Gevo to acquire Red Trail energy assets in North Dakota

Gevo has entered into a definitive agreement to acquire the ethanol production plant and carbon capture and sequestration (CCS) assets of Red Trail Energy LLC for $210 million (€188 million).
Gevo CEO, Dr Patrick Gruber: “We accomplish several things with this investment.
“It immediately puts us on a path to becoming self-sustaining and profitable as a company in advance of our Net-Zero 1 project’s commercial operation.
“Not only are we securing an excellent site for additional SAF asset deployment, but we also mitigate risk around carbon sequestration regarding our Net-Zero 1 plant site in South Dakota. This acquisition gives us the opportunity to build capability as a company and is a terrific training ground for our Net-Zero 1 project, as we inherit a trained cadre of employees who understand plant operations.
“Carbon abatement for fuels and chemicals is core to our business. This acquisition enables immediate market development for sequestered carbon. We expect our ownership of these assets to generate significant near-term and long-term value for our shareholders, while adding new jobs and economic growth to rural communities in the region.”
Red Trail Energy CEO, Jodi Johnson: “We are proud of what we have accomplished at Red Trail Energy and are excited about the future under Gevo’s leadership. Gevo’s vision for a sustainable future aligns with our philosophy of ‘our farms, our fuel, our future.’
“We are confident this acquisition will drive positive change in the renewable energy sector.”