Good day, and welcome to this special call to announce an important proposed acquisition. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. And with me today are Gevo's CEO, Dr. Patrick Gruber, our CFO, Lynn Smull, and our President and Chief Operating Officer, Dr. Chris Ryan. Before we get started, please be advised that our remarks today 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 and closing of the transaction, the synergies from the transaction, and any effects on Gevo's financials from the transaction, and any other statements that are not of historical facts. 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 are included in the slides being presented. And now I'll turn it over to Gevo's CFO, Lynn. Lynn? Thanks, Eric. We are excited to announce that Gevo has entered into a definitive asset purchase agreement to acquire the low-carbon ethanol production assets, operating carbon capture and sequestration assets, and associated net working capital of Red Trail Energy, a North Dakota low-carbon ethanol and CCS company, for an all-cash purchase price of $210 million. The assets will be acquired by a newly formed, wholly owned special purpose vehicle. The transaction will be funded with a combination of new SPV-level, non-recourse debt that will be obtained prior to closing and cash from Gevo's balance sheet. There really are two businesses that we are acquiring. One is a well-operating, 65 million gallon per year ethanol plant, and the other is a carbon capture and sequestration business. Net-Zero North is the SPV that will hold both businesses. We expect the transaction to close by first quarter of next year, subject to Red Trail Energy shareholder and regulatory approvals, the procurement of SPV debt financing on satisfactory terms, and other closing conditions. I'll now hand it over to Gevo's CEO, Pat Gruber. Thank you, Lynn. As you know, we've looked at a wide variety of sites around the country for our second Net- Zero site. I'm glad that we can finally talk about this one. We're very pleased with Red Trail. The combination of low-carbon ethanol in a well-run plant that makes money with CCS fits us really well. So let's go to slide four. We have previously said that between RNG, Verity, and our other business activities, that we see a path to become profitable in the near term prior to the commercial operations of a Net- Zero project or Net- Zero 1 project. This acquisition changes it from seeing a path of profitability to expecting a positive adjusted EBITDA for Gevo in the year twenty twenty-five through the combination of the ethanol, the carbon sequestration, RNG, Verity, and our other activities. We like that a lot. The markets we serve are all about carbon abatement. We are busy developing the markets for fuels that carry carbon abatement, that's the reduction of carbon emissions. We believe that the assets we are acquiring play directly to this core focus of Gevo. Having a carbon sequestration and capture site under our own control simplifies that part of the overall carbon reduction equation. It also provides an ideal site for us to deploy more of our sustainable aviation fuel, our alcohol-to-jet solutions, Net-Zero North, our second project. The folks at Red Trail have been pioneers in CCS, and the state of North Dakota is a pioneer in providing a great environment for CCS. The pore space rights provide plenty of room to expand and bring in additional CO2 buyers for sequestration. So we like the CCS operation because it can be synergistic with our greenfield Net-Zero 1 site in South Dakota. That project's at an advanced stage of development, and we're looking forward to getting it financed. Finally, this acquisition, because we're acquiring a good team of people, a good site, good operations, it helps to build out our capabilities and skills needed for success in the long run. These capabilities are expected to benefit Net-Zero 1 and other future SAF projects, capabilities such as feedstock procurement, plant operations, carbon capture, and the details that go with it, and the thinking, that we need and the practicality that we need to make things real and at large scale. This acquisition, of course, expands our footprint in a region with abundant carbohydrate feedstocks, as well as renewable energy sources, such as wind and biogas. Those things all work synergistically. This ties right into our other assets and capabilities, which focus on the fermentation of carbohydrates to alcohol as a nexus for producing net-zero SAF. We like the carbohydrate approach because it is not limited with feedstock supply. With this acquisition, we have an expanded platform of greenfield and brownfield operating sites where we can deploy our proprietary patented solutions and plant designs. It also allows us to expand our footprint of Verity Carbon Solutions, connecting us to more farmers and people who use low-carbon ethanol product. Let me now turn it over to Gevo's President and Chief Operating Officer, Dr. Chris Ryan. Chris? Thanks, Pat. We like these assets and the team that has built and operated them for two basic reasons. First, their performance today, and then where can Gevo take them tomorrow by working together? Let me talk about where they are today. These assets and their operating team have a strong track record of safe and reliable operations and financial performance. Zero lost time accidents in about the last six years. ... Their ethanol is 70% lower carbon intensity compared to the industry average, and the food and feed co-products are also low carbon. They have plenty of room for expansion, and they have room to expand their carbon capture operations as we implement processes like decarbonized energy that requires carbon capture. We plan to immediately begin optimizing the asset with partners, which will further lower the carbon intensity. This not only decarbonizes the current ethanol production further, but it also enables the site for Net-Zero SAF and chemicals production. This is one of the few operating CCS sites in the U.S. today. It's been operating since 2022, making it a true pioneer, and so is the state of North Dakota when it comes to CCS. It's important to keep in mind from a sustainability perspective, that the ethanol fermentation process generates a nearly pure biogenic stream of carbon dioxide. That carbon dioxide was captured from the atmosphere by plants through photosynthesis, and it produces food and feed. The site sits in the core of the Broom Creek Formation, which is attractive for carbon sequestration. A fully permitted Class VI well on-site injects the CO₂ about a mile underground into this formation, permanently storing it and thus reducing greenhouse gas emissions. Back to you, Pat. Thanks, Chris. We see substantial near-term and long-term value by combining Gevo's ownership and existing capabilities with operational assets and working to get the Net-Zero North ATJ project underway. It's a great site with CCS access issues off the table. It also provides an opportunity, if needed, to capture carbon from NZ1, should the pipeline in South Dakota be delayed. Here's what I really like about our situation at Gevo. We only have to spend less than $70 million more to get the financial close of our Net-Zero 1 project. We continue to believe that we would get that deal done and that we will have significant ownership. This acquisition of Red Trail puts us on a path of profitability, we believe, in advance of our Net-Zero 1 project's commercial operations. That's a big deal. We are saying that Gevo can be EBITDA positive in 2025. Because we are financing this acquisition with mix of project-level debt and equity, post-deal, the cash on our balance sheet should be in good shape. We'll be stronger as a company. Having a second site for ATJ locked down and clear also helps. We can apply the learning and a lot of the engineering from NZ1 to NZ North. We are all about abating carbon emissions, getting paid the most we can from that abatement, and delivering liquid fuels. ATJ is an emerging growth market. We intend to make it real. We expect that all of this will deliver a superior value to our shareholders. It accelerates our mission to create that value, we can deploy innovative solutions that address the big challenges: climate change, domestic energy security, rural community development. It's exciting, and this is only the beginning. Finally, I'm pleased to welcome the management team and employees of Red Trail to the Gevo family when we close the deal. They've done a great job. We look forward to working with them, learning from them, learning with them, going forward into the future. We also look forward to working with the farmers in the area, figuring how to add value collectively with them to their crops, and to maintain that pioneering spirit, that business that they've built, and to grow that business by leveraging Gevo's innovative solutions. Back to you, Eric. Thanks, Pat. This concludes our prepared remarks. A transcript of this call and a copy of the slide presentation will be made available on our website at www.gevo.com. Stay tuned for more information in the days to come, including virtual and in-person investor events, which we will also post on our website. Thanks. Thank you. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. If your question has been answered, or you wish to remove yourself from the queue, please press star one one again. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Amit Dayal with H.C. Wainwright. Your line is open. Thank you. Good morning, everyone. Thank you for taking my questions. So, Pat, congratulations. This was unexpected, but it looks like there are a lot of synergies that you can leverage off of this deal. Just to begin with, you know, outside of the initial $210 million, like, would this plant need any additional upgrades or any other, capital needs to, you know, just, get the most out of, you know, the setup? There's always incremental improvements and things that we can do to make it better, but it's a really good ethanol plant, and so it's operating well. The team is strong. It's been making money. We like that a lot. But, yeah, there's a bunch of things we can do of how to add value. And think about it in terms of what we're focused on, the carbon abatement, how to market it, how to turn it into certified market value. That's not something that the world knows at large, but it is what we're set up to do with our Verity and our other businesses. Understood. Can we view this as maybe a stealth way that you are already in at Net-Zero 2? Say again? I missed the first part. Like, you know, this is maybe a back door way to get Net-Zero 2 going before Net-Zero 1 has even started. You know what's interesting- I mean... Yeah. What's interesting about that is, this site is extremely well set up. It has the CCS already baked, and it works. It's operating. It's one of the three sites in the whole country that have ethanol CO₂ capture. It's really good, so that is a great site that we can go ahead and start working on this as a project. Now, remember, our approach is to do the modularization. We've done already the development work, the learnings that we have from Net-Zero 1 apply in large part to what we would do over here in Net-Zero 2. And so, we'll be working on it. And it's gonna be pretty fun, I think, as to what can be done. And also, there's many options for decarbonizing that plant and driving the CI score down further, even as it is for ethanol. So those are all things that we're game for. It should be a lot of fun. Okay. You know, I guess for investors, clarity in terms of your future balance sheet needs, et cetera, you said this deal will potentially be positive adjusted EBITDA for you, you know, in twenty twenty-five. Beyond that, you know, sort of does this put you on a path for, you know, just sustainable cash flows and no need to really tap the capital markets in the future going forward? Yeah, well, I draw this distinction of needing capital, you know, we actually need it to survive versus, you know, wanting to raise capital because you're deploying against a project. So for us, yeah, I think so. It looks like as we do the projections, it looks like the combination of businesses that we have with this as ethanol, low carbon ethanol, along with our RNG business, which is doing quite well and growing, along with Verity, which is starting to get revenue, along with, some of the other things we're doing, like with the Shell business that we've done for the racing fuels and some of the other things. And we have-- Those are all, just those alone, take us on a path, I believe, to profitability straight up. So that alleviates the need, the actual absolute need that we're gonna have to raise money to survive. So I think we're in pretty good shape. Now, the main focus for us is to get the Net-Zero 1 project done. That's gonna. We still got work to do there and get her done. We're gonna go on and get going on Net-Zero 2. So we'll still be deploying capital for capital projects, but I don't see us. If If we raise, you know, let's say, you never wanna say you'll never raise money again, but you can see that we don't have a demand that we must raise money. Understood. That makes sense. With respect to, you know, your plans, I know this is so early, but do you have a sense of how you may ramp up utilization of the carbon capture capacity, you know, from 160,000? You have 1 million metric tons, I guess, available for that site. What would be that path to sort of ramp up the utilization of the carbon sequestration capacity? Chris, you want to comment on this? Sure. So we've got a number of ideas that we're working through, and once we close on this facility, we'll sit down with the folks that are operating this plant and work through those options. But just to give you a sense, we can do things like combine heat and power with CO2 capture, which would provide the facility near zero carbon electricity and steam and really reduce the CI score and boost the profitability that way. That's a very, you know, realistic thing to go do. And the thing that's interesting about some of these options is we have partners that are prepared to deploy their capital on some of these projects to help that make real. And then, you know, we would partner with them to basically buy the low carbon electricity and steam. So that's one example of several that we're looking at. Okay, understood. Thank you. Just last one from you guys. The DOE loan, Pat, any color on, you know, whether that can be closed this year or get approval for it this year? Like, you know, where are we with that process now? You know, there's nothing, nothing more to add that we haven't already said, so no clue. They got to get it done, and we're going for the ride with them. Got it. Thank you, that's all right. Thank you. One moment for our next question. Our next question comes from Peter Gastreich with Water Tower Research. Your line is open. Yes, hi, good morning. Thanks very much for the presentation, and congratulations on completing this acquisition. It's exciting to see the launch of the Net-Zero North. Just a couple questions here. The first one, I wonder, just talking a bit more about the CCS business, just to make sure I'm clear in terms of that scalability. Is this something that you see as having future potential on the sequestration side, you know, eventually approaching other ethanol producers as a service in the area? Or are you kind of eyeing a longer term, but eventually, sort of on the capture side, in anticipation of some of the pipeline in the future, offering other opportunities across the Midwest? Just a bit more on that strategy. Thank you. Yeah. I'll answer first, and I'll turn to Chris. But the way I view it is that 45Q is a really valuable tax credit. We should be using it for ourselves first. That's what we should try to do, and we have ideas for it, as Chris described. And then, and of course, we really want this site set up for ATJ, so that takes priority over everything else for us first, I'd say. Chris, you want to add anything? I think all of those options that you threw out there are ones that we're talking to Red Trail about. So that's all fair game, but as Pat said, really well, the most valuable thing we can do is use that excess CCS capacity that's here for ourselves to grow the profitability. ... Okay, great. Thank you. Just a second question, a little unrelated, but I just wonder if you could, if I could just take the opportunity here to ask about the Luverne site. So I've been attending the North American SAF Conference in St. Paul this week, and yesterday was the first day, and, you know, the project must have been mentioned by panelists at least five times already on the first day yesterday. And much of that was in relation to the development of the Minnesota SAF Hub. But I'm just curious if you could share a little bit more about how Luverne is evolving. We plan on using it for our development site. I mean, that's how we use it currently. We also use it for an educational site. We teach a lot of customers of airlines about sustainable aviation fuel and how to drive down the CI score and what role agricultural plays and what's real and what isn't, and things like that. And it's working pretty well. I think we've had now more than almost 200 companies visit us. It's a big number of people. Luverne has potential in the future. It's a question of we have to sort it out still. We work on it, and we see that the SAF Hub, we wanna see it be made real, and we'll participate in it however we can. And we see that they're the plants that we're designing, remember, they're modular. I wouldn't be surprised if you see us quite focused on deploying ATJ sites, and if there's an opportunity in Minnesota, we'll take. We'll try to make that happen. But it's a. Our hands are full. We got Net-Zero 1, and we got, you know, Net-Zero North to work on, get this completed, but that's on our list. Great. Thank you very much. Again, ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. One moment for our next question. Our next question comes from Carlos Anchondo with E&E News. Your line is open. Hi. Thanks, everyone. I wanted to see if you could walk me through what percentage of the capture of carbon will be used for the ATJ, and then what percentage, you know, will be injected underground using the Class VI well, and if you could walk me through those specifics. Well, I think until we decide what full set of power sources we're gonna use, I can't give you a specific number. So, for instance, if we did it all, combined heat and power, it'd be one number. But if we use some biogas or we use wind or we use some other source, it'll change it. But there's room. That's the one thing we can say, there's room for us, more than adequate, of whatever we need, plus extra. All right. And I'm not showing any further questions at this time. I'd like to turn the call back over to Pat for any closing remarks. All right. Thank you, all. This is pretty exciting. We're looking really forward to moving forward and getting this all done, wrapped up. You know, we're working on getting the NZ1 project forward, and also we have-- you all know what we're thinking about for NZ2. Pardon, pardon me, Pat. I didn't mean to interrupt, but we just had someone in queue for a question. I'll just go ahead and I'll take that right now, if that's okay? Go ahead. All right. One moment. Our next question comes from Jeff Beach with North Dakota Monitor. Your line is open. Yes. Is there any renewable energy being used at Red Trail right now? And are there any plans to add wind or solar power for powering that plant? Chris? Currently, no. It has. Has Red Trail considered it? They have. Will we consider, you know, looking at those options? Yes. Where all options are on the table, we mentioned combined heat and power being one of those, so, but the other options are being looked at as well. Yeah. One of the things I'll comment on about this is, one of the things that differentiates Gevo from a lot of the companies who are pursuing SAF is that we're very focused on the carbon abatement per gallon. The lower the CI score, the better. It's more carbon abatement per gallon that makes a more valuable product. We're the leaders in this and the thinking around it. And because, in fact, it takes less SAF to move the needle for a customer in their carbon abatement. And so for us, it's always this optimization question of: How can we get the optimal economics around packing in that carbon abatement per gallon? That's how we think about things. And so that's why it's a little harder to answer these questions directly, without because there's so many options that we have to sort through. That's one of the beauties of a site like this, is that it does present multiple options. And of course, with our proprietary plant designs, where we use energy extremely efficiently, and there's patents applied for this, is that that saves a huge amount of energy, too. So it's not one thing that does it, it's the carbon abatement by our business system that matters. So it's good. I like having CCS off the table, as it's always a question people are asking, "Where are you gonna get CCS?" Well, I'll tell you where we're gonna get CCS: with this, right here at Red Trail. I'm showing no further questions. Back to you, Pat. Yeah. Thank you all for joining, and, appreciate it. It's gonna be an exciting time for us. Looking forward to making progress. Ladies and gentlemen, this concludes today's presentation. You may now disconnect and have a wonderful day.