Gevo, Inc. (NASDAQ: GEVO) of Englewood, Colorado, revealed on July 10, 2025, that Barclays Capital Inc. invested $40 million in newly issued non-recourse tax-exempt private activity bonds, known as the “2025 Bonds,” by the Iowa Finance Authority for the benefit of Gevo’s subsidiary, Gevo NW Iowa RNG, LLC (“Gevo RNG”). This issuance facilitated the refinancing of a portion of the Previous Bonds, which had a principal amount of $68.2 million, with $40 million being refinanced. The Previous Bonds were initially secured by an irrevocable direct pay letter of credit. The refinancing allowed Gevo to free up $40 million in restricted cash held as collateral for the letter of credit, boosting the company's liquidity by approximately $30 million after accounting for transaction costs and funding reserves linked to the 2025 Bonds.