Updated: May 10, 2021

Net-Zero 1 - Lake Preston, SD

Any statements in this presentation about our future expectations, plans, outlook and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: our Net-Zero 1 project and other projects; the success of our sales and production efforts in support of the commercialization of our products; our growth plans and strategies; our technologies; the sizes of markets for our products; the benefits and characteristics of our products, including CI score and reductions in greenhouse gas emissions; our ability to obtain and maintain certifications related to our products; our ability to enter into additional contracts to sell our products; the status of our contract discussions and negotiations; memoranda of understanding, discussions and negotiations relating to potential projects; our ability to raise funds to continue operations or fund growth projects; our projected revenues or sales; our ability to perform under current or future contracts; our ability to become profitable; our projections of internal rates of return on investments for our projects; andother factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in other filings that we periodically make with the SEC. In addition, the forward-looking statements included in this investor presentation represent our views as of the date of this investor presentation. Important factors could cause our actual results to differ materially from those indicated or implied by forward-looking statements, and as such we anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this investor presentation

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FORWARD LOOKING STATEMENTS

WHO IS GEVO & WHAT DO THEY DO?

CHANGING WHAT IS POSSIBLE: Creating a Low-Carbon Future

RENEWABLE ENERGY TRANSFORMED INTO

ENERGY-DENSE LIQUIDS

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• We design our business with carbon value in mind from the beginning

• Carbon value impacts everything we do

• We are set up to maximize the value of renewable energy sources

• We transform renewable energy sources into a “drop in” fungible commodity that can be easily stored and transported globally

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Capturing Renewable Energy… …Transforming it into Energy Dense, Liquid Hydrocarbons

Photosynthesis

Renewable ElectricityCogeneration / Combined Heat & Power (CHP), Wind Power

Renewable Natural Gas (RNG)Biogas captured from wastewater / stillage, livestock manure

“Drop in” as a fuel to existing infrastructure and fleets(2)

Infrastructure already exists allowing renewable energy to reach wide markets

Net Zero GHG footprint potential when burned to generate energy for transportation

Immediate and Scalable for significant carbon reduction. Consumers don’t have to make any alterations to current vehicles

WHAT WE DOWE TRANSFORM RENEWABLE ENERGY INTO LOW-CARBON, DROP-IN FUELS WITH A PATHWAY TO “NET ZERO”(1)

C02H20

(1) “Net-zero” refers to the greenhouse gas or carbon balance across the complete lifecycle of a product. Gevo uses the Argonne National Laboratory’s GREET model, the pre-eminent science-based lifecycle analysis model to measure and predict GHG emissions across the life-cycle of its products. The GREET model takes into account emissions and impacts "cradle to cradle" for renewable resource-based fuels including: inputs and generation of raw materials, agriculture practices, chemicals used in production processes of both feedstocks and products, energy sources used in production and transportation, and end fate of products, which for fuel products is usually burning to release energy.

(2) Certain regulatory approvals required in some jurisdictions.

HIGH-VALUE PROTEIN, DROP-IN GASOLINE, JET FUEL, AND OTHER HYDROCARBONS WITH NET-ZERO GHG EMISSIONS WHEN BURNED

6(1) Added to end products(2) Certain regulatory approvals required in some jurisdictions.

Jet Fuel

Renewable PremiumGasoline (Isooctane)(2)

Oxygenated Blendstocks for Gasoline(Isobutanol)

Diesel (Future Intent)

Raw Materials

Most carbohydrate-based raw material can work

Proven technology in production and product use

Markets are developing Gevo is selling products We are focused on production

growth and economies of scale

Targeting customers who pay premium for the value add we bring

High-value Protein (Pet Nutrition/Aquaculture) & Oil

Easy to Store, Easy to Use, Drop-in, Works with Existing Infrastructure and Fleets

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RENEWABLE ENERGY TRANSFORMED INTO LIQUIDS

Storage tank of

Liquid Renewable Energy

Wind ElectricityBiogas

Photosynthetic EnergyHydrogen

Production Existing Pipelines and distribution

CREATING A LOW-CARBON BUSINESS SYSTEMGEVO’S BUSINESS SYSTEMS, FROM RAW MATERIALS TO RENEWABLE FUELS, EXEMPLIFIES THE CIRCULAR ECONOMY IN ACTION

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Fossil GHG Emissions100g/MJ

CO2 Emissions

0g/MJ CO2 Emissions

Soil Carbon Capture has Potential to Drive to Negative Life-Cycle GHG Emissions

Driving the Life-cycle GHG’s Emissions of Jet, Gasoline, and Diesel to Net Zero

PROVEN TECHNOLOGY IN PRODUCTION AND PRODUCT USEProduced over 33,000 cumulative hours, 150,000 gallons of Jet Fuel and 110,000 gallons of Premium Gasoline for our customers

9(1) Represents isobutanol production from corn waste / residue.(2) Gevo does not own the Silsbee facility. Operated in partnership with South Hampton Resources, Inc. In 2018, facility was successfully scaled up to double its capacity.(3) Represents jet fuel and gasoline production from Isobutanol.(4) Scheduled to break ground 2022

NASDAQ: GEVO Selected Customers / Partners

• Corporate headquarters (office and labs) in Englewood, CO

• Commercial scale fermenter in Luverne, MN with 1.5 mmgpy capacity(1) (plus animal feed and corn oil co-products)

• Low-carbon jet fuel and gasoline production facility in Silsbee, TX(2) with 100,000 gpy capacity(3)

• Net-Zero1 facility in Lake Preston, SD (4) is being designed to produce

• ~300mmlbs of protein products• ~30mmlbs of corn oil• ~45 MGPY of renewable jet fuel and

gasoline products from waste carbohydrate steams

Used on commercial flights: Gevo jet fuel has had ASTM approval since 2016

Renewable gasoline: Currently used by high-end racing

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SUSTAINABLE AVIATION FUEL (SAF): TRUE DROP IN, BUT WITH IMPROVED PROPERTIES

• Lower freezing point than petro-jet• Higher energy density than petro-jet• Very low sulfur means lower sulphur oxides (SOx)• SAF energy density is higher than petro-jet with

the potential for more miles per gallon of fuel, or more weight might be carried by a plane.

A drop-in, high-octane, gasoline blendstock that:

• Meets existing gasoline specifications

• Is fungible in existing downstream infrastructure without making changes to pipelines, storage, blending and engines

• Higher energy with the potential for more miles per gallon

• Less corrosivity for less wear and tear on certain types of engines

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RENEWABLE GASOLINE

Low CarbonLow Sulfur

Low Nitrogen Oxides (NOx)Low Particulates

IMPROVING AGRICULTURE & PUTTING NUTRITION INTO THE FOOD CHAIN

Gevo’s unique systems approach is focused on getting the most out of our plant-based feedstock to improve global food supply as well as cut GHG emissions from transportation.

We strive to source corn feedstock from farmers who use carbon-sequestering regenerative agricultural practices, then multiply the effect by separating the protein and starch out of every kernel.

• Nutrition first, Gevo will produce more protein products compared to renewable fuels on a tonnage basis

• Farmers succeed, growing their operations and employing more people

• Better economic conditions help rural communities thrive

• Farms participate in growth of renewable energy infrastructure

• Every acre produces both food and fuel

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Protein Captured Without Starch

Protein for Pet Nutrition, Aquaculture & Animal Feed

Sustainable Agriculture Sparks the Whole Circular Economy Improved Yield

Regenerative agriculture:“A holistic land-management practice that leverages the power of photosynthesis in plants to close the carbon cycle, and build soil health, crop resilience, and nutrient density.”1

Regenerative agriculture is particularly effective with corn:

• Stalks grow to more than six feet tall each year, drawing carbon from the atmosphere

• Stalks and leaves store carbon

• Root structure stores carbon

• Low-till and no-till farming techniques leave roots, stalks, and leaves in soil

• Organic matter in soil helps water retention

• Soil biodiversity helps sequester carbon more deeply

DECARBONIZE THROUGH REGENERATIVE AG

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CAPTURE: Corn contains carbon in its carbohydrate—drawn from the atmosphere.

REPEAT: Cornstalks and leaves contain carbon too. When left in the field they add more carbon to the soil.

SEQUESTER: The root mass contains carbon, and is left in the ground to enrich the soil.

1According to Regeneration International, https://regenerationinternational.org

Gevo makes use of photosynthesis as an energy-efficient tool for carbon recycling

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WE ARE DOING THE “REVERSE OF BURNING” IN A SUSTAINABLE SYSTEM

ProprietaryCatalytic

Chemistry

Carbon DioxideWater

Carbohydrate (sugars)

ProprietaryFermentationTechnologies

(GIFT®)

Isooctane (gasoline)

Jet Fuels

Isobutanol

Proprietary Yeast

Proprietary Enabling TechnologyIP Portfolio Valued at +$400 million*

*Estimated Value of IP by Peak Value IP LLC, August 2020

Photosynthesis and Processing

NET-ZERO PROJECTSHelping to Solve Fossil-Based Carbon Problems

PROJECT NET-ZERO 1 SUMMARY PROJECT NET-ZERO 1, A GREENFIELD SITE LOCATED AT LAKE PRESTON, SD, IS PART OF GEVO’S MISSION TO CAPTURE RENEWABLE ENERGY AND TRANSFORM IT INTO LIQUID FUELS

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Site Overview

Production

Optioned Lake Preston site; site is ~240 acres Planned construction start: 1H 2022 Planned Start-Up: 1H 2024

NET ZERO 1 VIDEO

Contemplated to produce ~45MMGPY (1)

collectively of renewable jet fuel and gasoline from agricultural residue, plus

~300MMlbs of high-value protein products ~30MMlbs of corn oil products

Fuel products are expected to achieve a net-zero GHG footprint across the whole life cycle(2)

Fuels produced from agricultural residue, a component of abundant corn feedstock, while producing high protein products and corn oil

100% of the thermal demand for boilers expected to be met with biogas generated on-site from a wastewater treatment plant

Behind-the-Meter renewable wind power will be used for electricity needs

Green Hydrogen is expected to be made from water and renewable electricity

Optionality to bring additional RNG

(1) The gasoline product produced would be isooctane, the premium component of gasoline. Certain regulatory approvals required in some jurisdictions for premium gasoline product. (2) Based on full cradle-to-cradle analysis using Argonne National Laboratories GREET model. Includes agricultural practices, energy sources, supply chain, and end fate of product.

An “Off-the-Grid” Renewable Protein, Oil, and Hydrocarbon Plant**

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SCOPE OF NET-ZERO 1*

*Currently Planned for Lake Preston, volumes of inputs and products are subject to change.**The plant would be connected to the grid to supply energy to the grids, and also to take energy from the grids if needed. The plant is being designed to be self sufficient for its energy between what can generated on-ste and from the planned off-site wind farm. Gevo may also bring RNG to the plant from its RNG project.*** Also known as a Starch Slurry

+300 Million lbs of Value-added Protein Products

~30 Million lbs of Vegetable oil

~45 Million Gallons (~270 million lbs) of Hydrocarbons

(Jet and Isooctane)

Waste-Water Biogas

Biogas

Low Carbon Corn~30 Million Bu

(1.68B lbs)

Residual Starch***

Water Electricity Hydrogen

Production Processes

Energy, Utilities, Water Processes

Protein & Oil Hydrocarbon Production

On-Site Water Treatment/Biogas

Production

On-Site Electricity Production

Off-Site Wind Electricity Production

Renewable Hydrogen Production

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GROWTH PROJECT: NET-ZERO 1

Greenfield Site (Lake Preston, SD)Status

• Development costs fully funded

• Construction equity fully funded

• Capacity fully sold-out, under take-or-pay contracts

• EPC firm engaged in front-end engineering and design

• Investment is key to SD economy

• The NZ1 construction is expected to employ ~1000 people

• The permanent regional employment impact is estimate to be over 900 jobs (~70 FTEs on site)

• Regional economic output impact is estimated to be >$300 Million per year

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JOB CREATION AND ECONOMIC IMPACT

Source: BEA multipliers, some BEA multipliers data is not available and value are set at the BEA table values of Output =1.0, Earnings =0, and Employment = 0. Net Zero 1 FEED Engineering Firm indicates 950 full time construction jobs at peak over 2 year construction period, Considering common multipliers for construction this could result in a similar number of regional direct and induced jobs.

Lake Preston, South Dakota

Work with Farmers, Eliminate the Fossil Emissions, Capture Carbon Drive the GHG Footprint Down

Purpose of Gevo’s outreach

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GEVO GLOBAL CERTIFICATIONS – FARM CERTIFICATIONS

RSB ISCC

ISCC PLUS certification enables Gevo to validate the responsible nature of its liquid transportation fuels and to highlight the traceability, qualifying that such fuels are produced in a sustainable manner

ISCC principles:

•Principle 1: Protection of biodiverse. and carbon rich areas.

•Principle 4: Compliance with Human, Labor and Land rights.

•Principle 5: Compliance with Laws and. International Treaties.

•Principle 6: Good Management. Practices and Continuous Improvement.

RSB certifies that Gevo adheres to the United Nation’s 12 Principles:

• The certifications overlap, but focus on different applicable markets • Gevo will be obtaining both ISCC and RSB certification including local farms due to the different

carbon markets and fuels produced:– Sustainable Jet Fuel markets leaned toward RSB– Other markets, such as renewable gasoline, prefer ISCC

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WHY DOES GEVO ACQUIRE TWO DIFFERENT CERTIFICATIONS?

24(1) EcoEngineers is in process of a detailed review and analysis.(2) EcoEngineers, USDA – NRCS 2019 South Dakota Cropping Systems Inventory Report.

GOING BEYOND NET-ZERO: CAPTURING CARBON IN THE SOILSUSTAINABLE AGRICULTURE OFFERS POTENTIAL UPSIDE IN COMBINATION OF RENEWABLE ENERGY IN PRODUCTION

Agriculture improvements are practical and being done

• Sequester carbon in the soil• Higher yield• Less inputs

Tillage Practices Near Net-Zero 1 Site (2)

Based on data and trials by LOCUS, a company who believe soil organic carbon (SOC) can be dramatically increased by building root systems and other soil amendments. If true, the amount of carbon capture per gallon could be in the 10’s of kgs per gallon. We are working with them and other companies to figure it out.

Impact of Agricultural Practice on Total Life-Cycle GHG Emissions for Hydrocarbons Burned for Transportation Energy (1)

Low Till No Till

WHAT WILL GEVO BE MEASURING?

• Plants take in carbon, in the form of CO2, in their natural photosynthesis process

– Gevo can estimate that amount of CO2 and the CO2 equivalent from other inputs used on farm to determine a carbon value for corn

– Each of these values are specific to each farm and their practices

Picture source: https://www.eurekalert.org/multimedia/pub/90958.php

Sample Questions: What is your average corn yield for this year?What pesticides do you use? How much of each?What fertilizer do you use? How much of each? Where do you keep track of your information?

Example of Total Emissions from Conventional Tillage Corn ProductionSeeding material 1 kg CO2e/mt cornFertilizer and pesticides 130 kg CO2e/mt cornEnergy consumption 20 kg CO2e/mt cornEmissions corn after improved agricultural practices 0 kg CO2e/mt corn

Total emissions Corn 151 kg CO2e/mt corn

WHAT WILL GEVO BE MEASURING?

• How does tillage practice effect these values?

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Example of Total Emissions from Conventional Tillage Corn ProductionSeeding material 1 kg CO2e/mt cornFertilizer and pesticides 130 kg CO2e/mt cornEnergy consumption 20 kg CO2e/mt cornEmissions corn after improved agricultural practices 0 kg CO2e/mt corn

Total emissions Corn 151 kg CO2e/mt cornExample of Total Emissions from Reduced Tillage Corn Production

Seeding material 1 kg CO2e/mt cornFertilizer and pesticides 130 kg CO2e/mt cornEnergy consumption 20 kg CO2e/mt cornEmissions corn after improved agricultural practices -110 kg CO2e/mt corn

Total emissions Corn 41 kg CO2e/mt cornExample of Total Emissions from No Tillage Corn Production

Seeding material 1 kg CO2e/mt cornFertilizer and pesticides 130 kg CO2e/mt cornEnergy consumption 20 kg CO2e/mt cornEmissions corn after improved agricultural practices -210 kg CO2e/mt corn

Total emissions Corn -59 kg CO2e/mt corn

https://www.globalharvestinitiative.org/2014/12/the-start-of-no-till-farming/

1. Allow Gevo to see your farming data – Gevo can help you figure out what data we need to see and simplify ways for you to get it to us

• Use your preferred business software (Granular, etc.)– This allows Gevo to calculate a carbon intensity score, which Gevo will share with the farmer, if interested

2. Be willing to speak to a verifier maximum once a year– This meeting takes about 2 hours and consists of general questions about your farming practices and data– A Gevo representative will be there with you for the meeting with the auditor to assist with questions that

could arise

3. Sign a Self-Declaration stating your data is accurate to the best of your knowledge

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WHAT WOULD FARMERS NEED TO DO BE CERTIFIED? 1-2-3

• Keep your data confidential – We will not share your specific data outside of the confidentially with the third-party verifier (ISCC & RSB)– We will not share any data specific to your farm without your consent

• Calculate a carbon intensity score– Gevo will share this value with you if you’re interested

• Share with you how your score is calculated and if desired, the things you could do to lower your score – Biggest things today are fertilizer use and No-Till and Reduced Tillage practices

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WHAT WILL GEVO DO WITH FARMING DATA?

You can use any method you’d like• Gevo is agnostic to how farmers get us the data.

– Gevo only cares that it is accurate and verifiable during an audit– Any other software tools you already use can probably export the data

we need– Granular has decided to work with us to create a simple method to get

us all the data we need

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HOW CAN FARMERS GET THEIR DATA TO GEVO?

A Four (4) Year Study will Be Conducted to Quantifying Soil Organic Carbon under Various Management Systems by Dr. David Clay, South Dakota State University

• The purpose of this study will be to quantify SOC levels (carbon stocks) and carbon intensity (CI) scores on working farms near Lake Preston, SD under a mixture of conservation and conventional management practices– The study area will be a 25-mile radius around Lake Preston, SD

– Encompass five benchmark soils in the region. Each benchmark soil will be replicated twice for a total of ten soils.

• Two study sites per soil will be established: one under conventional management and one under conservation management. Five replicates will be collected at each site for a total of 100 points.

• Soil samples will be collected with a Giddings Soil Probe in Year 1 and Year 4 of the project. Soil samples will be divided into seven depths (0-5, 5-15, 15-30, 30-60, 60-90, 90-120, 120-150cm) and analyzed for bulk density, total carbon, total nitrogen, ammonium, nitrate, pH, and electrical conductivity as well as briefly described for horizon.

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ADDITIONAL STUDY TO QUANTIFY SOIL ORGANIC CARBON (SOC)

EARLY-STAGE DEVELOPMENT, PROJECT SPECIFICS

• Up to 50 MW Electrical Capacity

• Will be directly interconnected to feed the NZ1 Plant’s electrical needs

• Will utilize up to sixteen GE 3.03 MW class wind turbines

• 81 meter or 98 meter hub height (based on FAA and siting considerations)

• 140 meter rotor diameter

• Capitalizes on strong locally available wind resource

• Average annual wind speed estimated at 8.3 meters/second (18.6 miles/hour)

• Annual Average Energy Production of approx. 200,000 MWH/year

• Turbine siting will incorporate good neighbor principles to reduce impacts on neighbors

• Juhl and Gevo successfully collaborated together to build wind turbines near Gevo’s Luverne, MN facility

• Juhl has a long history of developing smaller and community-based wind projects like this project

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JUHL ENERGY –KINGSBURY COUNTY WIND FUEL PROJECT

Purpose of Gevo’s outreach

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NET ZERO 1 (1:52): https://vimeo.com/540736374Gevo – Solving Energy (2:00): https://vimeo.com/531083659Working Toward Zero Carbon Footprint (2:46): https://vimeo.com/440219829Food and Fuel (1:19): https://vimeo.com/440220247Where we are so far (1:21): https://vimeo.com/416215170Our Process (1:01): https://vimeo.com/416215010Replacing Fossil Based Carbon (2:07): https://vimeo.com/396232536Farming Carbon & Soil Conservation (1:54): https://vimeo.com/379773448Sustainable Jet Fuel (1:59): https://vimeo.com/379896308Partners with Mother Nature (1:49): https://vimeo.com/416215170Going After the Whole Gallon(0:50): https://vimeo.com/451342705We are Recycling Carbon (0:45): https://vimeo.com/451341985Our Circular Economy (0:48): https://vimeo.com/451341499

www.gevo.com

These short videos explain more about Gevo, our process, business system, and how we think about sustainability

FUTUREPAST

FOR ADDITIONAL INFORMATION ABOUT GEVO