Gevo secures DOE loan for Net-Zero aviation fuel plant in South Dakota
Author: PPD Team Date: 21/10/2024
Gevo has obtained a conditional $1.46 billion loan guarantee from the US Department of Energy’s (DOE) Loan Programs Office for its Net-Zero 1 (NZ1) project in Lake Preston, South Dakota.
Including capitalised interest, the loan facility provides a borrowing capacity of $1.63 billion. The NZ1 plant will use 100% US-sourced feedstocks to produce approximately 60 million gallons of sustainable aviation fuel (SAF), 1.3 billion pounds of protein and animal feed, and 30 million pounds of corn oil annually.
The project supports climate-smart agricultural practices, rural job creation, and domestic energy security. NZ1 is the first large-scale alcohol-to-jet initiative to receive such a commitment from the DOE, highlighting its impact on South Dakota’s workforce and communities.
Earlier this year, the US DOE announced a $1.5 billion investment under the Bipartisan Infrastructure Law to enhance transmission infrastructure. This funding will support projects across five states, increasing capacity by 7,100 MW and improving grid reliability and resilience.