Gevo and Scandinavian Airlines System Amend Agreement to Increase Off-Take of Sustainable Aviation F

Gevo, Inc. (NASDAQ: GEVO), announced today that it and Scandinavian Airlines System ("SAS") have signed an amendment to increase SAS's minimum purchase obligation to purchase sustainable aviation fuel ("SAF") to 5,000,000 gallons per year. Gevo and SAS signed the original fuel sales agreement in October 2019 (the "Fuel Sales Agreement").

With the finalization of this this amendment to the Fuel Sales Agreement (the "Amendment"), Gevo expects to supply SAS with SAF beginning in 2024 from Gevo's Net-Zero 2 Project for use and distribution in low carbon fuel regions of the United States. The value of the Fuel Sales Agreement, as amended, is estimated at over $100 million over the entire term of the agreement inclusive of the related SAF and environmental credits.

"With this amendment, SAS has significantly increased the amount of SAF that it is willing to purchase from Gevo. This amendment is evidence of the strong and growing demand for Gevo's renewable hydrocarbon products. We expect to ink additional offtake agreements later this year," said Patrick R. Gruber, Chief Executive Officer of Gevo. "SAS have a vision and plan that they are executing, even in spite of the global pandemic. This additional volume will help Gevo grow its business and hopefully accelerate making real Gevo's Net-Zero 2 plant," added Mr. Gruber.

"SAS has an ambitious goal in reducing its' absolute climate affecting emissions by 25 percent from 2005 levels by 2025. This increase of Gevo SAF will help us to reach at least 20% of the SAF needed to reach our emission reductions goal. SAS chooses partners like Gevo that have the vision and ambition to support the aviation industry's transition to net zero emission," says Lars Andersen Resare, Head of Sustainability, SAS.

Beyond Net-Zero 1

Gevo has introduced the concept of Net Zero Projects. Announced in early 2021, these production facilities are being designed to produce energy-dense liquid hydrocarbons using renewable energy and Gevo's proprietary technology. The first Net-Zero project, Net-Zero 1, is expected to be built in Lake Preston, South Dakota.

The Net-Zero Projects are being designed to produce liquid hydrocarbons in the form of sustainable aviation fuel and renewable gasoline. These fuels, when used for transportation, should have a net-zero greenhouse-gas footprint as measured across the entire lifecycle, based on the Argonne National Laboratory's GREET model.

Gevo expects that each Net-Zero Project will have the capability to produce approximately 45MGPY of liquid hydrocarbons (jet fuel and renewable gasoline) and are also expected to produce at least 350,000,000 lbs/yr of high protein animal feed. To reduce and eliminate the fossil fuel resources used in the production facilities, each Net Zero Project is expected to have an anaerobic digestion wastewater treatment plant that is capable of generating enough biogas to run the plant and supply a combined heat and power unit, capable of meeting approximately 30% of the plant's electricity needs. The remaining 70% of electricity to run the plant is expected to come from wind power. Net-Zero 1 may also obtain renewable natural gas ("RNG") using manure from dairy or beef cows. These efforts should make this Net-Zero 1 self-sufficient and help ensure it will be off a fossil-based grid. Gevo also believes in transparency and is setting up sustainability tracking methods to work alongside our farmers.

The Fuel Sales Agreement, as amended, is subject to certain conditions precedent. A copy of the Fuel Sales Agreement and the Amendment have been filed with the U.S. Securities and Exchange Commission on Form 8-K.