Gevo's renewable hydrocarbons supply agreement with Trafigura terminated after technology shift

Gevo, Inc.

Trafigura terminated the 10-year Renewable Hydrocarbons Purchase and Sale Agreement effective April 19, 2023.
Gevo changed from isobutanol to ethanol fermentation technology, making it unable to produce renewable isooctane and isobutylene as originally agreed.
Parties attempted to renegotiate but failed; no liability or further obligations upon termination.
Agreement originally contemplated supply of 20-30 million gallons per year of renewable hydrocarbons at indexed prices.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gevo, Inc. terminated Renewable Hydrocarbons Purchase and Sale Agreement (as amended, the "Amended Agreement") with Trafigura Trading LLC (effective 2023-04-19).

Action: termination
Agreement: supply
Counterparty: Trafigura Trading LLC
Effective: 2023-04-19

Exact text from the filing

On April 19, 2023, Gevo, Inc. (“Gevo”) received a notice of termination (the "Notice") from Trafigura Trading LLC ("Trafigura" and, together with Gevo, the “Parties” and, each, a “Party”) with respect to that certain Renewable Hydrocarbons Purchase and Sale Agreement by and between the Parties, dated August 14, 2020 (the "Agreement"), as amended by Amendment No. 1 to Renewable Hydrocarbons Purchase and Sales Agreement by and between the Parties, dated October 4, 2021 (the "Amendment" and, together the Agreement, the "Amended Agreement").

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Source: SEC EDGAR

accession 0001392380-23-000022

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