Gevo, Inc. (Englewood, Colo.) announced that it has optioned the right to purchase approximately 239 acres of land near Lake Preston, SD, and has met the initial milestone to secure control of a site by the end of this year that meets the conditions required by the contract that Trafigura Trading LLC and Gevo executed in August 2020. The production facility planned for Lake Preston is contemplated to produce about 45,000,000 gallons per year collectively of jet fuel and renewable gasoline products. Gevo intends to make a decision on whether to purchase the Lake Preston site in the future as part of the Citigroup led project financing.
“We like the scale of plant that could be built at the Lake Preston site, it has the potential to produce large amounts of our products. It also has room to expand further, or add other businesses,” said Patrick R. Gruber, Gevo’s Chief Executive Officer.