CAAFI Biennial General Meeting

Parade of Commercialization
Efforts

Chris Wilcox
Gevo Incorporated
December 2018
FORWARD-LOOKING STATEMENTS

Certain statements within this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: Gevo’s technology and capabilities to produce
renewable fuels, market demand for renewable fuels, low-carbon sustainable corn cultivation and sustainable farming practices, Gevo’s solution
to reduce green house gas emissions, the use of corn as a feedstock and other statements that are not purely statements of historical fact.
These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of Gevo’s management and are
subject to significant risks and uncertainty. All such forward-looking statements speak only as of the date they are made, and Gevo assumes no
obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that
the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may
cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a discussion of the risks
and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to
the business of the company in general, see the risk disclosures in Gevo’s Annual Report on Form 10-K for the year ended December 31, 2017
and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by Gevo.

This presentation is based on information that is generally available to the public and does not contain any material, non-
public information. This presentation has been prepared solely for informational purposes and is neither an offer to purchase
nor a solicitation of an offer to sell securities.

2
THINKING ABOUT THE CYCLE

More is possible!

~5kg high protein

feed/hydrocarbon gallon
Feed and Food
100% of the nutritional
value of corn is captured in
the feed
Soil

Avg ~0.8 kg CO2

captured/gallon of Jet
(range of 0-4kg/gal)

For every 1BGPY of fuel:

-5 Million MT of protein/feed could be produced
-800Kt to 4 million MT of carbon could be capture in soil

3
FACTS ON GEVO’S SUSTAINABLE AVIATION FUEL

• Gevo’s Alcohol to Jet Synthesized Paraffinic Kerosene (ATJ-SPK) pathway was approved by ASTM in
April 2016
– ASTM certified
– Blend limit for ATJ-SPK is 50%
– Drop-in alternative to conventional aviation fuel
– No Sulfur, no particulates, and an undetectable freezing point
– Higher energy density
• Gevo has demonstrated the use of 50/50 ATJ on an F/A -18 “Hornet” in supersonic flight in 2014
• Gevo flew the first flight ever utilize cellulosic feedstock for ATJ-SPK

4
GEVO’S FLY GREEN DAY AT O’HARE

• Worked with BP to supply O’Hare (for the first time) with

Gevo’s ATJ
– Blended, certified, pipelined to O’Hare Fuel Farm via
commercial infrastructure
• First time renewable jet was supplied to O’Hare using on
& off airport infrastructure
• Eight airlines and FedEx participated and flew the
renewable fuel
– Lufthansa
– United Airlines
– Etihad
– Japan Airlines
– Cathay Pacific Airways
– Korean Air
– Atlas Air
• Demonstrated and set the precedent that commercial
supply logistics is possible

5
GEVO’S AND VIRGIN AUSTRALIA FLY GREEN IN BRISBANE

• Initial portion of a 12-18mo project

• Partnership between Virgin Australia, Gevo, Queensland

Gov’t, Caltex, & Brisbane Airport

• First time renewable jet was supplied in Australia using the

general fuel supply system

• Biojet has now been used to to fuel 195 domestic and

international flights out of Brisbane

• We (Gevo) feel Australia has tremendous long term potential

in SAF
– Proved out commercial logistics to hydrate and on-wing
– Better understanding of associated costs
– Provide momentum for future project development

6
GEVO’S AND AVFUEL FLY GREEN AT VAN NUYS

• Business Jets Fuel Green: A Step Toward Sustainability

– Van Nuys is one of the worlds busiest general aviation airports
• Renewable jet fuel has a market outside airlines
– Demand in general aviation and business travel
• A fully collaborative effort between:
– Gevo
– Avfuel Corporation
– Bombardier Business Aircraft
– Phillips 66
– World Fuel Services
– General Aviation Manufactures Association, International
Business Aviation Council, Van Nuys Airport Association, National
Air Transportation Association, National Business Aviation
Association
• Demonstrates the general aviation industries commitment to
emissions reduction and aim for carbon neutrality from 2020
forward

7
Thank You

8
 Jim Andersen Advanced Technology for Renewable Fuels Production
Honeywell UOP
CAAFI Biennial General Meeting (CBGM), Washington DC
Dec 4 2018

UOP 8079H-0 © 2018 UOP LLC, A Honeywell Company. All rights reserved.
 1

UOP Renewable Technology Solutions

Inedible Fats,
Oils & Grease UOP Honeywell Green DieselTM
EcofiningTM
Process Green Jet (optional)

UOP Honeywell Green JetTM

Renewable Jet™
Fuel Process Green Diesel
Petroleum
Distillate
UOP Distillate
Unionfining™ Partial Green Diesel
Process Partial Green Jet

Petroleum
Biomass VGO

RF Gasoline
RTP® UOP FCC
(Pyrolysis) Co-Processing RF Diesel

Proven Technologies for Feedstock Flexible Drop In Fuels

 2
Progress Producing Advanced Renewable Fuels

Worldwide Production Capacity for  Renewable Diesel/Jet is the third

100% Renewable Diesel/Jet largest type of biofuel produced
 3.7% of global biofuels demand
3.0
 0.2% of global diesel & jet fuel
In Design or 8 demand
Billions of Gallons per Year

2.5 Construction
Installed 7  Predominantly diesel

Millions of MTA
2.0 6
 Renewable Jet (HEFA SPK) is being
5 commercially produced using
1.5 Honeywell UOP technology and is in
4 use in regular commercial flights
1.0 3
 Five aviation biofuels currently
2
0.5 approved by ASTM International
1 Additional aviation biofuels are
0.0 0 being tested under ASTM
2005 2010 2015 2020* 2025* Includes testing by Honeywell
* Expected as of Nov 2018

Renewable Diesel/Jet is the Fastest Growing Supply of Biofuel

 Operating Plants Using UOP’s Renewable 3

Fuel Technology

2013 2014 2016 2018 Expected

Diamond Green Diesel ENI #1 World Energy / AltAir ENI #2
• 900,000 MTA Feed • 360,000 MTA Feed • 150,000 MTA Feed • 720,000 MTA Feed
(18,000 BPD) (7,200 BPD) (3,000 BPD) (14,400 BPD)
• First New Ecofining Unit • First refinery retrofit to • First refinery retrofit to • Second refinery retrofit
installed at Norco, Ecofining Unit at UOP Renewable Jet to Ecofining Unit at
Louisiana Venice, Italy Fuel Unit at Gela, Italy
• Expansion to • Expansion to Paramount, California • Under
2,400,000 MTA 560,000 MTA • Produces Green Construction
(48,000 BPD) (11,200 BPD) in Jet and Green Diesel
in progress progress • Expansion to
1,000,000 MTA
(20,000 BPD)
announced

Each owner is implementing additional projects using UOP technology

 4

UOP Renewable Technology Solutions

Inedible Fats,
Oils & Grease UOP Honeywell Green DieselTM
EcofiningTM
Process Green Jet (optional)

UOP Honeywell Green JetTM

Renewable Jet™
Fuel Process Green Diesel
Petroleum
Distillate
UOP Distillate
Unionfining™ Partial Green Diesel
Process Partial Green Jet

Petroleum
Biomass VGO

RF Gasoline
RTP® UOP FCC
(Pyrolysis) Co-Processing RF Diesel

Proven Technologies for Feedstock Flexible Drop In Fuels

 5

Renewable Fuels from Co-Processing of RTP Bio-Crude

LPG
LPG

Biocrude

Cat Partially
Gasoline renewable
products
sent
downstream
Light Cycle Oil
(LCO)
Vacuum Gas
Oil (VGO)
Main Column
Bottoms (MCB)

Utilize existing refinery assets & infrastructure

 6

Supply Chain Consists of Multiple Steps

UOP is Addressing Challenges in Refinery Implementation

 7

Commercial Status
• Three commercial-scale FCC co-
processing trials completed
• Multiple full-scale installations of
technology scheduled in 2018/19
‒ USA
‒ Europe
• Regulatory recognition and verification
‒ Completion of US EPA Part 80 Facility
Registration for co-processing application
‒ Completion of ISCC certification for
recognition of biofuel in Europe

UOP 8079B-7
 8

Optimistic About Future of Biofuels

Increasing Green Growing interest Driven by:

Diesel and Green from refiners for • Climate change and
Jet activity across FCC co-processing GHG reduction
the globe • Numerous projects to commitments
• North implement tech in US • Air pollution mitigation
America/Europe/ and Europe underway
• Corporate social
Middle East/Asia
responsibility
• New units as well
• Continuing
as revamps
development of new
• DHT co-processing technology pathways

UOP 8079B-8 The Future Of Biofuels Is Bright

 No Carbon Left Behind:
Alcohol-to-Jet
2018
2018 LanzaTech.
LanzaTech. All All rights
rights reserved.
reserved.

Carbon Smart™
 Alcohol-to-Hydrocarbons

Jet &
Dehydration Oligomerization Hydrogenation Fractionation Diesel
Ethanol

Carbon Smart™
 October 3, 2018
Carbon Smart™
LanzaJet Property Highlights
25
Fuel Property Jet A LanzaTech 50/50% v LanzaTech ATJ-SPK

Spec ATJ-SPK with Jet A Camelina HEFA-SPK

Jet A (POSF 10325)
Freeze Point, °C -40 max -61 -54
20

Iso-paraffins by GCxGC, mass%

Energy Density, 42.8 min 44.4 43.8
MJ/kg 15

Thermal Stability Baseline Excellent Excellent

Viscosity @ -40 °C 12 max 7.0 9.3 10

mm2/sec
Hydrogen % 13.4 min 15.1 14.5 5

Aromatics % 8 min, 25 Nil 8.8

max 0

Sulfur, total mass % 0.30 max <0.001 0.02 7 8 9 10 11 12 13 14 15 16 17 18

Carbon number

Meets or Exceeds Critical Jet Fuel Specifications Carbon number range similar to
Neat fuel primarily isoparaffins with <0.2% aromatics conventional jet fuel and other SPK’s

On April 1, 2018 ASTM Intl. revised D7566 ATJ SPK Annex A5

• Added Ethanol as a feedstock
• Increased final blend ratio to max 50 %
Carbon Smart™
Low Carbon Jet Benefits
Conventional Jet Conventional Jet
3000 ppm 8-25%

Lanzajet Lanzajet
0%
< 1 ppm
Reduction in Sulfur Level Reduction in Aromatics

Lanzajet

44.4
Conventional Jet
42.8 Fuel (CnHn + S + Aromatics)

Increase in Energy Density MJ/kg

Fuel (CnHn)

Carbon Smart™
Recycling Carbon

Proprietary
Microbe

Gas
Industrial Off Gas Feed
Biomass, MSW Syngas Stream
Compression Fermentation Recovery Product
Tank

Carbon Smart™
 >100 tons ethanol per day

Carbon Smart™
 Ferro-Alloy Biomass Local Input
1B gpy Residues Global Impact
400B gpy

MSW Refining
26B gpy 3B gpy

Carbon Smart™
Potential AtJ from Gas Fermentation

Totals/year Relative to Today

270B Gallons AtJ > today’s aviation fuel use

~63,000 planes on the ground ~250% of commercial flights

1.7B tonne CO2 ~5% of Anthropogenic Global CO2

Significant AtJ Potential

Carbon Smart™
Path to Economic Volumes

2015
Lab Scale
2016
Pilot Scale 2020
10M gpy 2022
30M gpy x3

Carbon Smart™
 "The fight is won or lost far
away from witnesses - behind
the lines, in the gym and out
there on the road, long before
I dance under those lights."

Muhammad Ali

Carbon Smart™
December 2018

Velocys Alternative Jet Fuels

CAAFI Biennial General Meeting
Velocys – the renewable fuels company

Technology demonstrated at
commercial scale
— Provides foundation for
development of
integrated biorefineries
being pursued by
Velocys and its partners Commercial Fischer-Tropsch reactors in situ at
ENVIA, Oklahoma City

Team with exceptional experience of designing,

commissioning and operating synthetic fuel facilities

£ Traded on AIM market of London Stock Exchange (VLS.L)

2
Renewable fuels from alternative feedstocks

• Velocys is developing a series of Harvest residue

renewable fuels plants in the
U.S. and U.K.
• Gasification through FT pathway
supports a range of feedstocks,
including forestry residues,
agricultural wastes, and
MSW
municipal solid waste
• ~24m gpy project in Mississippi
entering FEED
• Project in the U.K. currently in
pre-FEED

3
Process overview
Using established technologies
Feedstock
conditioning Gasifier Syngas Fischer Hydrocracker
facility clean-up Tropsch (FT)

Thermally and
chemically Physically and Chemically Chemically
break the chemically react the cut the long
Physical
material into remove syngas to hydrocarbons
preparation of
its component impurities form long to form jet
the feedstock
parts to from the chain fuel and
produce syngas hydrocarbons naphtha
syngas

Waste Streams Syngas Clean syngas FT product Finished products

4
Drop-in low-GHG jet fuel with added environmental benefits

Our route to jet fuel from waste

reduces lifecycle greenhouse gas
emissions by >70%
Meets specifications for synthetic
paraffinic kerosene (SPK)
— Globally approved at up to 50% in
commercial aviation (Jet A1/Jet A)
Widespread use would improve air
quality around airports
— Over 90% reduction in emissions
of particulate matter and sulphur
— Over 20% reduction in carbon
monoxide
— Over 30% reduction in
FT diesel (left) versus conventional
hydrocarbons diesel (right)

5
Bayou Fuels – Mississippi Project

• Velocys is developing a 24 mmgy Harvest residue

woody biomass to middle distillate

bio-refinery in Natchez, MS.
• Utilizes forestry residues and
waste to achieve mid 20s CI
• Permitting underway with “FONSI”
for environmental assessment
Project Partners
• Extensive pre-FEED engineering
work combined with integrated
demonstration unit has materially
de-risked the project
• Currently engaged in partnering
exercise, expect to commence
FEED in 2019 with FID in 2020
Renewable jet fuel from household waste
Project to build U.K.’s first commercial waste-to-fuels plant

Over 70% reduction

in greenhouse gases

Around 30,000T/year
of clean “drop-in” fuel

Waste to jet fuel Sustainable feedstock -

plant avoids ~400,000T/year
of non-recyclable waste
going to landfill

Around 100 full time

operational roles

7
Partners bring key strengths for U.K. project

Project is aligned to the partners’ core strategies

— All invested in project development
— Intend to underpin revenues through long
term commercial feedstock / offtake
agreements
Market pull (renewable fuels critical to achieving
carbon footprint reduction)
Technical expertise and fuels offtake capability
(strategic intent to improve sustainability of fuels)
Proven process combined with development and
delivery of operational renewable fuels plants.
Leading the UK project on behalf of the partners

8
U.K. Project status

Project passed second stage gate in June 2018, securing £4.9M

to support next stage

Pre-FEED engineering contractor kicked off carrying out

optioneering studies

Site selection in progress

Developing feedstock sourcing strategy

£ Understanding financing requirements through active

engagement

9
Velocys Roadmap
Building a Portfolio
• Velocys sees a pathway for a series of bio refineries that deliver
over 200mm gallons of renewable fuels (middle-distillates) in less
than 10 years