加以運用，讓 2026 年更上一層樓。

With that, I'll turn it over to Leke.

接下來我把時間交給 Leke。

Thanks, Paul. Starting on slide 4 of our earnings presentation. For the full year 2025, we had revenue of $161 million, a loss from operations of $20 million, non-GAAP adjusted EBITDA of $16 million, a record-setting low carbon ethanol volume of about 69 million gallons plus 173,000 metric tons of CCS at our production facility.

謝謝，Paul。請看我們財報簡報的第 4 頁。2025 全年，我們營收為 1.61 億美元，營業虧損 2,000 萬美元，非 GAAP 調整後 EBITDA 為 1,600 萬美元；低碳乙醇銷量創新高，約 6,900 萬加侖，並且在我們的生產設施完成 173,000 公噸的 CCS（碳捕集與封存）。

During the fourth-quarter of 2025, we turned positive on cash flows from operations, generating $20 million during the period. We increased cash, cash equivalents and restricted cash to $117 million at year-end, which is a $9 million increase versus the third-quarter. All of the restricted cash we had at year-end was released after we completed our debt consolidation transaction in February 2026.

在 2025 年第四季，我們的營運現金流轉為正，期間創造 2,000 萬美元。年末現金、約當現金與受限制現金增至 1.17 億美元，較第三季增加 900 萬美元。我們在年末持有的所有受限制現金，已在 2026 年 2 月完成債務整併交易後解除限制。

Finally, we maintained our strong 2026 outlook, including our previously communicated near-term organic growth target of achieving annualized non-GAAP adjusted EBITDA of about $40 million and a neutral to positive operating cash flow in full year 2026. Turning to slide 5. Our full year 2025 results showcase a transformative year and highlight how we executed on and integrated our strategic acquisition of Red Trail Energy assets.

最後，我們維持對 2026 年的強勁展望，包括先前已溝通的短期內生性成長目標：達成約 4,000 萬美元的年化非 GAAP 調整後 EBITDA，並在 2026 全年實現中性至正向的營運現金流。接著看第 5 頁。我們 2025 全年成果展現了轉型的一年，並凸顯我們如何執行並整合對 Red Trail Energy 資產的策略性收購。

In comparison to prior year, revenue during full year 2025 increased by 849% Loss from operations decreased by $71 million, non-GAAP adjusted EBITDA increased by $74 million and the cash flow from operations increased by $44 million. On slide 6, we can see the step change and the strong foundation for growth that we have built.

與前一年相比，2025 全年營收增加 849%；營業虧損減少 7,100 萬美元；非 GAAP 調整後 EBITDA 增加 7,400 萬美元；營運現金流增加 4,400 萬美元。在第 6 頁，我們可以看到我們所建立的躍升式變化（step change）以及強勁的成長基礎。

The past three quarters have averaged $43 million to $45 million in revenue. Going forward, we expect revenue to vary quarter-to-quarter depending on the market prices of ethanol, RNG and environmental benefits. However, we expect our adjusted EBITDA drivers to remain resilient and grow in 2026. One of our adjusted EBITDA drivers, which does not depend on the market prices that I just mentioned, is our production tax credits.

過去三個季度的平均營收為 4,300 萬至 4,500 萬美元。展望未來，我們預期營收將隨乙醇、RNG（可再生天然氣）與環境效益的市場價格而在各季度間波動。然而，我們預期推動調整後 EBITDA 的因素將保持韌性，並在 2026 年成長。我們的調整後 EBITDA 驅動因素之一——不依賴我剛提到的市場價格——是我們的生產稅額抵免（production tax credits）。

Last year, we sold $52 million of production tax credits related to Gevo, North Dakota as we produce ethanol and sequester carbon. We received about $41 million of cash proceeds in 2025 and expect the remainder in the first-quarter of 2026. As a reminder, we book production tax credit as a reduction to cost of goods sold each quarter.

去年，隨著我們生產乙醇並封存碳，我們出售了與 Gevo 北達科他州基地相關的 5,200 萬美元生產稅額抵免。我們在 2025 年收到約 4,100 萬美元的現金收入，並預期其餘款項將於 2026 年第一季收到。提醒一下，我們每季將生產稅額抵免入帳為銷貨成本的減項。

Looking forward to 2026 operating results, we are confident in our execution capabilities and remain focused on achieving our target of approximately $10 million in adjusted EBITDA per quarter in 2026 or roughly $40 million on an annualized basis. We're also now targeting neutral to positive operating cash flow in 2026.

展望 2026 年的營運成果，我們對自身的執行能力充滿信心，並將持續專注於在 2026 年達成每季約 1,000 萬美元的調整後 EBITDA 目標，或按年化基礎約 4,000 萬美元。我們也將 2026 年的目標設定為營運現金流達到持平至正向。

With that, I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thanks, Leke. 2025 was a record operational year. Gevo North Dakota recorded 69 million gallons of low-carbon ethanol volume during the full 12-month period and achieved a yield of nearly three gallons per bushel, which is close to the theoretical maximum. Included in that number is approximately 2 million gallons of cellulosic ethanol that was produced from corn kernel fiber.

謝謝，Leke。2025 年是營運表現創紀錄的一年。Gevo 北達科他在完整 12 個月期間錄得 6,900 萬加侖的低碳乙醇產量，且每蒲式耳的產率接近三加侖，幾乎達到理論上限。其中包含約 200 萬加侖由玉米胚乳纖維生產的纖維素乙醇。

That adds incremental value due to its lower carbon score. Our carbon sequestration system sequestered 173,000 metric tons of CO2, exceeding our previously stated benchmark of 165,000 metric tons. Operationally, the plant is running reliably and efficiently. Our focus now is on one, debottlenecking to increase ethanol, CO2 and co-product volumes. Two, reducing carbon intensity further.

由於其較低的碳分數，這帶來了額外的價值增量。我們的碳封存系統封存了 173,000 公噸的二氧化碳，超過我們先前提出的 165,000 公噸基準。在營運面，工廠運轉可靠且效率良好。我們目前的重點是：第一，透過消除瓶頸提升乙醇、CO2 與副產品產量。第二，進一步降低碳強度。

And three, preparing for the fabrication of modules for our ATJ-30 project. We think our debottlenecking and expansion organic growth projects can increase efficiencies, put more money in the pockets of our farmer partners and local communities, drive down our carbon intensity score, optimize our production tax credits and finally, increase ethanol production to as high as 75 million gallons per year, and we'll raise carbon sequestration to at least 200,000 metric tons a year.

第三，為我們 ATJ-30 專案的模組製造做準備。我們認為，消除瓶頸與擴產等內生成長專案可提升效率、讓更多收益回到我們的農民合作夥伴與在地社區口袋、降低碳強度分數、最佳化我們的生產稅額抵免，並最終將乙醇年產量提高至最高 7,500 萬加侖，同時把碳封存量提升至每年至少 200,000 公噸。

Most of these projects have a one- to two-year payback, and the remainder of the projects will improve our operational efficiency and asset life. In 2026, we plan to deploy about $26 million of capital, which further positions us to achieve stronger operating results starting next year. In addition to the incremental organic growth, Gevo North Dakota provides an exceptional foundation for our ATJ-30 project.

這些專案多數的回收期為一到兩年，其餘專案將改善我們的營運效率與資產壽命。2026 年我們計畫投入約 2,600 萬美元資本支出，進一步讓我們自明年起能達成更強勁的營運成果。除了增量的內生成長之外，Gevo 北達科他也為我們的 ATJ-30 專案提供了極佳的基礎。

We have our own captive low-carbon ethanol feedstock, our own operating CCS, we have rail infrastructure. We have about 500 acres of space, and we have a great operations team. This is why we believe ATJ-30 is the right project for the site and why Project North Star will be a good showcase to pursue Gevo's long-term copy-paste strategy.

我們擁有自有的低碳乙醇封閉式供料來源、自有且在運轉的 CCS，也有鐵路基礎設施。我們有約 500 英畝的空間，並且擁有優秀的營運團隊。這就是為什麼我們相信 ATJ-30 是此基地的正確專案，也為什麼 Project North Star 將成為推動 Gevo 長期「複製貼上」策略的良好示範。

Back to you, Pat.

交回給你，Pat。

Thanks, Chris, Paul and Leke. While the company has solid economic footing with a clear path to grow adjusted EBITDA even without building the jet plant, investors should be able to see how the cash flow from our businesses benefit us prior to the ATJ-30 plant coming online in the future. We built a strong foundation from which to grow.

謝謝，Chris、Paul 和 Leke。即使不建造噴射燃料工廠，公司也具備穩健的經濟基礎，且有清晰路徑可提升調整後 EBITDA；投資人也應能看見，在未來 ATJ-30 工廠上線之前，我們各項業務所帶來的現金流如何讓我們受益。我們建立了堅實的成長基礎。

I believe the ATJ opportunity is exciting, especially with Project North Star and the franchise approach. It has taken longer than I ever wanted to get to the point where we are today, but here we are. And looking back, what a journey it's been. I'm incredibly pleased with where we are and where we are going. I'm most proud of the terrific team we have.

我認為 ATJ 的機會令人振奮，尤其是結合 Project North Star 與特許經營式（franchise）做法。走到今天這一步花的時間比我希望的更久，但我們終於到了。回頭看，這一路走來真是一段旅程。我對我們目前的位置以及未來的方向感到非常滿意。我最自豪的是我們擁有一支出色的團隊。

I hear from investors and partners all the time how impressed they are with our people. We work to deliver, and we are incredibly persistent because we believe in what we are doing with deep conviction. So for me, the timing is right. The team is strong. The balance sheet is looking good. There are what I believe to be great opportunities in front of us. It's time for me to pass the torch to Paul, who I have bet will be a great CEO.

我經常從投資人與合作夥伴那裡聽到，他們對我們的人才有多麼印象深刻。我們努力交付成果，而且我們非常堅持，因為我們對正在做的事情抱持深刻的信念。所以對我而言，時機已經成熟。團隊很強。資產負債表看起來也很不錯。在我看來，眼前有很好的機會。是時候把接力棒交給 Paul 了，我相信他會是一位很棒的 CEO。

And with that, we'll take your questions. Operator?

接下來我們開始回答各位的提問。接線員？

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

JeffI was curious on the CI front. I believe there were some changes in the calculations that kicked in at the start of this year. I was just kind of curious to contextualize those a bit more. Is there any way you guys could share maybe like what your CI score were in the back half of 2025 and how much of a benefit that could be for you guys looking ahead into this year?

Jeff：我想了解一下 CI（碳強度）方面。我相信今年年初計算方式有一些變更開始生效。我想更進一步把這些變更放到脈絡中理解。你們是否能分享一下，例如 2025 年下半年你們的 CI 分數大概是多少，以及展望今年這對你們可能帶來多大的好處？

I think let's -- I think what we should do is give an outline, Leke, of the kind of numbers that you're seeing.

我想我們——我想我們應該請 Leke 概述一下你看到的數字大概是什麼。

Yes. Absolutely. Thanks, Pat. I think high level, so last year, our Gevo North Dakota, as you know, we generated and monetized $52 million of tax credits. That was based on a CI score of low double digits last year. With the changes to the guidance and then the 45Z-GREET model, how that's going to work in terms of no eye lock effectively, I think that's what you're referring to.

是的。當然。謝謝，Pat。我先從高層次說明：去年我們的 Gevo 北達科他，如你所知，我們產生並變現了 5,200 萬美元的稅額抵免。那是基於去年 CI 分數落在低雙位數。隨著指引的變更以及 45Z-GREET 模型，未來在實務上如何運作、等同於不再有「眼鎖（eye lock）」之類的限制，我想你指的是這部分。

That impact is going to be reflected in the amount of 45Z that we generate for our Gevo North Dakota asset in 2026, not necessarily 2025. And the impact that, that has on our CI score is it's going to reduce our CI score by pretty much six to seven CI points. And when that happens, we expect to generate an incremental $0.10 per gallon in 2026. That is what we expect to see from our facility in 2026 in terms of 45Z.

那個影響會反映在 2026 年我們 Gevo 北達科他資產所產生的 45Z 金額上，不一定是在 2025 年。而它對我們 CI 分數的影響是，將使我們的 CI 分數大約降低 6 到 7 個 CI 點。在那種情況下，我們預期 2026 年每加侖可額外增加 0.10 美元。這就是我們預期 2026 年該設施在 45Z 方面會呈現的狀況。

So based on our projected production of our Gevo North Dakota asset in 2026 of 67 million gallons, we are going to be in that threshold of $0.90 per gallon of credit generation in 2026. Changes to the 45Z guidance has very little to no impact to the 45Z generation for our RNG production or RNG asset at this time.

因此，依據我們對 2026 年 Gevo 北達科他資產預估產量 6,700 萬加侖，我們在 2026 年將落在每加侖 0.90 美元的抵免產生門檻區間。目前為止，45Z 指引的變更對我們 RNG 產量或 RNG 資產的 45Z 產生幾乎沒有影響或完全沒有影響。

Perfect. I appreciate it. That's exactly what I was looking for. My follow-up is on the ATJ side. I believe that DOE extension that you guys got last year has maybe a couple more months remaining, at least on the original extension. Is it fair to assume that something gets figured out with them or another party by that deadline? Do you think additional time may be needed? I know you guys are targeting this year for FID on that, but wasn't sure if there's other things at play to reach that FID outside of financing.

很好。感謝。這正是我想了解的。我的追問是關於 ATJ。我記得你們去年取得的 DOE 延期，至少就原本的延期來看，可能還剩下幾個月。是否可以合理假設，在那個期限前你們會和他們或其他合作方把事情敲定？你覺得是否可能需要更多時間？我知道你們目標是在今年對該案做出 FID（最終投資決定），但我不確定除了融資之外，是否還有其他因素會影響達成 FID。

Paul, your question.

Paul，這題給你。

Yes, sure. Great question, Jeff. Yes, we're working -- we've been working on this for a number of years now, three-years going on. And so we want to get this to the finish line with the DOE. And we're pretty excited about where we're at and continuing to move this forward. But yes, we're absolutely -- when that got extended through mid-April.

好的，當然。Jeff，問得很好。是的，我們一直在推進——我們已經為此努力了好幾年，進入第三年了。因此我們希望能和 DOE 一起把這件事推到終點。我們對目前的進展感到相當振奮，也會持續推動向前。不過是的，我們確實——當時延期到 4 月中旬。

So we'll be working with the DOE to reach a decision there on most likely an extra extension is what we're looking for. But we're also working with a number of other parties who we're excited about, who see the value in the ATJ platform. So it's a combination of things.

因此我們將與 DOE 合作，在那裡做出決定；最有可能我們尋求的是額外的延期。但我們也正在與其他多方合作，我們對此感到振奮，因為他們看到了 ATJ 平台的價值。所以這是多種因素的組合。

Yes, I'll add to this point is that the economics look good. One of the interesting things that happened was that we're having -- our engagement with the DOE, and they fully understand that we want to build that ATJ-30 plant up there in North Dakota rather than a 60 million gallon plant down in South Dakota, outstanding. You know what, the economics are good. We have low carbon ethanol. It's a great site.

是的，我補充一點：經濟性看起來不錯。其中一個有趣的事情是，我們與 DOE 的互動——他們完全理解我們希望在北達科他州建 ATJ-30 工廠，而不是在南達科他州建一座 6,000 萬加侖的工廠，這點非常好。你知道的，經濟性很好。我們有低碳乙醇。這是一個很棒的場址。

Carbon capture is under our control. We've got half of what we would have had to build in South Dakota already built up there in North Dakota. And so other parties are interested, too, and other people are interested in working with us to finance it, particularly because of this franchise model that Paul was talking about.

碳捕集在我們的掌控之下。我們在北達科他州那邊已經建好了原本在南達科他州需要建設的一半。因此其他方也有興趣，也有人有興趣與我們合作為其融資，特別是因為 Paul 剛才提到的這種特許經營模式。

Dushyant Ailani, Jefferies.

Dushyant Ailani，Jefferies。

Pat, it was a pleasure working with you and Paul. Again, congrats on the new role. My first question, I know that you kind of talked about that incremental $0.10. Maybe could you give a little bit more on the details on the path to get to that $40 million in EBITDA, the bridge? I know you guys have highlighted that before, but maybe if you can talk a little bit about the timing of it and how you can think about that going forward?

Pat，能與你和 Paul 共事很愉快。再次恭喜你擔任新職務。我的第一個問題是，我知道你提到過那個增量的 0.10 美元。能否再多給一些細節，說明通往 4,000 萬美元 EBITDA 的路徑，也就是那個橋接？我知道你們之前強調過，但如果可以的話，能否談談其時間節奏，以及未來應如何看待？

Paul, that's a question for you, and then you and Leke teaming up on it, I think.

Paul，這個問題交給你，然後我想你和 Leke 一起回答。

Yes. Sure thing, Dushyant. I mean you see what we've done right now. I mean, last quarter, we were kind of at this $20 million in EBITDA run rate. And with the extra push on the carbon and our good and low carbon fuel sales, we've got that coming forward. Now we're looking at -- you heard what Leke was saying, we can't get more than kind of this dollar per gallon.

是的。當然，Dushyant。我的意思是，你看到我們目前所做的。上個季度，我們大概處在 EBITDA 年化運行率 2,000 萬美元左右。隨著在碳方面的額外推進，以及我們良好且低碳燃料的銷售，這些正在推動業績向前。現在我們在看——你也聽到 Leke 說了，我們大概拿不到超過每加侖 1 美元。

That's where we're going to cap out with the 45Z tax credits. So you put those kind of things together with the existing assets even before expansion, and we're really looking at how this shapes up to something like around a $10 million kind of average per quarter going forward. So that kind of puts in perspective. Leke, maybe you can chime in with a few extra details there.

這就是我們在 45Z 稅收抵免下的上限。因此把這些因素與現有資產（甚至在擴建之前）結合起來看，我們真正看到的是，未來大概會形成每季平均約 1,000 萬美元左右的水準。所以這能讓大家有個概念。Leke，也許你可以補充一些細節。

Paul, no, I think you captured it. I think the trajectory is we are on track with really just how our EBITDA mix is made up to be tracking exactly as to how we're projecting, which is that $10 million per quarter. We feel very confident. I think 45Z is going to be part of the story. But we also do believe that really the intrinsic EBITDA margin that our assets can also generate also from the carbon monetization that we're doing, we're on the right track to achieve that goal.

Paul，不，我覺得你已經概括得很好了。我認為趨勢是，我們的 EBITDA 組合構成正按我們的預測精準推進，也就是每季 1,000 萬美元。我們非常有信心。我認為 45Z 會是故事的一部分。但我們也相信，我們資產本身可產生的內生 EBITDA 利潤率，再加上我們正在進行的碳變現，我們正走在正確的軌道上以達成該目標。

Understood. And then my follow-up was, I know you mentioned some talk around potential acquisitions as well. Maybe could you dive a little bit further into that, what kind of assets you're looking for and maybe around timing of those?

了解。那我的追問是，我知道你提到也在談一些潛在的併購。能否再深入一點說明，你們在尋找什麼類型的資產，以及大概的時間點？

Yes. I think I'm going to follow up on one other thing about an important point about Gevo and Leke and his team compared to other companies who talk about 45Z. We actually -- Leke his team actually brought the money in the door. That's an important distinction. And it shouldn't be -- that's an important point. It's not a hypothetical. It's a real thing that's been brought in.

是的。我想我還要補充一個關於 Gevo 以及 Leke 和他的團隊、相較於其他談 45Z 的公司的一個重要點。我們其實——Leke 的團隊其實已經把錢帶進門了。這是一個重要的差異。而且這不應該——這是一個重要的點。這不是假設性的。這是真實已經引入的資金。

Now as far as looking at are there other Gevo North Dakotas that we could apply our skill to and bring value to. Paul, do you want to comment on that?

至於我們在看是否還有其他像 Gevo 北達科他這樣的機會，我們可以運用我們的能力並創造價值。Paul，你想評論一下嗎？

Yes, sure. I mean, look, I think this is what we're learning, Dushyant, at Gevo North Dakota that there's a lot of money to be made kind of setting the table as we think about the ATJ franchise. So as we look for how do we build out that franchise, we're looking for similar things that we've already identified. And it was a good learning for us going from South Dakota to North Dakota. We have on-site CCS in capture.

是的，當然。我的意思是，Dushyant，你看，我認為我們在 Gevo 北達科他學到的是，當我們思考 ATJ 特許經營時，透過把桌子先擺好（打好基礎）其實有很多錢可賺。所以當我們尋找如何擴展這個特許經營時，我們會尋找我們已經辨識出的類似條件。而且從南達科他轉到北達科他，對我們來說是一次很好的學習。我們有場內 CCS 的捕集能力。

So that's good. You got to have good corn. You got to have good logistics, right? You have to have all the good things that we're proving that are critical. And again, that kind of sets the base for then how do you grow ATJ. And so as we look through this and we talk to others, we know there aren't that many of these different assets out there, but we're going to keep our eye on that because I'd sure like to have another Gevo North Dakota if it exists. But we're going to just keep watching for that and be opportunistic.

所以這很好。你必須有好的玉米。你必須有良好的物流，對吧？你必須具備我們正在證明至關重要的所有優勢條件。而且再次強調，這為接下來如何擴張 ATJ 奠定基礎。因此當我們檢視這些並與他人交流時，我們知道市場上這類資產並不多，但我們會持續留意，因為如果存在的話，我當然希望再有一個 Gevo 北達科他。但我們會持續觀察並把握機會。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Just sticking to ATJ-30 and the financing thereof. The FID is expected during 2026. Is it dependent on the EDF loan guarantee transferring to this? Or it is independent of it?

就聚焦在 ATJ-30 以及其融資。FID 預計在 2026 年。它是否取決於 EDF 貸款擔保轉移到這個項目？還是與其無關、可獨立進行？

Sure, Sameer. Look, I mean, it definitely accelerates things quickly, right? We can get the debt sizing right and move this forward and get the loan completed here. So that's a fast track that we want to try to keep moving forward. But like we said before, we're working with others because we're advancing the engineering along. And if you remember, we did a lot of work in South Dakota.

當然，Sameer。你看，我的意思是，這確實會加速進程，對吧？我們可以把債務規模（debt sizing）做對，推動項目前進，並在這裡把貸款完成。所以這是一條我們想要持續推進的快速通道。但如同我們之前所說，我們也在與其他方合作，因為我們正在推進工程設計。而且如果你記得，我們在南達科他做了大量工作。

So this is -- as we're thinking about how do we fit this project into -- at North Dakota, it's really taking it from that 60 million gallon size that we had there to a 30 million gallon size. Good news is now we've got two different sized designs for our franchise. And then we basically have a little bit less on the capital to go out and get.

所以這是——當我們思考如何把這個項目放到北達科他時，實際上就是把原本那邊 6,000 萬加侖的規模調整為 3,000 萬加侖的規模。好消息是，現在我們的特許經營有兩種不同規模的設計。然後基本上，我們需要對外籌措的資本也會少一些。

But it's a combination of looking at what's the debt and the equity that we're going to have and who are the partners to put that together. Either way, we want to get this thing moving because we want to get -- like Pat was saying before, North Star has just fantastic economics. And we think that the returns speak for themselves with potential to add up to $150 million in EBITDA from adding the ATJ-30 and Gevo North Dakota.

但這是綜合考量我們將採用多少債務與股權，以及由哪些合作夥伴來把它組合起來。無論如何，我們都希望推動這件事，因為我們想要——就像 Pat 之前說的，North Star 的經濟性非常出色。而且我們認為，若新增 ATJ-30 與 Gevo 北達科他，其回報不言自明，EBITDA 的潛在增量可高達 1.5 億美元。

And you have to remember that we're a lot more interesting than we used to be. We're positive cash flow kind of situation here. And so that makes us a whole lot less risky. And that's not lost on all kinds of people who invest in these types of things, right? There's a good base, same thing we were talking about, strong base, good economics up there. Everything is under our Gevo control, and it's a good situation. So yes, there's other options available.

而且你必須記得，我們比以前有趣得多。我們現在是正現金流的狀態。因此這讓我們的風險低了很多。這一點並沒有被各類投資這些項目的人忽視，對吧？有良好的基礎，就像我們剛才談到的，穩固的基礎、很好的經濟性。一切都在我們 Gevo 的掌控之下，這是一個很好的局面。所以是的，還有其他可用的選項。

Makes sense. It was interesting to see the 2 million gallons of corn fiber cellulosic ethanol being produced. Is it -- like what are the considerations in either increasing that volume or in order to get a higher CI score, like can you go do 4 million next year or 7 million? Just wanted to understand what the limits or extent is.

了解。看到生產了 200 萬加侖的玉米纖維纖維素乙醇很有意思。想請教的是——無論是要提高那個產量，或是為了取得更高的 CI 分數，有哪些考量？例如明年能不能做到 400 萬或 700 萬加侖？只是想了解一下限制或可達到的範圍。

Chris?

Chris？

Sure. So the way we make that corn fiber ethanol is really through the new enzymes that we add. And there's definitely room to optimize things, absolutely. We continue to do that. So you might expect incremental increases. At the same time, we are working on getting more ethanol gallons out the plant, including the capital investment to further debottleneck the plant. And likewise, that will result in more corn fiber ethanol. So that's really -- it's really in the enzymes.

當然。我們製造玉米纖維乙醇的方式，主要是透過我們新增的那些新酵素。而且確實有空間可以優化，絕對有。我們也持續在做。所以你可能會看到逐步的增量提升。同時，我們也在努力讓工廠產出更多乙醇加侖數，包括投入資本以進一步為工廠去瓶頸。同樣地，這也會帶來更多玉米纖維乙醇。所以關鍵其實——其實就在酵素。

And I think as far as improving the overall economics, you got several levers they're working on, right? Chris just mentioned the increased production of ethanol. We're producing quite a lot of CO2 right now, capturing more of it and then capturing additional that comes off as we produce more ethanol, that's awesome. We have -- we can optimize co-products, the protein and the corn oil.

我想就提升整體經濟性而言，他們正在操作好幾個槓桿，對吧？Chris 剛提到提高乙醇產量。我們現在產生相當多的 CO2，能捕集更多，並且在我們生產更多乙醇時把額外產生的也捕集起來，這很棒。我們還可以優化副產品，包括蛋白與玉米油。

And of course, we were just talking about the cellulosic. So there are several levels. And that's why helping debottlenecking up there is important every little bit matters because we really would rather have $1 a gallon on the tax credits, plus it generates more CDRs, and those are valuable in the marketplace. And those are completely separate than those production tax credits.

當然，我們剛才也在談纖維素。所以有好幾個層面。這也是為什麼在那邊協助去瓶頸很重要——每一點都很關鍵，因為我們真的更希望能拿到每加侖 1 美元的稅收抵免，而且它還會產生更多 CDR，而這些在市場上很有價值。而且那些與生產稅收抵免是完全分開的。

They're not the same at all. So that's an important point. We're increasing the number of products available by increasing how effective we are capturing the co-products and the ethanol.

兩者完全不是同一回事。所以這是一個重要的重點。我們透過提升副產品與乙醇的捕集效率，來增加可供的產品數量。

Got it. Just one last one. I don't think we discussed Verity in any detail. But are we on track to sort of commercialize that during this year for feedstock traceability, agricultural applications. Just would like to see where Verity is at.

了解。最後一個問題。我想我們沒有詳細討論 Verity。但我們是否有望在今年把它商業化，用於原料可追溯性、農業應用？想了解一下 Verity 目前進展到哪裡。

Well, Sameer, great question. So we're pretty excited. I think we finally got a really good catalyst. And we talked a little bit about the 45Z tax credits. And if you see -- if you look at what guidance came out from treasury recently, while it didn't perfectly include that ag benefits would be counted and indicated that ag benefits would likely be part of what is going to be added into 45Z tax credits, which is exactly the kind of carbon accounting and traceability solutions that Verity was designed to actually deliver.

嗯，Sameer，問得很好。所以我們相當興奮。我想我們終於找到一個非常好的催化因素。我們也稍微談到 45Z 稅收抵免。如果你看——如果你看財政部最近發布的指引，雖然它沒有完美地把農業效益納入計算，但它指出農業效益很可能會被納入 45Z 稅收抵免的新增內容，而這正是 Verity 所設計要提供的那種碳盤查與可追溯性解決方案。

So we've been actually signing up more customers over the past quarter than we ever have before. So it's a combination of traceability and basically think about compliance services that you need to simplify, right? These are a lot of complicated calculations that need to be done. Gevo has to do them for ourselves. This is why we created it.

因此在過去一個季度，我們實際上簽下的客戶比以往任何時候都多。所以它是可追溯性與——基本上你可以把它想成你需要用來簡化的合規服務，對吧？這裡面有很多需要完成的複雜計算。Gevo 也必須為我們自己做這些計算。這就是我們創建它的原因。

We created it as a tool to simplify our lives and make things more accurate and easier to do. But that's the same thing that our customers for Verity need. So we're really excited about that, and we're trying to make it more operational friendly and work with farmers. So you may have seen that we also announced the partnership with Bushel who has a lot of farm management and grain software that help farmers just with their regular business.

我們把它做成一個工具，用來簡化我們的工作，並讓事情更精準、更容易執行。但這也正是 Verity 客戶所需要的。所以我們對此非常興奮，並且正努力讓它更適合營運端使用，並與農民合作。所以你可能也看到我們宣布與 Bushel 的合作夥伴關係；Bushel 有許多農場管理與穀物軟體，能協助農民處理日常業務。

And so this is how we're now starting to integrate Verity with actual farm business software to make it really an integral part of how people do their business and also do their tracking and traceability that is needed to monetize. So we're pretty excited about that. So thanks for asking the question.

因此我們現在開始把 Verity 與實際的農場業務軟體整合，讓它真正成為人們經營業務方式中不可或缺的一部分，同時也能完成為了變現所需的追蹤與可追溯性。所以我們對此相當興奮。謝謝你提出這個問題。

Yes. sounds really good. Thanks, Patrick, for bringing the company so far Paul, good luck for the future.

是的，聽起來非常好。謝謝 Patrick 把公司帶到今天這一步；Paul，也祝你未來一切順利。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

Congrats on a strong year-end. And Pat and Paul, congrats on your respective updates. And Pat, hopefully, you can enjoy some well-deserved time off in retirement. Starting maybe first with bigger picture. With what you guys have accomplished over the last year, I mean, it's quite remarkable as you look at slide 5. Paul, for you specifically.

恭喜年末表現強勁。Pat 和 Paul，也恭喜你們各自的最新進展。Pat，希望你在退休後能享受一些當之無愧的休息時間。也許先從更宏觀的角度開始。回顧你們過去一年所完成的成果——看第 5 頁投影片，確實相當了不起。Paul，特別想請教你。

As you think about, again, this progress that the organization has accomplished and where you'd like the organization to be next year at this time, how would you paint the picture of what changes, if any, to expect? And it could be as simple as emphasizing certain aspects of the business, but just kind of how you think about the business and where you'd like to be one-year from now?

當你思考組織所取得的這些進展，以及你希望明年此時組織達到的狀態時，你會如何描繪未來可能出現的變化（如果有的話）？也許只是更強調業務的某些面向，但想請你談談你如何看待這門生意，以及你希望一年後達到什麼位置？

Yes, sure, Derrick. And look, it's an exciting time, right, because we have come so far in this past year and started things. I think the carbon business is one that we're really excited about, and we've been working on growing, and it's just getting started, right? So we're selling fuel with carbon attached or pulling that off separately.

好的，當然，Derrick。你看，這是一個令人振奮的時刻，對吧？因為我們在過去一年走了很遠，也把很多事情啟動起來。我認為碳業務是我們非常興奮的一塊，我們一直在推動成長，而它其實才剛開始，對吧？所以我們是在銷售附帶碳屬性的燃料，或是把碳拆分出來單獨出售。

And I think the biggest thing that we've learned and the biggest -- maybe the biggest opportunity is just how do we really sell and monetize that carbon. We're starting to see our sales pick up with brand names. And obviously, there's a long way to go because we're just getting started. But really, the market is just getting started.

我想我們學到的最大一件事、也是——也許最大的機會，就是我們要如何真正把這些碳賣出去並實現變現。我們開始看到與品牌客戶的銷售在增加。而且顯然還有很長的路要走，因為我們才剛起步。但其實市場也才剛起步。

So I think as carbon develops, if you look at some of the stats on the carbon markets, about 44 million tons of carbon has been sold in these carbon dioxide removal markets, but only about 2.8% of that has actually been delivered. We're one of the first companies to be actually producing and delivering carbon credits and have a model where we can basically select between do we sell into low carbon fuel markets that have good returns or do we separate that carbon if there's more value to sell into separate markets.

所以我認為隨著碳市場發展，如果你看一些碳市場的統計數據，在這些二氧化碳移除（CDR）市場中，大約已售出 4,400 萬噸的碳，但其中實際交付的只有約 2.8%。我們是最早一批真正開始生產並交付碳權的公司之一，而且我們的模式基本上可以在兩者之間做選擇：我們是賣到低碳燃料市場、獲得不錯的回報，還是如果把碳拆分出來在獨立市場出售更有價值，就把它分開來賣。

So really getting that -- dialing in that carbon business and improving on it because we're just getting started, I think, is a big deal for us. And that not only rolls into how we're doing our low-carbon ethanol business, that's exactly the same way we're thinking about the ATJ business as we think about a franchise, right?

所以，真正把那個——把碳業務調校到位並持續改善，因為我認為我們才剛起步——對我們來說是件大事。而且這不僅會反映在我們低碳乙醇業務的做法上；我們對 ATJ 業務的思考方式也完全一樣，把它視為一個可複製的特許經營模式，對吧？

Because we can sell that fuel with those carbon attributes. It's called a little bit different terminology, Scope 1s and Scope 3s when it's sold with the fuel, but we can also separate those off and sell customers, those Scope 1s and Scope 3 separately from that physical fuel. So it's really the same business model just applied to different commodities.

因為我們可以把帶有這些碳屬性的燃料賣出去。當它隨燃料一起出售時，術語會稍微不同，稱為範疇 1（Scope 1）和範疇 3（Scope 3）；但我們也可以把這些拆分出來，將範疇 1 和範疇 3 的屬性與實體燃料分開，單獨賣給客戶。所以本質上是同一種商業模式，只是套用在不同的大宗商品上。

And so as we get good at this, and we've already got essentially half of the output of the carbon sold from ATJ-30 under contracts. So I think that's going to be a bigger part of what we do. And that's a bigger part of the business that we believe we can bring to others, right, as we franchise this business. We don't have to own all the ethanol assets in the world.

因此，當我們越來越擅長這件事時——而且我們其實已經把 ATJ-30 產出的碳屬性大約一半以合約形式售出。所以我認為這會成為我們業務中更大的一部分。而且當我們以特許經營方式推廣這門生意時，我們相信這也是我們能帶給其他人的更大一塊價值，對吧？我們不必擁有全世界所有的乙醇資產。

We don't have to own all the ATJ plants in the world. We have a business system that we can kind of copy paste even on that side and help people and get paid for our know-how and our business system as we bring that playbook, right? And so this will be kind of the piece we really look at is what is our -- how capital intensive do we want to be?

我們也不必擁有全世界所有的 ATJ 工廠。我們有一套商業系統，甚至在那一端也可以某種程度上複製貼上，去協助別人，並在我們帶著這套作戰手冊（playbook）落地時，因我們的專業知識與商業系統而獲得報酬，對吧？因此，我們真正要看的其中一塊是：我們希望自己有多資本密集？

Obviously, we like -- we love the returns that we're getting from Gevo North Dakota. And so it's great to have that asset, and we'd sure love more. But we realize that we got to manage that growth and how can we do that in an efficient way to balance our capital versus a capital-light strategy, which is where we think that franchise model comes into place.

顯然，我們很喜歡——我們非常喜歡 Gevo 北達科他（North Dakota）帶來的報酬率。所以擁有那項資產很棒，我們當然也很希望有更多。但我們也明白必須管理成長；我們要如何以有效率的方式，在資本投入與輕資本策略之間取得平衡——而這正是我們認為特許經營模式能發揮作用的地方。

And that's a model, too, just thinking about how else we grow. We're talking a lot about ATJ, but we just licensed our technology to Praj for IBA for diesel in India. And I think this model really applies not only for what we're doing in ATJ, low-carbon ethanol, but it applies for what we can do in renewable chemicals. It applies for what we can do in isobutanol.

而這也是一種模式，用來思考我們還能如何成長。我們談了很多 ATJ，但我們剛把 IBA（用於印度柴油）的技術授權給 Praj。我認為這個模式不僅適用於我們在 ATJ、低碳乙醇所做的事，也適用於我們在再生化學品（renewable chemicals）能做的事。也適用於我們在異丁醇（isobutanol）能做的事。

So just think about that as we bring these business systems forward, that's the picture that we're going to be working on and developing with partners, and we're excited to get this going. And like we said earlier, signing LOIs with even other ethanol companies to bring kind of Gevo's know-how and business system to help them and then for us to get paid for it.

所以，當我們把這些商業系統往前推進時，請用這個角度來看；這就是我們將與合作夥伴一起著手、並持續開發的藍圖，我們也很期待把它推動起來。而且就像我們先前說的，甚至也會與其他乙醇公司簽署意向書（LOI），把 Gevo 的專業知識與商業系統帶過去協助他們，並讓我們因此獲得報酬。

Great. No, that's a great update. And maybe shifting over to ATJ with my follow-up. One of your industry peers has experienced some challenges with their ATJ project over the last year. As we inch closer to your FID, could you speak to how your ATJ-30 project is different from a scale process and risk perspective to that other project that I'm referring to?

很好。不，這是個很好的更新。那我追問一下，轉到 ATJ 這邊。你們的一位同業在過去一年其 ATJ 專案遇到了一些挑戰。隨著你們越來越接近 FID（最終投資決策），你能否談談，從規模化流程與風險的角度，你們的 ATJ-30 專案與我所指的那個專案有何不同？

I can give -- I think I can give a perspective and then Chris. One of the things that we did, we're using known unit operations, proven at full-scale commercially unit operations. We didn't rely on anything new like other people might have done. We didn't take something off of a laboratory in a national lab and never have it seen proven out.

我可以先說——我想我可以提供一個觀點，然後 Chris 再補充。我們做的一件事是：我們採用已知的單元操作（unit operations），也就是在商業全規模已被驗證的單元操作。我們沒有依賴任何新的東西，不像有些人可能會那樣做。我們沒有把某個國家實驗室的實驗室成果直接拿來用、卻從未在實際商業環境中被證明可行。

We're using unit operations that anyone can go kick the tires upon because they come directly from the petrochemical industry. So there's nothing new in that regard. How we put it together, how you lower CI score, how you optimize, that's different, but that's not what makes or break it. Chris, Paul, you guys want to add anything else?

我們使用的單元操作，任何人都可以去實地檢視，因為它們直接來自石化產業。所以在這方面沒有任何新東西。我們如何把它們組合起來、如何降低 CI 分數（碳強度）、如何最佳化，這些是不同之處，但那不是決定成敗的關鍵。Chris、Paul，你們還想補充什麼嗎？

I'll add just a bit and then Paul can chime in. So Pat, I'll echo what you just said, which is, yes, we're using proven technologies and their technologies from a proven company that has commercialized many, many things at large scale, including at oil refineries. In fact, the engineering that's been done, so at the heart of the process is from a company called Axens.

我補充一點，然後 Paul 也可以加入。Pat，我呼應你剛才說的：是的，我們使用的是已被驗證的技術，而且這些技術來自一家已在大規模商業化許多項目、包括在煉油廠的大型公司。事實上，已完成的工程設計——所以這個流程的核心——來自一家叫 Axens 的公司。

But as we design the entire process around it, we only use engineers that have experience working on these things and have the capability of supporting operations once we get operating. So these engineers aren't just desktop engineers. They've actually operated assets. and they have experience starting up plants. And so it's that experience. And like what Pat said, there's no new technology gives us a lot of confidence this is going to start up very easily. Paul?

但當我們圍繞它設計整體流程時，我們只使用那些有相關經驗的工程師：他們做過這類工作，並且在我們投產後具備支援營運的能力。所以這些工程師不只是坐在桌前的工程師。他們實際操作過資產，也有工廠開車（start-up）經驗。因此就是這種經驗。而且如 Pat 所說，沒有新技術，讓我們非常有信心能很順利地啟動投產。Paul？

Yes. I think Chris nailed it, right? I mean when we talk to a lot of companies intelligence, right, they figure out, especially on the petroleum side that they've got these assets already running, not all coupled together in the same order, but individually running in operations that they already are running. So it's one of those kind of things where we took a proven approach, right?

是的。我認為 Chris 說到重點了，對吧？我的意思是，當我們跟很多公司交流情報時，尤其在石油端，他們會發現自己其實已經有這些資產在運轉；雖然沒有以同樣的順序全部串接在一起，但每個單元本身都已在他們既有的營運中單獨運轉。所以這就是那種我們採取了已被驗證的方法的情況，對吧？

So we know these unit operations work. Yes, they're integrated together a little bit differently, but we've also been working with companies like Praj. And Praj actually just put all these unit operations together in a fully functional integrated pilot plant. And I was actually there and got to open this spigot and jet fuel poured out the other end with ethanol going in one end.

所以我們知道這些單元操作是可行的。是的，它們被以稍微不同的方式整合在一起，但我們也一直與像 Praj 這樣的公司合作。而 Praj 其實剛把所有這些單元操作整合成一座完全可運作的整合式中試工廠（integrated pilot plant）。我本人也在現場，還親手打開閥門，看到噴嘴另一端流出航空燃油，而乙醇從另一端進料。

So it was great, but I think we've really -- the combination of using known technologies and really good partners and great engineers who understand this have really put us in a very different spot from that other group that you're mentioning if I'm assuming who it is and how we're ready to execute.

所以那很棒；但我認為我們真的——結合了使用已知技術、非常好的合作夥伴，以及真正懂這件事的優秀工程師——讓我們處在一個與你提到的那個團隊非常不同的位置（如果我猜對你指的是誰），也讓我們更準備好去執行。

And I'll add one more thing is that we think about it completely differently. We're trying to do something that's scalable to really big scale and really low economics. We're not trying to do some one-off specialty thing, and we're not venture-backed. We were -- it isn't that kind of a perspective. We're actually trying to solve a real-life problem, deliver jet fuel that's cost competitive with petroleum. Yes, we're going to sell the carbon attributes to go with it. And no waste is not a strategy.

我再補充一點：我們的思考方式完全不同。我們要做的是能擴展到非常大規模、且具備非常低成本經濟性的方案。我們不是要做某種一次性的特殊小眾產品，而且我們也不是創投資金支持的公司。我們——不是那種視角。我們其實是在嘗試解決一個真實世界的問題：交付在成本上能與石油競爭的航空燃油。是的，我們也會把隨之而來的碳屬性一起出售。而「零廢棄物」不是一種策略。

You can't get there from here. I was just doing some research about this, again, where it's -- you take waste products, yes, it drives up the price. We've seen this over and over again. You know what, carbohydrates are a great feedstock there, way abundant in oversupply across the world. Paul has got a great saying that I love, take carbohydrates, right? Paul, what do you do with them? From the waste line to the airline, I think.

你不可能從這裡走到那裡。我剛又做了一些研究——也就是說——你用廢棄物產品，是的，會把價格推高。我們一再看到這種情況。你知道嗎，碳水化合物是很好的原料，全球非常充足、供給過剩。Paul 有一句我很喜歡的名言：用碳水化合物，對吧？Paul，你怎麼說來著？我想是「從廢棄物產線到航空公司航線」（from the waste line to the airline）。

We take those carbohydrate calories from the waste line to the airline so fast.

我們把那些碳水化合物的熱量從廢棄物流一路非常快速地送到航空端。

I see one more (technical difficulty) to make jet fuel out of it. So it's a whole different perspective of scale of what we're trying to do. And that's how we think about it. Super pragmatic. We don't want technology risk. That's why we're able to clear diligence at the DOE. That's why we've been able to clear diligence with our other big partners. It isn't a -- it's not a project just to generate vibes, is to make it breaking real for the long run and win.

我還看到另一個（技術問題）是把它做成航空燃油。所以就我們想做的事情而言，規模的視角完全不同。而這就是我們思考它的方式。非常務實。我們不想承擔技術風險。這也是為什麼我們能通過美國能源部（DOE）的盡職調查。這也是為什麼我們也能通過其他大型合作夥伴的盡職調查。這不是——這不是一個只是為了營造氛圍的專案，而是要把它做成、做實，長期取勝。

That's a great answer. And maybe one if I could just follow up on the $40 million run rate. I think based on what I've heard you guys say, there appears to be some upside with debottlenecking that hasn't necessarily been factored into the $10 million per quarter run rate. And then also when you kind of think about what's happening in the LCFS markets now and where you're going to place the product.

這是個很好的回答。也許我可以就每年4,000萬美元的年化營收（run rate）再追問一下。根據我聽到你們的說法，透過消除瓶頸似乎還有一些上行空間，但未必已經反映在每季1,000萬美元的年化水準裡。另外，當你們思考目前LCFS市場的情況，以及你們將把產品投放到哪裡時。

It feels like there might be a little bit of extra upside there because you now have a few more markets competing with one another for those molecules. But again, any color you can offer on that front would be helpful.

感覺可能還會有一些額外的上行，因為現在有更多市場彼此競爭來爭取這些分子（產品）。不過，若你能就這方面提供一些補充說明，會很有幫助。

Yes, sure, Derrick. A couple of things there. If you look at the LCFS markets first, right, we're still applying for pathways where we want the pathway with carbon capture. We've got pathways today without carbon capture and sequestration, but we'll look at applying and we're in the process of applying for those today and positive outlook on getting those done.

好的，當然可以，Derrick。這裡有幾點。先看LCFS市場，我們仍在申請路徑（pathways），我們希望取得包含碳捕集的路徑。我們目前已有不含碳捕集與封存的路徑，但我們會再申請；我們正在進行申請流程，且對完成這些申請持正面展望。

But places like Canada in Canadian CFR, right, where the credit prices are $2.50 or higher, right, really nice from a carbon perspective, and that looks positive. We're obviously selling into markets today that have good returns on LCF markets. But the other thing that you have to remember is we're also inventorying some CDRs to build inventory to satisfy some of our contracts and spot sales in that market that we think is going to grow later.

但像加拿大的CFR市場，信用價格在每單位2.50美元或更高，從碳的角度來看非常不錯，而且看起來很正面。我們目前當然也在一些LCF市場中銷售，回報不錯。但你還要記得另一件事：我們也在累積一些CDR（碳移除）額度庫存，用來建立庫存以滿足部分合約，以及我們認為未來會成長的市場中的現貨銷售。

And as we do that's carbon value that we can't sell into those existing LCF markets that we're selling into today. So it's a little bit of a delayed revenue there. And so what you probably will see and Leke was talking about this a little earlier, we'll have this kind of push and pull with inventory build on carbon that we sell separately into carbon dioxide removal markets. LCF markets that have more immediate returns.

而當我們這麼做時，那些碳價值就無法賣到我們今天正在銷售的既有LCF市場裡。所以那裡會有一點遞延收入。因此你可能會看到——Leke稍早也提到——我們在碳庫存的建立上會有一種推拉效應：一方面把碳另外賣到二氧化碳移除市場；另一方面是回收更快的LCF市場。

And so you'll see that kind of balance out a little back and forth. And then, yes, I think, of course, as we continue to finish up some energy efficiency projects, we get a lift from additional or lower CI score on 45Z going forward. All those things are going to be adding up to get us to that number.

所以你會看到這種平衡在兩者之間來回調整。然後，是的，我想當然，隨著我們持續完成一些能源效率專案，未來在45Z上我們會因更低的CI分數而得到提升。所有這些因素加總起來，會把我們推向那個數字。

Peter Gastreich, Water Tower Research.

Peter Gastreich，Water Tower Research。

So congratulations to the team on the results. Also, Pat and Paul, many congratulations to you and really wish you both the best during the transition. Just a couple of questions. First of all, you were just talking about the -- or Paul is just talking about the CDR inventory and carbon credits. Just curious what you're seeing in terms of pricing in terms -- in the voluntary CDR market? And what is your outlook there?

所以先恭喜團隊的成果。另外，Pat和Paul，也恭喜你們，並真心祝福你們在交接期間一切順利。我有幾個問題。首先，你們剛才在談——或者說Paul剛才在談CDR庫存與碳權。我想了解你們在自願性CDR市場看到的價格情況如何？你們對那裡的展望是什麼？

Thanks first, Peter, for the congratulations. And when you look at the carbon markets, like we said, it's a developing space, right? So it's hard to peg it at kind of a number. And that's why if you look at our investor presentation, we've got a range. So typically, we have a range in the voluntary markets anywhere from $100 to $300 a ton for those voluntary carbon dioxide removal credits.

謝謝你，Peter，先謝謝你的祝賀。談到碳市場，如同我們說的，這是一個正在發展中的領域。所以很難把它精確地釘在某一個數字上。也因此你如果看我們的投資人簡報，我們提供的是一個區間。一般來說，在自願市場中，這類自願性二氧化碳移除（CDR）信用的價格區間大約是每噸100到300美元。

And like I said, we're on the top 10 list of the suppliers in that market today. So that's pretty exciting for Gevo to move from basically nonexistent there to one of the top-10. And then when you look at the low carbon fuel markets, I would have said even in the investor presentation that's on our website, we've got that pegged a little lower.

而且如我所說，我們目前在那個市場的供應商中名列前十。所以對Gevo來說，能從幾乎不存在到成為前十名之一，這相當令人振奮。再來看低碳燃料市場，我會說即便在我們網站上的投資人簡報裡，我們把那部分的價格假設訂得稍微低一些。

Typically, we've seen markets like California be down even as low as $50 a ton, which that's not very attractive, especially if we're -- we have this optionality. But now when you see Canada and Oregon start to really ramp up and get up to these $200 or $200 plus over $200 numbers, then this is where we've got good competition between carbon dioxide removal markets in the voluntary space and the compliance markets with low carbon fuel.

通常我們看到像加州這樣的市場，價格甚至低到每噸50美元，這並不太有吸引力，尤其是當我們——我們有這種選擇權的時候。但現在你看到加拿大與俄勒岡開始快速拉升，來到200美元、200多美元、甚至超過200美元的水準時，這就形成了自願性空間的二氧化碳移除市場與低碳燃料合規市場之間的良性競爭。

And so we're going to continue to leverage that to our advantage so we can make some decisions and figure out where to place volume both with our commodity and our carbon value to get Gevo the best returns.

因此我們會持續善用這一點，為我們帶來優勢，讓我們能做出一些決策，並判斷要把量放在哪裡——不論是商品本身或其碳價值——以替Gevo取得最佳回報。

Okay. Great. So my next question is just about your share CCS capacity. So it looks like the Frontier partnership that's really going to help accelerate the plans there. I'm just curious, first of all, are you able to share what would be a realistic time line for starting to bring in that third-party CO2? And the question also second question related to that would be, once you reach a critical mass of volume, I don't know if that's in terms of contracts or whatever, will you have incremental CapEx of any sort, perhaps above ground that will be required to accept those incremental volumes?

好的。很棒。那我下一個問題是關於你們共享的CCS產能。看起來Frontier的合作夥伴關係確實會加速那邊的計畫。我想先問，你們是否能分享一個較為現實的時間表：何時開始引入第三方的CO2？第二個相關問題是，一旦你們達到某個臨界規模的量（不確定是合約量或其他），你們是否需要任何額外的資本支出（CapEx），例如地面設施，來接收這些新增的量？

Yes. Sure, Peter. I mean I think when -- the Frontier Infrastructure Holdings partnership or collaboration that we've been working on, it's been really interesting because I think what -- there was a lot of promise from these pipelines. And obviously, we had a pipeline that we thought was going to come to us in South Dakota that didn't materialize. So we feel that.

是的。當然可以，Peter。我的意思是，當我們在推進與Frontier Infrastructure Holdings的合作夥伴關係或協作時，這一直很有意思，因為我想——那些管線原本有很大的承諾。而且很明顯，我們原本以為會通到南達科他州、接到我們這邊的一條管線，最後並沒有實現。所以我們感同身受。

And so this is exciting to think about CO2 by rail. And I think it comes back to -- we're going to be producing more fuel and more carbon dioxide co-product and capturing that and capturing more in North Dakota. But today, for example, we're only using 16% to 17% of what's called our pore space, which is the available volume for storage. So we've got a lot of extra capacity.

因此，改用鐵路運輸CO2這件事令人振奮。我想這又回到——我們將生產更多燃料與更多二氧化碳副產品，並把它捕集起來，也會在北達科他州捕集更多。但以今天來說，例如我們只使用了所謂孔隙空間（pore space）的16%到17%，也就是可用的封存容量。所以我們還有很大的額外容量。

So really, our goal is to figure out, as we expand, we want to make sure we're capturing Gevo's carbon dioxide, but we can help others. And what we've learned working with Frontier is that there is -- there are a lot of ethanol companies out there that we can help. And this is where it comes back into this approach where our carbon management services, if we can bring in CO2 by rail and monetize our pore space, this is a big deal for us because we could get paid in things like storage fees.

所以我們真正的目標是弄清楚：在我們擴張的同時，我們要確保捕集Gevo自己的二氧化碳，但我們也能幫助其他人。而我們與Frontier合作所學到的是——外面有很多乙醇公司是我們可以協助的。這也回到我們的做法：如果我們的碳管理服務能透過鐵路把CO2運進來，並將我們的孔隙空間變現，這對我們是件大事，因為我們可以透過例如封存費等方式獲得報酬。

We can help with carbon marketing. So we're still in the design phase of this. So we're scoping this out. I think it's still going to take a while because you have to build basically a terminal to put in place. But that does get pretty exciting if we can connect the dots between the rest of the capacity that we've got, and it doesn't mean that we have to stop there.

我們可以協助碳行銷。所以我們仍處於這方面的設計階段。因此我們正在界定範圍。我認為可能還需要一段時間，因為你基本上必須建置一個終端設施來落地。但如果我們能把既有的其餘產能串聯起來，這就會變得相當令人振奮，而且也不代表我們必須止步於此。

We could probably access more capacity in the pore space around us. But pretty good opportunity for us. And if you look at our investor presentation, this is where a lot of the unlock going beyond that $40 million up to the $110 million in adjusted EBITDA and the carbon value comes from how do we monetize this pore space, how do we help others with the carbon business.

我們或許還能取得周邊孔隙空間的更多容量。但對我們而言是相當不錯的機會。而如果你看我們的投資人簡報，這也是許多從4,000萬美元提升到1.1億美元調整後EBITDA的解鎖來源；碳價值則來自於：我們如何將這些孔隙空間變現、如何協助他人經營碳業務。

And that, in turn, right, I mean, the other piece, and I'll just try to connect the dots full circle here, is the more low-carbon ethanol plants we can enable by helping them with carbon management services, whether it's the actual physical removal and storage of that carbon or the digital services like Verity and things like our carbon business, that sets that table for more sites to be fully enabled and ready to be a site for an alcohol to jet plant.

而這反過來說，對，我的意思是，另一個部分——我試著把整件事串回來——是：我們能透過協助他們提供碳管理服務，讓更多低碳乙醇工廠得以實現；不論是實際的碳移除與封存，或是像 Verity 以及我們碳業務這類的數位服務。這會為更多場址鋪路，使其能完整到位並準備好成為「酒精轉航空燃料（ATJ）」工廠的場址。

So I think that's really that combination and how it fits. It's not just the revenues that we could generate today from that kind of relationship. Those are great, but it's really how do we have or enable 10, 15, 20 more sites in the future.

所以我認為這就是那種組合以及它如何契合。不只是我們今天能從這類合作關係中創造的營收。那些很棒，但更重要的是：未來我們如何擁有或促成10、15、20個以上的場址。

This does conclude the question-and-answer session of today's program. I'd now like to hand the program back to Pat Gruber for any further remarks.

今天節目的問答環節到此結束。接下來我想把節目交回給 Pat Gruber，請他做進一步的結語。

Well, thank you all. It was a fantastic year. It's a lot of potential. This carbon business is extremely interesting. It gives us the ability to arbitrage, look at -- make decisions discretely about where can we capture the most value. We're the first to do it, and we're breaking a lot of new ground at it, and it's quite interesting. I'm really grateful for the team up there at Gevo North Dakota.

好的，謝謝各位。這是非常精彩的一年。潛力很大。這個碳業務極具吸引力。它讓我們有能力進行套利，並且——做出更細緻的決策：我們在哪裡能捕捉到最大的價值。我們是第一個這麼做的，也正在開拓許多新領域，這相當有意思。我非常感謝 Gevo 北達科他那邊的團隊。

They've done a fantastic job running that plant. Congratulations to all the folks who've done it. Chris, great job. And it was really a good move for us to acquire that and bring it under our -- get that asset under our control because it solves all kinds of problems. Now we have low carbon available, boom, box checked. That question is answered, sequestration available.

他們把那座工廠營運得非常出色。恭喜所有完成這件事的夥伴。Chris，做得很好。而我們收購那個並將其納入我們旗下——把那項資產納入我們的掌控——對我們而言確實是很好的舉措，因為它解決了各式各樣的問題。現在我們有低碳供應了，砰，勾選完成。這個問題有答案了，封存能力可用。

It's a beautiful sequestration site. I don't think we had a full appreciation of how great it actually is compared to the others that are out there. It's outstanding in that it's a -- we're the only ones in that formation, and it's an outstanding well. And so we're learning more and more about why that's so important. And you see the results in that we got certified as a 1,000-year well by Puro.Earth.

那是一個很棒的封存場址。我想我們先前並沒有充分體會到，與外面其他場址相比，它實際上有多優秀。它非常出色，因為——在那個地層中只有我們一家，而且那是一口極佳的井。因此我們越來越了解為什麼那麼重要。你也從結果看得出來：我們獲 Puro.Earth 認證為一口「1,000年井」。

And I look at the potential of what's going on here, and you see these things that Paul mentioned, like the IBA in diesel fuel. Who would have thought? We never have quit working on IBA. It's just in the background because you don't need it for jet fuel, but it's good for other stuff, other fuels. Great. Those things are going to happen sometime in the future using partners.

我看著這裡正在發生的潛力，你會看到 Paul 提到的那些事情，例如柴油燃料中的 IBA。誰想得到呢？我們從未停止在 IBA 上的工作。它只是放在背景，因為噴射燃料不需要它，但它對其他用途、其他燃料很有幫助。很好。那些事情會在未來某個時間點透過合作夥伴來實現。

Awesome. And so get the ATJ plant done. You heard Paul talk about it. We got to get that done and then do the franchise model. Already, Paul talked about bringing the -- being able to go to other parties or other ethanol companies who want to learn from us, and we can -- we have a service we can provide and get paid for. Those are all very interesting things.

太棒了。所以把 ATJ 工廠做完。你們聽到 Paul 談到它。我們得把它完成，然後推動特許經營模式。Paul 已經談到，我們能夠去找其他方或其他乙醇公司，他們想向我們學習，而我們——我們可以提供服務並收取費用。這些都是非常有意思的事情。

So we're hugely derisked situation compared to where we've been. We have a huge amount of intellectual property, huge amount of growth potential. And so this is, I think, something around my 59th or 60th earnings call, my very last one. I want to thank you all for your investment. Thank you for your questions and sharpening us -- forcing us to sharpen up over the years, especially me, and thank you for all the opportunity to work with you all. I truly appreciate it, and I wish the team the very, very best.

因此，相較於我們過去的狀況，我們現在的風險已大幅降低。我們擁有大量的智慧財產權，以及巨大的成長潛力。所以我想，這大概是我第59或第60次法說會，也是我最後一次。我要感謝各位的投資。感謝各位的提問，讓我們——迫使我們多年來不斷精進，尤其是我本人；也謝謝各位給我與大家共事的所有機會。我由衷感激，也祝福團隊一切順利、非常非常好。

And with that, I sign off. Thank you much.

就此，我要告別了。非常感謝。

Thank you. And thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝。也感謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。