Gevo, Inc. has recently announced that Barclays Capital Inc. has acquired $40 million of 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. These bonds were used to refinance a portion of the previous Iowa Finance Authority Solid Waste Facility Revenue Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Project) in the principal amount of $68.2 million. This move enabled Gevo to free up $40 million of restricted cash securing a letter of credit, leading to an increase in balance sheet liquidity of approximately $30 million after accounting for transaction costs and reserves related to the 2025 Bonds.