Welcome to Gevo’s Fourth Quarter 2015 Conference Call. At this time all participants are in a listen-only mode. There will be a question-and-answer session to follow. Please be advised this call is being taped at the company’s request. At this time I would like to introduce your host for today’s call, Geoff Williams, Gevo’s General Counsel and Secretary. Please go ahead, Mr. Williams.

Good afternoon and thank you for joining Gevo’s fourth quarter 2015 earnings conference call. I would like to start by introducing today’s participants from the company. We have with us today Pat Gruber, Gevo’s Chief Executive Officer; and Mike Willis, Gevo’s Chief Financial Officer. Earlier today we issued a press release which outlines the topics that we plan to discuss today. A copy of this press release is available on our website at www.gevo.com. I would like to remind our listeners that this conference call is open to the media and we are providing a simultaneous webcast of this call to the public. A replay of today’s call will be unavailable on Gevo’s website. On the call today you will hear discussions of non-GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is contained in the press release distributed earlier today and which is posted on our website. We will also make certain forward-looking statements about events and circumstances that have not yet occurred including but not limited to projections about Gevo’s operating activities for the remainder of 2016 and beyond. These forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to significant risks and uncertainties including those disclosed in Gevo’s most recent annual report on Form 10-K as amended which was filed with the SEC on March 30, 2015 and in subsequent reports and other filings made with the SEC by Gevo. Investors are cautioned not to place undue reliance on any such forward-looking statements. Such forward-looking statements speak only as of today’s date and Gevo disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise. Please refer to Gevo’s SEC filings for a detailed discussion of the relevant risks and uncertainties. On today’s call Pat will begin with a review of Gevo’s recent business developments. Mike will then review Gevo’s financial results for the fourth quarter of 2015 and the year ended December 31, 2015. Following the presentation, we will open up the call for questions. I will now turn the call over to Pat.

Thank you, Jeff. Before I get into an overall update of the business, I wanted to touch base on a couple of announcements we have made over the last few days. First, we announced on Monday that we are very pleased that the ballot was passed by the two ASTM committees which is expected to clear the way for Gevo’s jet fuel to be flown on commercial flights. And as we have discussed previously, Alaska Airlines will be our launch partner with the first commercial test flight anticipated sometime in the next several months. This approval is a big deal. It has been in the works for five to six years and represents only the third time a bio-based jet fuel has been included in the ASTM spec. So we are hopeful that this milestone will accelerate our jet fuel partnerships with commercial aviation companies. Also we announced this morning that we priced the financing today that should yield us gross proceeds of approximately $3.5 million. Given the overall status of Gevo’s technology business, I’m delighted that we are now focusing our proceeds towards the growth oriented initiatives such as improving our isobutanol production capabilities at Luverne and investing in business development activities to ensure that we place our isobutanol and derivative products like jet fuel and isooctane with good customer partners and at attractive prices. There are many milestones that we are looking to achieve over the next couple of quarters such as hitting our production volumes and our cost targets at Luverne as well as announcing new customers and partnerships and we believe this latest financing transaction will provide us the runway to allow us to meet many of these important milestones. In terms of the specific structure of the financing, I will let Mike address that later…

Thank you, Pat. As we announced earlier today, we priced an underwritten offering of common shares and warrants this morning. The offering was fully subscribed and is expected to close on April 1. The gross proceeds to Gevo from this offering are expected to be approximately 3.5 million not including any future proceeds from the exercise of warrants. The offering was split between two types of units, Series C units with each unit consisting of one share of common stock, one Series F warrant to purchase one share of common stock and two Series H warrants, each to purchase one share of common stock at a public offering price of $0.35 per unit. And then Series D units which with each unit consisting of pre-funded series G warrants to purchase one share of common stock, one Series F warrant to purchase one share of common stock and two Series H warrants, each to purchase one share of common stock at a public offering price of $0.34 per unit. The Series F warrants will have an exercise price of $0.35 per share, the exercise will be beginning on October 1, 2016, and will expire on April 1, 2021. The Series G warrants will have an exercise price of $0.35 per share which would be prepaid upon the issuance except for a nominal exercise price of $0.01 per share upon exercise. The Series G warrants will be exercisable from the date of original issuance and will expire on April 1, 2017. The Series H warrants will have an exercise price of $0.75 per share. The exercise will be beginning on the date of original issuance and will expire on October 1, 2016. The shares of common stock and warrants will be immediately separable and will be issued separately. Now turning to the…

Thanks, Mike. We continue to make progress on all fronts in our business. In particular, we are excited about restarting isobutanol production at Luverne. I like the traction we are seeing in the market and I believe the value is real. If we are able to achieve our targets in 2016 and we believe that we will, we should be able to accelerate the adoption of isobutanol in our core markets and get on with building a meaningful licensing business. Lastly, I thank our shareholders for all of their patients and support. We believe that we are entering a new phase of growth for Gevo and we appreciate all those who have stuck with us throughout. And with that, we can turn it over for questions. Operator?

Thank you. We’ll now begin the question-and-answer session. [Operator Instructions]. And Jeff Osborne with Cowen and Company on line for questions. Please go ahead.

Good evening, guys. A couple questions on my end. Pat, most of the discussion in the prepared remarks was on Porta. I was wondering if you could just touch on Praj and how things are proceeding with them?

Yes, Praj has been our organism, our yeast and they are training them how to live and operate in India. So what that entails is, well, I should step back, they are using molasses and sugar as a feedstock and they are going to put it into sugar mills. Now molasses is not cornstarch, not like a dry mill whatsoever. The stuff is kind of dregs in a way, the bottom of the barrel stuff with a little bit of sugar and whole lot of other crud. So what they are doing is taking our yeast and adapting it to use those feedstock’s, we already know at a fundamental level it works but they are doing some optimization work around the fermentation itself. We have to test it for things like local water and other nutrients, we don’t anticipate any issues there and they reported good progress. The second thing that they are doing is developing the process to do an isobutanol fermentation in mills that would normally be producing ethanol. Now the difference is that in the U.S. when we do dry mills we have an extremely high solids content, over 30% solids. That is not how these fermentations are done when you use molasses. It is much, much lower concentrations. So, they have to work out for instance in the process where does all of the water go, how do they integrate it, et cetera, so they are busy doing that engineering as well. So they are continuing to make progress.

Got it. That is helpful. I appreciate that. And then another just big picture question before I turn over to Mike is you spoke at the ABLC during the quarter and there is a big focus certainly with United and other airlines as it relates to jet fuel. Can you just touch on from a competitive standpoint how you think your production cost is and ramp will be relative to other pathways whether it is bio-based or non-bio-based for isobutanol based jet fuel? That would be helpful. Certainly the end market drivers are there but just like to understand where you think you are on a cost perspective. You mentioned actually that you feel comfortable about hitting the cost and production targets for the year and you gave us production metrics but can you also maybe in your answer just give us a sense of where cost is initially today, any commentary qualitative or quantitative would be appreciated and also just what the long-term goal is as well?

Sure, so first in the lay of the land for renewable resource-based jet fuels, there are a few approaches that can be taken. One of them is to use a vegetable oil or an animal fat oil, a tallow or something like that. That is the process that has been worked on and commercialized. Honeywell UOP has worked on that and done that process. The issue with those raw materials is that they aren’t very -- they are not ubiquitous. Vegetable oil is or maybe in order of magnitude less prevalent than carbohydrates maybe two orders of magnitude less prevalent. So it can’t be done at the same scaling all over the world. Carbohydrates are also a fraction of the cost on a raw material basis. Now the exception might be tallow -- like if you are getting a waste tallow oil or something like that but that is hard to do hundreds of millions of gallons. Now remember, the need for this industry is in the many, many hundreds of millions of gallons, it is not a 5 million or 10 million gallons here or there is a nice starter place but that is not what the game is about. This is about hundreds of millions to billions of gallons over a period of time. So it is a bit different game, carbohydrates I think are the raw material to use. There’s a couple of chemical processes that are out there, Fischer-Tropsch being one of them that people talk about. The capital costs of that are extremely high in the $10 per gallon capital cost. The processes are similar to what is done with like coal reformation type stuff. It can work but it is just really expensive to deploy. Our process provides a nice combination of low OpEx, relatively low CapEx and that when we do our CapEx numbers, we also include the buildout of the isobutanol and then the isobutanol conversion to the jet fuel. It is very competitive. In fact, we find it is in low-cost grouping.

The same would be true on a natural gas approach as well I assume with the Fischer-Tropsch in the same bucket with that or any comments on that

Interestingly enough, if it is a low carbon fuel, you can’t get there from here with natural gas unless it is bio-gas and if its bio-gas then again you have the problem of not a big enough supply. There will be supplies that make sense in a region or something or a small place but you can’t do it widely. There is just not enough of it around. Natural gas burns and you get hit with a fossil carbon.

It makes sense and then just Mike, for you two quick ones. How should we -- you gave the share count exiting the quarter with the transaction and the extremely complex layering of warrants. How do we think about what share count should be for Q1 or more I guess on a go forward basis given the pricing of April 1?

I can’t give specific guidance. I can tell you that those Series E warrants that we issued in December are short-term in nature and so there is obviously a preponderance to be exercising those quicker than any of the other issuances that we have.

Okay. And then the cash at 17 million, you obviously raised 3.5 million here. Given that we’ve got one day to go in the quarter, can you just comment was there any warrants that were converted over that generated cash for you in Q1?

I can only say that some of the Series E’s were exercised but those are the ones that were pre-funded that were effectively a penny to exercise. So, modest proceeds from the exercise of warrants.

Okay. And then, if I heard you right, you got one, last question, one train today of the four with IBA production and over the course of the year that will transition to all four? Just how do we think about with where ethanol spreads are, how you are going to handle your production ramp given the capital raise?

Think of it this way, we have one isobutanol line production line simply dedicated to isobutanol. We will run the rest of the plant normally on ethanol. So the ethanol capacity is approximately 50 million gallons per year and then once we have ramped up the isobutanol, it will be 1.5 million gallons per year and we will stay there for now. We don’t have the, it will cost us some more money to switch the whole plant back over to isobutanol.

Got it. Okay, I misunderstood that. Perfect. Thank you much, guys.

And the next question comes from Amit Dayal from Rodman & Renshaw. Please go ahead.

Thank you. Congratulations on all of the progress so far. Just two questions I guess from my side. The first one is around the supply that is coming online right now, the isobutanol supply. Are we distributing through some of the existing relationships we have had? Are you adding new distributors to that mix and should we assume that most of it is right now going into the marine opportunity?

So the answer is yes, we are leveraging the people who already know, people like Gulf Racing. I guess Jess is actually listening to this call. Thanks for all of your work, Jess. And then we are adding additional distributors too. As we organize those, we will be talking more clearly about them and also the end use outlets. And the outlets for the gasoline that contains isobutanol are going to turn up at marinas or at pumps at gas station and convenient stores where they can serve people who want this high-performing ethanol free fuel. That is where we will focus the majority of it. Of course we will still take some down to Silsbee, make jet fuel, isooctane too, but that is a relatively small amount. And there is a lot of interest in this product. As I mentioned in my prepared remarks, the price points are quite good and that is because there is a demand for high-octane ethanol free gasoline that contains renewable content.

Are these days are the distributors asking you for potentially commitments to supply certain levels of volumes at this stage or not right now?

I have had conversations with them and so what we have found is that as we are organizing all the supply chains still and we are pinning them down into contracts. We will be pinning them down. As we do that work, we will be able to describe it more clearly… [multiple speakers]

Got it. And just in relation…

Supply and of course our clarity of how much isobutanol we have had when, would have when, has only become clear. Remember we started on this upgrade in the plant and we authorized it in September. So in a few months, we’ve built this thing out and now we can say with clarity what we believe we will have in terms of isobutanol quantities exactly when. That is extremely useful for not disappointing customers.

And outside of the small fire incident, no other hiccups in terms of bringing the production online? Do you think the ramp should be fairly smooth from here?

It should be straightforward. It is the kind of things that you have to go through when you do a ramp, shake down the equipment, make sure it works. We have run fermentation, worked about as expected. The fire interrupted us for not quite a week, a few days and then we are starting up the isobutanol fermentation again. Started today. And so we have to just get good at running it and a lot of our ramp rate is about getting good at turning, it is a bath like process in that fermenters, you’ve got to turn it around, clean it, shorten the cycle times, et cetera. And then along the way we’ve got to make sure everything else is working the way we expected it to. We haven’t seen anything that would cause a red flag so far and we don’t expect to. We still have to learn how to do it because these plants are really, really big. These are not demonstration plants, not pilot plants. These are big, giant plants with a lot of mass flowing through them. You’ve got to get it right and keep it safe. So you do it carefully and make sure we know what we are doing as we ramp up.

Got it. And just one last question on your South American arrangement with Porta, and you may have touched on this I’m sorry if I am asking this again. Has Porta started any construction activity, et cetera right now or is that still a little bit down the line?

No, I still believe they are doing the engineering sorting it out and getting it figured out.

Okay, got it. Thank you. That is all I have.

And this ends the Q&A session. Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.