Gevo, Inc. has recently announced that Barclays Capital Inc. has acquired $40 million of new non-recourse tax-exempt private activity bonds known as the "2025 Bonds" through the Iowa Finance Authority, for the benefit of Gevo's subsidiary, Gevo NW Iowa RNG, LLC. This purchase allowed the refinancing of $40 million of previously issued Iowa Finance Authority Solid Waste Facility Revenue Bonds, Series 2021, which were initially valued at $68.2 million and secured by a direct pay letter of credit. By refinancing a portion of the Previous Bonds, Gevo was able to free up $40 million in restricted cash used to secure the letter of credit, boosting the balance sheet liquidity by around $30 million after covering transaction costs and funding reserves related to the 2025 Bonds.