Gevo, Inc. Reports Impairment Loss for the Third Quarter Ended September 30, 2022
November 09, 2022 at 02:39 am IST
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Gevo, Inc. reported impairment loss for the third quarter ended September 30, 2022. For the quarter, the company recorded a $24.7 million impairment loss on long-lived assets, which reduced the carrying value of certain property, plant, and equipment, and a leased right of use ("ROU") asset, at the Agri-Energy segment to its fair value. The impairments recorded to date relate to the determination to suspend production at the Luverne Facility and shift the plant into an idled, care and maintenance status during the third quarter of 2022.
Gevo, Inc. is a carbon abatement company focused on transforming renewable energy into energy-dense liquid hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel. The Company operates in three segments. The Gevo segment is focused on research and development activities related to the production of SAF, commercial opportunities for other renewable hydrocarbon products, such as renewable natural gas, hydrocarbons for gasoline blendstocks and diesel fuel, and plastics, materials, and other chemicals. Gevo segment also develops, maintains, and protects its intellectual property portfolio, provides corporate oversight services, and is responsible for development and construction of its Net-Zero Projects. The Agri-Energy segment is engaged in the operation of its Luverne facility and the development of the production of isobutanol, ethanol and related products. The Renewable Natural Gas segment produces-pipeline quality methane gas captured from dairy cow manure.