Gevo Inc (NASDAQ:GEVO) said it has ended its third-quarter 2021 with cash and equivalents of $522.4 million as of September 30, 2021.
The company generated revenue of $0.1 million for the quarter, while its 3Q net loss per share improved to $0.07 from a deficit of $0.09 during the same period last year.
“We are seeing demand for our products increase and we are establishing alliances that, we expect, will help us accelerate growth beyond our Net-Zero 1 project,” Gevo CEO Patrick Gruber said in statement.
READ: Gevo signs MoU with ADM to produce up to 500M gallon sustainable aviation fuel, other low carbon-footprint hydrocarbon fuels
“We are pleased that Net-Zero 1 appears to be on track, too. Overall, a very good quarter,” Gruber added.
Gevo noted that its revenue is comprised of sales of sustainable aviation fuel and renewable premium gasoline.
The company reported recently that it had signed a memorandum of understanding with Archer-Daniels-Midland Company to support the production of sustainable aviation fuel and other low carbon-footprint hydrocarbon fuels using Gevo’s processing technology and capabilities.
Gevo is focused on transforming renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel, and diesel fuel, that when burned have the potential to yield net-zero greenhouse gas emissions.
The company is also working on addressing other environmental problems like plastics, and polyesters with its technology.
Contact Sean at sean@proactiveinvestors.com