Gevo

What Gevo does

Gevo, Inc. (NASDAQ: GEVO) is a US-based renewable fuels and chemicals producer founded in 2010 and headquartered in Englewood, Colorado. The company operates an integrated platform that converts low-carbon ethanol and other renewable feedstocks into sustainable aviation fuel (SAF) via its proprietary alcohol-to-jet (ATJ) technology, renewable natural gas (RNG) from dairy manure, low-carbon ethanol with integrated carbon capture, isobutanol and downstream isobutylene for chemicals markets, and engineered carbon dioxide removal (CDR) certificates via a Class VI carbon-storage well at its North Dakota facility. Gevo also holds a recently expanded Ethanol-to-Olefins (ETO) catalyst patent (U.S. Patent No. 12,486,207 B2) developed with LG Chem and Axens/IFP Energies nouvelles, and licenses a single-step ethanol-to-jet catalyst from Oak Ridge National Laboratory.

The company generates revenue from multiple parallel streams: physical fuel sales (low-carbon ethanol, SAF, RNG, racing fuel blendstock sold to Shell) under long-term offtake agreements with enterprise buyers; monetization of regulatory tax credits (Section 45Z Clean Fuel Production Credits sold to Stifel Financial and Capital Community Bank, plus RNG Investment Tax Credits); Puro.earth-certified CDR certificates under multi-year agreements (e.g., a $26M, five-year deal with Biorecro North America); and SaaS subscription revenue from its Verity subsidiary, which provides compliance-grade measurement, reporting, and verification (MRV) software for carbon intensity documentation across Section 45Z, California LCFS, and Canada's Clean Fuel Regulations. Named customers include Delta Air Lines (up to 75M gallons/year SAF offtake by 2026), bp (RNG offtake to California), Shell (racing fuel), and Biorecro (CDR certificates).

Gevo's go-to-market is enterprise field sales with relationship-driven, custom-negotiated contracts rather than transactional volume sales. Its distribution model relies on direct offtake agreements, pipeline injection (RNG), and direct sales to financial counterparties for tax credits and CDR certificates. FY2025 revenue reached $160.58M (849% YoY growth, driven primarily by the January 2025 acquisition of Red Trail Energy assets), with three consecutive quarters of positive adjusted EBITDA and first cash-flow-positive quarter in Q4 2025. The company employs 101–250 people across its headquarters and four US facilities: North Dakota (ethanol + CCS, Richardton), Northwest Iowa (RNG from dairy manure), Luverne, Minnesota (isobutanol development, with ethanol assets sold to A.E. Innovation in November 2025), and Englewood, Colorado (corporate HQ).

Name

Gevo

Legal name

Gevo, Inc.

Website

https://gevo.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Gevo is a US renewable fuels producer that converts low-carbon ethanol and dairy-derived feedstocks into sustainable aviation fuel, renewable natural gas, low-carbon ethanol, isobutanol, and certified carbon removal certificates, serving airlines, energy majors, and corporate carbon buyers via its Verity MRV SaaS platform.

Ownership category

akta.pro rank

Product category

Renewable Fuels & Sustainable Aviation Fuel

NAICS

Petroleum and Coal Products Manufacturing (324), Industrial Gas Manufacturing (32512), Natural Gas Distribution (221210)

SIC

Petroleum Refining (2911), Industrial Organic Chemicals (2860), Natural Gas Distribution (4924)

akta.pro industry

PRIMARYEUAAAHAE

Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Biofuels Production (Ethanol, Biodiesel, Renewable Diesel, SAF)

SECONDARYTHABANAA

Sustainable Aviation Fuel (SAF) & Alternative Fuels (e-fuels, biofuels, hydrogen)

Travel & Hospitality/Airlines & Air Travel/Sustainability Initiatives in Aviation

SECONDARYEUAAAHAI

Biofuel Distribution & Fuel Marketing (Wholesale/Retail)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Biofuels Production (Ethanol, Biodiesel, Renewable Diesel, SAF)

SECONDARYEUAJAJAD

RNG Tracking, Certification & Environmental Attributes (RINs/LCFS/GoO)

Energy, Utilities & Environment/Gas Utilities (Distribution)/Decarbonized Gas Programs (RNG, Hydrogen Blending & Power-to-Gas)

Keywords

• Sustainable aviation fuel
• Renewable natural gas
• Carbon capture sequestration
• Low-carbon ethanol
• Alcohol-to-jet technology

Headquarters

HQ city

Englewood

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Low-Carbon Ethanol Sales: Gevo produces and sells low-carbon ethanol from its North Dakota facility, leveraging carbon capture and sequestration to achieve a reduced carbon intensity score. The ethanol is sold into fuel markets, supporting SAF production and traditional ethanol blend markets. Produced 69 million gallons in 2025 at record 106% utilization rate.
2. Renewable Natural Gas (RNG): Gevo's RNG subsidiary (Gevo RNG) produces biogas from dairy cow manure at its Northwest Iowa facility (from over 20,000 milking cows), upgrading and injecting RNG into pipelines. Sales agreements with bp (BP Canada Energy Marketing Corp and BP Products North America) for the sale of NW Iowa RNG production. Expected to generate approximately 400,000 MMBtu of RNG per year.
3. Carbon Dioxide Removal (CDR) Certificates: Gevo's North Dakota carbon capture and sequestration operations generate Puro.earth-certified engineered CO2 removal certificates. The facility has issued over 500,000 certificates since June 2022. Multi-year agreement with Biorecro North America expected to generate approximately $26 million over five years. Credits are sold to corporate buyers seeking verified carbon removal.
4. Section 45Z Clean Fuel Production Tax Credits: Gevo generates Section 45Z Clean Fuel Production Credits from ethanol production at its North Dakota facility. The company sells these tax credits to financial institutions including Stifel Financial Corp. and Capital Community Bank. Sold $52 million of 45Z credits in 2025 ($30 million in remaining 2025 credits plus prior sales).
5. Sustainable Aviation Fuel (SAF) / Alcohol-to-Jet: Gevo produces sustainable aviation fuel using its proprietary alcohol-to-jet (ATJ) technology. SAF is sold to airline customers and aviation fuel suppliers under offtake agreements. Delta Air Lines has an agreement for up to 75 million gallons annually by 2026. FAA awarded $16.8 million grant for ATJ conversion in Minnesota.
6. Racing Fuel Blendstock: Gevo produces and sells renewable specialty racing fuel blendstock for motorsports. Generated approximately $5 million in revenue in 2025. Supplies Shell with renewable hydrocarbon-based low-carbon intensity racing fuel blendstock.
7. Verity SaaS / Carbon Tracking Software: Verity, Gevo's subsidiary, provides a SaaS platform for agricultural data and carbon tracking. Partnerships with CIBO Technologies and Bushel integrate farm data with sustainability modeling and compliance documentation for clean fuel programs (Section 45Z, California's LCFS, Canada's Clean Fuel Regulations). Generates subscription/SaaS revenue from carbon compliance services.
8. Isobutanol: Gevo retains isobutanol production capacity at its Luverne, Minnesota development facility (1 million gallons per year). Isobutanol is sold for use in chemicals markets, as feedstock for racing fuels, gasoline, and jet fuel. The Luverne facility was sold to A.E. Innovation but Gevo retained isobutanol assets.
9. Investment Tax Credits (ITC) from RNG: Gevo's NW Iowa RNG facility generates Investment Tax Credits under the Inflation Reduction Act. Gevo sold approximately $20 million of ITCs generated by the facility in 2024 to support clean energy investment.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Gevo produces and sells renewable fuels including sustainable aviation fuel (SAF) via proprietary alcohol-to-jet (ATJ) technology, renewable natural gas (RNG), low-carbon ethanol with carbon capture and sequestration, isobutanol, and renewable gasoline/diesel/isooctane, alongside carbon dioxide removal (CDR) certificates. The Verity subsidiary provides compliance-grade measurement, reporting, and verification (MRV) software for clean fuel programs. Products are sold via long-term offtake agreements to enterprise customers including Delta Air Lines, bp, Shell, Biorecro, Stifel Financial, and Capital Community Bank.

Product overview

Gevo operates as a multi-revenue clean energy company with a platform of renewable fuels, chemicals, and carbon management products. The core portfolio includes sustainable aviation fuel (SAF) produced via proprietary alcohol-to-jet (ATJ) technology, renewable natural gas (RNG) from dairy farm biogas, carbon dioxide removal (CDR) certificates from carbon capture and sequestration, and low-carbon ethanol production. Key intermediates include isobutanol, isobutylene, and protein products derived from corn-based fermentation. The company's Verity subsidiary provides compliance-grade MRV software for carbon intensity documentation across clean fuel programs. Facilities include the North Dakota ethanol plant with CCS (producing ethanol and CDR), the Northwest Iowa RNG project (producing biogas from dairy manure), and the Luverne, Minnesota isobutanol development facility. Gevo is developing Project Northstar, a 30 million gallon per year ATJ project in North Dakota.

Differentiator

Problem solved

Functional benefit

Brands

• Verity: Carbon tracking, measurement, reporting, and verification platform that enables biofuel producers to generate verified carbon intensity scores and audit-ready documentation for compliance with Section 45Z Clean Fuel Production Credit, Canada's Clean Fuel Regulations, and California's Low Carbon Fuel Standards.

Products and services

• Sustainable Aviation Fuel (SAF) Renewable hydrocarbon-based jet fuel produced from ethanol via proprietary alcohol-to-jet (ATJ) technology. Sold to commercial airlines (including Delta Air Lines under an offtake for up to 75 million gallons annually by 2026) and aviation fuel suppliers targeting carbon abatement and net-zero mandates.
• Renewable Natural Gas (RNG) Pipeline-quality renewable natural gas produced from dairy cow manure biogas at Gevo's Northwest Iowa facility. Sold under long-term agreements to bp for transport to California markets serving LCFS compliance. Expected to generate approximately 400,000 MMBtu of RNG per year.
• Carbon Dioxide Removal (CDR) Certificates Engineered carbon dioxide removal certificates from Gevo's North Dakota Class VI carbon-storage well. Puro.earth-certified with thousand-year permanence guarantee and BeZero Carbon A rating. Sold to corporate buyers and intermediaries (e.g., Biorecro North America) seeking verified permanent carbon removal for voluntary and compliance carbon markets.
• Isobutanol Bio-based isobutanol produced via proprietary fermentation technology at the Luverne, Minnesota facility with 1 million gallons per year capacity. Used as feedstock for chemicals, racing fuels, gasoline, and jet fuel. Production assets retained by Gevo following the November 2025 sale of the ethanol facility.
• Low-Carbon Ethanol Low-carbon ethanol produced at Gevo's North Dakota facility (Richardton) with integrated carbon capture and sequestration. Produced 69 million gallons in 2025 at 106% utilization, with planned expansion to approximately 150 MGPY. Sold into fuel markets and supports SAF production feedstock.
• Isobutylene Renewable hydrocarbon building block derived from isobutanol. Used as a feedstock for producing plastics, synthetic rubber, and other chemicals.
• Renewable Gasoline Advanced renewable gasoline produced from renewable carbon sources as part of Gevo's sustainable transportation fuels portfolio.
• Renewable Diesel Renewable diesel fuel produced from renewable feedstocks as part of Gevo's diversified renewable fuels portfolio.
• Isooctane High-performance renewable isooctane produced as part of Gevo's renewable fuels and chemicals portfolio.
• Protein and High-Value Nutrition Products Protein-rich co-products from renewable fuel production processes, contributing to food chain value and sustainable nutrition.
• Verity MRV SaaS Platform Compliance-grade SaaS measurement, reporting, and verification (MRV) platform operated by Verity Holdings. Connects farm-level agricultural data with biofuel production records to generate verified carbon intensity scores and audit-ready documentation for clean fuel programs including Section 45Z, California's LCFS, and Canada's CFR. Includes CultivateAI precision agriculture capabilities acquired in September 2024.
• Racing Fuel Blendstock Renewable hydrocarbon-based low-carbon intensity racing fuel blendstock for motorsports applications. Supplied to Shell and used in motorsports competitions seeking renewable, low-carbon fuel alternatives.

Quantifiable outcome

• Produced 69 million gallons of low-carbon ethanol at 106% utilization rate in 2025
• +5 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core.

• CIBO TechnologiescoreStrategic or Co-development Partner · 17 March 2026Verity Holdings (Gevo subsidiary) partnered with CIBO Technologies to deliver an end-to-end data and verification solution enabling biofuel producers to generate verified carbon intensity scores and audit-ready documentation for Section 45Z Clean Fuel Production Credits, Canada's Clean Fuel Regulations, and California's Low Carbon Fuel Standards. The collaboration combines CIBO's verified agricultural data and grower network spanning millions of U.S. acres with Verity's compliance-grade MRV platform.
• BushelcoreStrategic or Co-development Partner · 28 January 2026Verity Holdings partnered with agricultural software company Bushel to integrate farm data with sustainability modeling for carbon intensity documentation supporting clean fuel programs. First pilot deployed at Gevo's North Dakota ethanol facility in Richardton. Platform enables farmers to share data with grain buyers to document carbon intensity for Section 45Z Clean Fuel Production Credits.
• LG ChemcoreStrategic or Co-development Partner · 14 January 2026Gevo is developing Ethanol-to-Olefins (ETO) technology in partnership with LG Chem for chemical applications. LG Chem collaborates on converting ethanol into light olefins for renewable chemicals production. Gevo was awarded U.S. Patent No. 12,486,207 B2 for the ETO process.
• Axens and IFP Energies nouvellescoreStrategic or Co-development Partner · 14 January 2026Gevo is developing Ethanol-to-Olefins (ETO) technology for fuel applications in partnership with Axens and IFP Energies nouvelles. Axens provides licensing, equipment, and engineering services globally for ETO technology deployment. Expected to deliver up to 35% lower capital and operating costs vs. current technologies.
• Biorecro North America, LLCcoreStrategic or Co-development Partner · 3 November 2025Gevo delivered its first certified carbon dioxide removal credits to Biorecro North America under a multi-year agreement expected to generate approximately $26 million in revenues over five years. This milestone marks major value creation from Gevo's carbon as a co-product strategy, leveraging its Class VI carbon-storage well that has captured over 550,000 tons of CO2 since June 2022.
• CultivateAI (Cultivate Agricultural Intelligence LLC)coreTechnology or Integration · 1 September 2025Gevo acquired CultivateAI (Cultivate Agricultural Intelligence LLC) in September 2024 for $6 million in cash. The company's SaaS platform for precision agriculture data was integrated into Gevo's Verity subsidiary to enhance digital agriculture and carbon solutions. CultivateAI generates approximately $1.7 million in expected 2024 revenues and provides agricultural data via a SaaS platform.
• bp (BP Canada Energy Marketing Corp and BP Products North America)coreChannel Partner/ Reseller/ Distributor · 1 August 2021BP entered into long-term agreements (bp Agreements, August 2021) for the purchase of NW Iowa RNG production from Gevo. RNG is transported to California under bp's offtake arrangement, serving California's Low Carbon Fuel Standard market.

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Emerging players

• Praj Industries: Praj Industries is Gevo's technology partner on ATJ process engineering and has executed basic engineering for U.S. ATJ customers. Comparable as an engineering/licensor active in the same ethanol-to-jet pathway.
• Sunfire: Sunfire develops power-to-liquid e-fuels (e-SAF, e-diesel) using solid oxide electrolyzers and Fischer-Tropsch synthesis. Comparable as a technology-focused e-fuels competitor targeting aviation decarbonization.
• Climeworks: Climeworks is the leading direct air capture (DAC) carbon removal company, also issuing high-integrity CDR certificates. Comparable to Gevo's CDR business as both compete in the voluntary engineered carbon removal market.

Direct peers

• Velocys: Velocys develops Fischer-Tropsch technology for SAF and synthetic diesel from biomass and waste feedstocks. Comparable as a small-cap, technology-licensing-focused SAF platform competing in the same aviation decarbonization market.
• World Energy: World Energy is one of North America's largest SAF and renewable diesel producers (HEFA pathway), with established supply agreements to major airlines. Comparable to Gevo's SAF strategy but operating at commercial scale today.
• Aemetis: Aemetis produces renewable diesel and SAF using similar agricultural feedstocks and routes (HEFA) and is targeting California LCFS revenue. Closest US-listed comparable by product mix and end-market exposure to Gevo.
• LanzaTech: LanzaTech converts carbon-rich gases (syngas, biogas) into ethanol and other chemicals via gas fermentation, supplying fuels and chemicals including SAF precursors. Directly competes in the carbon-to-fuels space and shares Gevo's downstream fuels/chemicals platform.

Regional players

• SkyNRG: SkyNRG is a SAF-focused supplier and project developer based in Europe with established airline supply programs (e.g., KLM, SAS). Comparable as a SAF-focused peer, though primarily serving European aviation markets rather than North America.

Broad incumbents

• Neste: Neste is the global market leader in renewable diesel and SAF (NEXBTL/NEXSAF), producing over 1 million tons of renewable fuels annually. Represents the dominant incumbent in the same addressable markets as Gevo.
• Renewable Energy Group (a Chevron company): REG is one of North America's largest producers of renewable diesel, with established feedstock supply, distribution, and LCFS monetization. Now backed by Chevron, making it a much larger incumbent in adjacent renewable fuel markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/gevoinc
• Facebookfacebook.com/Gevo.Inc
• LinkedInlinkedin.com/company/499588

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds22 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gevo