Carbon Capture Revenue Potential
Q: How will carbon credits impact future earnings?
A: We expect carbon credits to generate a $250-$300 million annual run-rate value from our Nebraska assets, which is likely not reflected in current models. " We have a fixed-fee agreement with Trailblazer for transport and injection without sharing upside in credit values. " We plan to monetize credits from 45Z, 45Q, and either voluntary or LCFS credits, aiming to reduce our carbon score below 50 and generate over 800,000 tons of high-quality carbon credits. " We have interest from companies to take our credits to market, and we expect significant profitability from these initiatives. "

Election Risk to Tax Credits
Q: Could changes jeopardize 45Z and 45Q credits?
A: While there is political talk about eliminating the IRA, we believe 45Q is not part of it and has bipartisan support. " Even in a worst-case scenario, 45Q remains a 12-year program starting when we begin sequestering carbon. " Multiple industries support preserving and extending 45Z, so we are optimistic about the prospects despite election risks. "

Ethanol Margins Outlook
Q: Will producers lower rates to lift prices?
A: The margin environment is volatile, but we're cautiously optimistic. " We saw compression late in the quarter, but recent data shows demand is absorbing production. " We're not at a point to significantly reduce production, and as we approach driving season, margins could improve. " The corn basis in Q3 was $0.50 per bushel better than the prior three years. "

Protein Margins and Outlook
Q: How do you view ultra-high protein premiums?
A: While protein margins are lighter than hoped, we still earn a margin and expect the market to absorb additional supply over the next 18 months. " Demand remains strong internationally, and pet food demand is robust with increased volumes. " We're focusing on cost reductions and improving product consistency to enhance margins. "

Clean Sugar Technology Progress
Q: What's the status of Clean Sugar Technology?
A: We've started producing commercial volumes of dextrose using our CST, with early feedback from North American customers being positive. " Margins remain strong, as making dextrose instead of alcohol yields significantly higher margins. " We're obtaining food-grade certifications to enter consumer markets. " This technology is a game-changer that's never been done before at this scale. "

Decision on Blue Blade Energy
Q: Update on Blue Blade Energy project?
A: We've decided not to proceed with the initial catalyst for Blue Blade Energy. " Instead, we're focusing on technologies that are quicker to market, such as those from UOP Honeywell. " Our emphasis is on being a provider of low-carbon fuels, energy, and ingredients rather than building an alcohol-to-jet plant ourselves. "

Capacity Increases at Plants
Q: What capacity increases are expected?
A: At Mount Vernon, improvements are complete, adding about 20 million gallons of annual capacity along with increased corn oil and protein production. " At Obion, we expect to add another 20-25 million gallons per year once construction is finished in the first quarter of next year. " Combined, these will add 40-50 million gallons of capacity, supplying more product to existing markets. "

Ethanol Export Outlook
Q: What's your view on ethanol exports next year?
A: We believe exports will remain robust as global markets increase blend rates. " Our product is very competitive, being $0.40 to $0.50 less than wholesale gasoline. " We expect to continue exporting to markets like Brazil, India, and the EU, and anticipate a strong margin environment in 2025. "

Future Clean Sugar Facilities
Q: Will you invest in more CST facilities?
A: While we're optimistic about CST, we want to operate the Shenandoah plant longer before deciding on additional facilities. " The economics remain favorable, with an uplift of $0.67 to $0.87 per gallon compared to making alcohol. " We're focusing on optimizing and validating the technology before further investment. "

Novozymes Partnership Update
Q: Any updates on Novozymes partnership?
A: We've renewed our agreement with Novozymes and are collaborating on higher protein products and improved nutritional characteristics. " We're making progress in reducing production costs and increasing protein concentrations. " We expect significant inroads in the 60 Pro market next year, with demand from pet food customers increasing. "