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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Feb. 28, 2013	Jun. 30, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	GEVO
Entity Registrant Name	GEVO, INC.
Entity Central Index Key	0001392380
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		41,060,366
Entity Public Float			$ 74,000,000

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2012

Dec. 31, 2011

Current assets:

Cash and cash equivalents

$ 66,744

$ 94,225

Accounts receivable

698

2,938

Inventories

6,659

3,814

Prepaid expenses and other current assets

1,508

1,757

Derivative assets

271

Total current assets

75,880

102,734

Property, plant and equipment, net

77,093

28,777

Debt issue costs, net

1,736

1,017

Deposits and other assets

1,402

502

Total assets

156,111

133,030

Current liabilities:

Accounts payable and accrued liabilities

8,244

12,440

Current portion of secured debt, net of $856 and $969 discount at December 31, 2012 and 2011, respectively

8,513

3,491

Derivative liabilities

186

Total current liabilities

^[1]

16,769

16,117

Long-term portion of secured debt, net of $784 and $1,504 discount at December 31, 2012 and 2011, respectively

15,445

24,752

Convertible notes, net of $17,000 change in fair value of embedded derivative and net of $2,446 discount

25,554

Other long-term liabilities

512

Total liabilities

58,280

40,893

Commitments and Contingencies

Stockholders' Equity

Preferred stock, $0.01 par value per share; 5,000,000 shares authorized; none issued and outstanding at December 31, 2012 and 2011

Common stock, $0.01 par value per share; 100,000,000 authorized; 39,606,668 and 26,382,058 shares issued and outstanding at December 31, 2012 and 2011, respectively

396

264

Additional paid-in capital

292,782

226,508

Deficit accumulated during development stage

(195,347)

(134,635)

Total stockholders' equity

97,831

92,137

Total liabilities and stockholders' equity

$ 156,111

$ 133,030

[1]	Liabilities of Gevo, Inc.'s consolidated subsidiaries for which creditors do not have recourse to the general credit of Gevo, Inc. were $0.1 million and $4.5 million at December 31, 2012 and 2011, respectively, and are recorded within current liabilities.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Current portion of secured debt, discount	$ 856	$ 969
Long-term portion secured debt, discount	784	$ 1,504
Change in fair value of embedded derivative	17,000
Discount on convertible debt	$ 2,446
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock shares issued	39,606,668	26,382,058
Common stock, shares outstanding	39,606,668	26,382,058

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Revenue and cost of goods sold
Ethanol sales and related products, net	$ 19,908	$ 63,742	$ 14,765	$ 98,415
Grant revenue, research and development program revenue and other revenue	4,477	807	1,631	8,158
Total revenues	24,385	64,549	16,396	106,573
Cost of goods sold	32,410	60,588	13,446	106,444
Gross (loss) margin	(8,025)	3,961	2,950	129
Operating expenses
Research and development	19,431	19,753	14,820	76,650
Selling, general and administrative	43,981	28,890	23,643	114,306
Other operating expenses		11		1,248
Total operating expenses	63,412	48,654	38,463	192,204
Loss from operations	(71,437)	(44,693)	(35,513)	(192,075)
Other income (expense)
Interest expense	(6,338)	(3,577)	(2,374)	(14,917)
Gain from change in fair value of embedded derivative	17,000			17,000
Other income	63	85	108	784
Change in fair value of warrant liabilities		(29)	(2,333)	(2,852)
Total other income (expense)	10,725	(3,521)	(4,599)	15
Net loss	(60,712)	(48,214)	(40,112)	(192,060)
Deemed dividend-amortization of beneficial conversion feature on Series D-1 preferred stock		(1,094)	(2,778)	(3,872)
Net loss attributable to Gevo, Inc. common stockholders	$ (60,712)	$ (49,308)	$ (42,890)	$ (195,932)
Net loss per share attributable to Gevo, Inc. common stockholders-basic and diluted	$ (1.86)	$ (2.15)	$ (37.44)
Weighted-average number of common shares outstanding-basic and diluted	32,619,091	22,909,916	1,145,500

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Series A-2 Preferred Stock	Series A-3 Preferred Stock	Series A-4 Preferred Stock	Series B Preferred Stock	Series C Preferred Stock	Series D Preferred Stock	Series D-1 Preferred Stock	Convertible Preferred Stock	Convertible Preferred Stock Series A-2 Preferred Stock	Convertible Preferred Stock Series A-3 Preferred Stock	Convertible Preferred Stock Series A-4 Preferred Stock	Convertible Preferred Stock Series B Preferred Stock	Convertible Preferred Stock Series C Preferred Stock	Convertible Preferred Stock Series D Preferred Stock	Convertible Preferred Stock Series D-1 Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Series A-2 Preferred Stock	Additional Paid-In Capital Series A-3 Preferred Stock	Additional Paid-In Capital Series A-4 Preferred Stock	Additional Paid-In Capital Series B Preferred Stock	Additional Paid-In Capital Series C Preferred Stock	Additional Paid-In Capital Series D Preferred Stock	Additional Paid-In Capital Series D-1 Preferred Stock	Deficit Accumulated During the Development Stage
Beginning Balance at Dec. 31, 2005	$ 185								$ 10								$ 10	$ 424								$ (259)
Issuance of preferred stock, shares										1,084,000	915,000
Issuance of preferred stock		$ 903	$ 1,601							$ 11	$ 9								$ 892	$ 1,592
Issuance of warrants in conjunction with secured debt	10																	10
Stock issuance costs	(20)																	(20)
Non-cash stock-based compensation	2																	2
Net loss	(1,110)																									(1,110)
Ending Balance (in shares) at Dec. 31, 2006									2,999,000								950,000
Ending Balance at Dec. 31, 2006	1,571								$ 30								$ 10	2,900								(1,369)
Issuance of common stock (in shares)																	22,000
Issuance of common stock	10																	10
Issuance of preferred stock, shares												858,369	1,027,397
Issuance of preferred stock				$ 2,000	$ 3,000							$ 9	$ 10								$ 1,991	$ 2,990
Issuance of warrants in conjunction with secured debt	33																	33
Stock issuance costs	(82)																	(82)
Non-cash stock-based compensation	55																	55
Issuance of restricted common stock (in shares)																	187,500
Issuance of restricted common stock																	$ 2	(2)
Net loss	(7,226)																									(7,226)
Ending Balance (in shares) at Dec. 31, 2007									4,884,766								1,159,500
Ending Balance at Dec. 31, 2007	(639)								$ 49								$ 12	7,895								(8,595)
Issuance of Series C preferred stock converted from promissory notes and accrued interest (in shares)									555,346
Issuance of Series C preferred stock converted from promissory notes and accrued interest	3,043								$ 6									3,037
Issuance of preferred stock, shares														2,546,844
Issuance of preferred stock						$ 13,957								$ 25									$ 13,932
Issuance of warrants with convertible promissory notes	505																	505
Issuance of warrants in conjunction with secured debt	326																	326
Beneficial conversion feature-convertible promissory notes	505																	505
Stock issuance costs	(210)																	(210)
Non-cash stock-based compensation	207																	207
Issuance of restricted common stock (in shares)																	50,000
Issuance of restricted common stock																	$ 1	(1)
Forfeiture of restricted common stock, Shares																	(64,583)
Forfeiture of restricted common stock																	$ (1)	1
Exercise of stock options to common stock																	19,155
Exercise of stock options to common stock	6																	6
Net loss	(14,542)																									(14,542)
Ending Balance (in shares) at Dec. 31, 2008									7,986,956								1,164,072
Ending Balance at Dec. 31, 2008	3,158								$ 80								$ 12	26,203								(23,137)
Cumulative effect of reclassification of preferred stock warrants from equity to liabilities	(289)																	(874)								585
Issuance of preferred stock, shares															4,616,483
Issuance of preferred stock							$ 32,500								$ 46									$ 32,454
Stock issuance costs	(1,346)																	(1,346)
Non-cash stock-based compensation	945																	945
Forfeiture of restricted common stock, Shares																	(13,530)
Forfeiture of restricted common stock									$ 0
Exercise of stock options to common stock																	834
Net loss	(19,885)																									(19,885)
Ending Balance (in shares) at Dec. 31, 2009									12,603,439								1,151,376
Ending Balance at Dec. 31, 2009	15,083								$ 126								$ 12	57,382								(42,437)
Issuance of Series C preferred stock converted from promissory notes and accrued interest	1,458
Beneficial conversion feature-Series D-1	5,744																	5,744
Issuance of preferred stock, shares																1,902,087
Issuance of preferred stock								$ 26,820								$ 19									$ 26,801
Deemed dividend-amortization of beneficial conversion feature on Series D-1 convertible preferred stock																		2,778								(2,778)
Stock issuance costs	(153)																	(153)
Non-cash stock-based compensation	10,511																	10,511
Forfeiture of restricted common stock, Shares																	(22,266)
Exercise of stock options to common stock																	31,547
Exercise of stock options to common stock	16																	16
Issuance of preferred stock (in shares)														108,076
Issuance of preferred stock						$ 2,050								$ 1									$ 2,049
Net loss	(40,112)																									(40,112)
Ending Balance (in shares) at Dec. 31, 2010									14,613,602								1,160,657
Ending Balance at Dec. 31, 2010	19,959								$ 146								$ 12	105,128								(85,327)
Issuance of common stock in initial public offering, net of underwriting discounts and commissions, shares																	8,222,500
Issuance of common stock in initial public offering, net of underwriting discounts and commissions	110,408																$ 82	110,326
Conversion of preferred stock to common stock upon initial public offering, shares									(14,613,602)								16,329,703
Conversion of preferred stock to common stock upon initial public offering									$ (146)								$ 163	(17)
Conversion of preferred stock warrants to common stock warrants upon initial public offering and reclassification of related liability to additional paid-in capital	2,063																	2,063
Deemed dividend-amortization of beneficial conversion feature on Series D-1 convertible preferred stock																		1,094								(1,094)
Issuance of warrants in conjunction with secured debt	877																	877
Issuance of restricted common stock, net of forfeitures (in shares)																	311,859
Issuance of restricted common stock, net of forfeitures																	$ 3	(3)
Non-cash stock-based compensation	6,826																	6,826
Issuance of common stock pursuant to employee stock purchase plan (in shares)																	8,764
Issuance of common stock pursuant to employee stock purchase plan	47																	47
Exercise of stock options to common stock																	226,151
Exercise of stock options to common stock	171																$ 2	169
Issuance of common stock upon cashless net exercise of warrant, shares																	122,424
Issuance of common stock upon cashless net exercise of warrant																	$ 2	(2)
Net loss	(48,214)																									(48,214)
Ending Balance (in shares) at Dec. 31, 2011																	26,382,058
Ending Balance at Dec. 31, 2011	92,137																$ 264	226,508								(134,635)
Issuance of common stock (in shares)																	12,500,000
Issuance of common stock	57,430																$ 125	57,305
Issuance of common stock upon exercise of stock options, warrants and pursuant to an employee stock purchase plan (in shares)																	654,047
Issuance of common stock upon exercise of stock options, warrants and pursuant to an employee stock purchase plan	877																$ 7	870
Issuance of warrants in conjunction with secured debt	120																	120
Non-cash stock-based compensation	$ 7,979																	7,979
Issuance of restricted common stock (in shares)																	232,732
Issuance of restricted common stock																	$ 2	(2)
Cancellation of restricted stock, Shares																	(162,169)
Cancellation of restricted stock																	$ (2)	2
Exercise of stock options to common stock	575,652
Net loss	$ (60,712)																									(60,712)
Ending Balance (in shares) at Dec. 31, 2012																	39,606,668
Ending Balance at Dec. 31, 2012	$ 97,831																$ 396	$ 292,782								$ (195,347)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Operating Activities
Net loss	$ (60,712)	$ (48,214)	$ (40,112)	$ (192,060)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	7,979	6,826	10,511	26,525
Depreciation and amortization	3,313	4,600	3,188	13,605
Non-cash interest expense	2,207	928	762	5,288
(Gain) loss from change in fair value of derivatives	(445)	142	(561)	(864)
Gain from change in fair value of embedded derivative	(17,000)			(17,000)
Loss from change in fair value of warrant liabilities		29	2,333	2,852
Other non-cash expenses	500	11		864
Changes in operating assets and liabilities (net of effects of acquisitions):
Accounts receivable	2,240	(108)	(732)	1,301
Inventories	(2,845)	(49)	(195)	(3,089)
Prepaid expenses and other current assets	197	(381)	315	(33)
Deposits and other assets	(149)		1	(239)
Accounts payable, accrued expenses, and long-term liabilities	(3,343)	2,605	3,594	5,424
Net cash used in operating activities	(68,058)	(33,611)	(20,896)	(157,426)
Investing Activities
Acquisitions of property, plant and equipment	(52,432)	(8,015)	(806)	(68,687)
Other	(647)	(58)		(700)
Acquisition of Agri-Energy, net of cash assumed			(24,936)	(24,936)
Restricted certificate of deposit	40	40	40	(39)
Net cash used in investing activities	(53,039)	(8,033)	(25,702)	(94,362)
Financing Activities
Proceeds from issuance of secured debt	5,000	10,000	17,500	41,578
Proceeds from issuance of convertible debt, net	42,300			42,300
Proceeds from issuance of common stock	61,875	114,704		176,579
Proceeds from issuance of common stock upon exercise of stock options and ESPP	877	218	16	1,117
Payments on secured debt	(10,406)	(1,897)	(5,250)	(18,696)
Deposit on secured debt and other	(154)	(307)		(460)
Proceeds from issuance of convertible preferred stock			31,564	86,025
Proceeds from issuance of convertible promissory notes with warrants				3,000
Proceeds from the exercise of warrants			592	592
Debt and equity offering costs	(5,876)	(2,123)	(3,790)	(13,503)
Net cash provided by financing activities	93,616	120,595	40,632	318,532
Net (decrease) increase in cash and cash equivalents	(27,481)	78,951	(5,966)	66,744
Cash and cash equivalents
Beginning of year	94,225	15,274	21,240
Ending of year	66,744	94,225	15,274	66,744
Supplemental disclosures of cash and non-cash investing and financing transactions
Non-cash purchase of property, plant and equipment	390	2,351	612	390
Cash paid for interest, net of interest capitalized	4,307	2,461	1,453	9,458
Conversion of preferred stock warrants to common stock warrants upon initial public offering and reclassification of related liability to additional paid-in-capital		2,063		2,063
Deemed dividend-amortization of beneficial conversion feature on Series D-1 preferred stock		1,094	2,778	3,872
Promissory notes and accrued interest converted to Series C preferred stock				3,043
Issuance of Series C preferred stock upon exercise of warrant (amount reclassified from liability to equity)			1,458	1,458
Issuance of Series D-1 preferred stock to ICM, Inc. in exchange for a credit against future services			1,000	1,000
Reclassified deferred offering costs to additional paid-in-capital upon initial public offering		4,296		4,296
Accrued deferred offering costs			548
Issued with Secured Long Term Debt
Supplemental disclosures of cash and non-cash investing and financing transactions
Warrants issued	$ 120	$ 877	$ 177	1,746
Issued with Convertible Promissory Notes
Supplemental disclosures of cash and non-cash investing and financing transactions
Warrants issued				$ 505

Nature of Business and Financial Condition

12 Months Ended

Dec. 31, 2012

Nature of Business and Financial Condition

1. Nature of Business and Financial Condition

Nature of Business. Gevo, Inc. (“Gevo” or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries) is a renewable chemicals and next generation biofuels company focused on the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Gevo, Inc. was incorporated in Delaware on June 9, 2005 (“Inception”). Gevo, Inc. formed Gevo Development, LLC (“Gevo Development”) on September 18, 2009 to finance and develop biorefineries either through joint venture, licensing arrangements, tolling arrangements or direct acquisition (see Note 13). Gevo Development became a wholly owned subsidiary of the Company on September 22, 2010. Gevo Development purchased Agri-Energy, LLC (“Agri-Energy”) on September 22, 2010. Through May 2012, Agri-Energy, a wholly owned subsidiary of Gevo Development, was engaged in the business of producing and selling ethanol and related products produced at its plant located in Luverne, Minnesota (the “Agri-Energy Facility”). The Company commenced the retrofit of the Agri-Energy Facility in 2011 and commenced initial startup operations for the production of isobutanol at this facility in May 2012. In September 2012, the Company made the strategic decision to pause isobutanol production at the Agri-Energy Facility for a period of time while it focuses on optimizing specific parts of its technology to further enhance isobutanol production rates. The Company plans to resume limited isobutanol production at the Agri-Energy Facility in 2013.

At December 31, 2012, the Company is considered to be in the development stage as its primary activities, since Inception, have been conducting research and development, business development, business and financial planning, establishing its facilities including retrofitting the Agri-Energy Facility, initial startup operations for isobutanol production at the Agri-Energy Facility, recruiting personnel and raising capital. Ultimately, the attainment of profitable operations are dependent upon future events, including completion of its development activities resulting in sales of isobutanol or isobutanol-derived products and/or technology, obtaining adequate financing to complete its development activities, obtaining adequate financing to acquire access to and complete the retrofit of ethanol plants to isobutanol production, gaining market acceptance and demand for its products and services, and attracting and retaining qualified personnel.

Until May 24, 2012, when the Company commenced initial startup operations for the production of isobutanol at the Agri-Energy Facility, the Company derived revenue from the sale of ethanol, distiller’s grains and other related products produced as part of the ethanol production process at this facility. The production of ethanol is not the Company’s intended business and its future profitability depends on its ability to produce and market isobutanol, not on production and sales of ethanol. The historical operating results of Agri-Energy and the operating results reported during the retrofit to isobutanol production, the initial startup of isobutanol production and any period in which the production of isobutanol is temporarily paused and the Company’s management determines, based on the then-current economic conditions for the production of ethanol, that the Agri-Energy Facility will be temporarily reverted to ethanol production may not be indicative of future operating results for Agri-Energy or Gevo once commercial isobutanol production commences at this facility. Additionally, because the production of ethanol is not the Company’s intended business, the Company will continue to report as a development stage company until it begins to generate significant revenue from the sale of isobutanol or other products that are or become the Company’s intended business.

Financial Condition. The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the year ended December 31, 2012, the Company incurred a consolidated net loss of $60.7 million and had an accumulated deficit of $195.3 million. The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates.

From inception to December 31, 2012, the Company has funded its operations primarily through equity offerings, issuances of debt, borrowings under its secured debt financing arrangements and revenues earned primarily from the sale of ethanol and related products. The Company’s cash and cash equivalents at December 31, 2012 totaled $66.7 million which is primarily being used for the following: (1) operating activities at its Agri-Energy Facility; (2) operating activities at its corporate headquarters in Colorado, including research and development work; (3) capital improvements primarily associated with its Agri-Energy Facility; (4) litigation defense costs associated with the ongoing litigation with Butamax; and (5) repayment of debt obligations. Based on the Company’s current plans, the Company anticipates capital expenditures necessary to complete the retrofit of the Agri-Energy Facility will be significantly lower than the capital expenditures of $49.5 million incurred in fiscal year 2012 for this project. The Company believes that actions taken during 2012 to reduce ongoing litigation expenses and other operating expenses will reduce 2013 operating expenses from fiscal year 2012 levels. The Company also has the ability to further limit some cash spend associated with the foregoing activities, including limiting the usage of cash associated with research and development activities or delaying the timing of capital improvements, based on then-current facts and circumstances. Notwithstanding the Company’s ability to further reduce its monthly cash usage, based on its current level of operations and anticipated growth, the Company believes that its existing cash and cash equivalents on hand at December 31, 2012, will provide sufficient funds for ongoing operations, planned capital expenditures and working capital requirements for at least the next 12 months.

In 2014, if the Company exceeds its planned capital expenditures as part of optimizing specific parts of its isobutanol production technology at the Agri-Energy Facility, or other cost estimates to prepare for commercial production of isobutanol or derivative products of isobutanol or its exceeds its estimates for ongoing litigation and other operating expenses, the Company may need to raise additional capital. Depending on the timing and amounts of expected future cash flow requirements, the Company expects its will be required to raise such additional capital in 2014. Finally, based on current estimates, additional financing will be required for the Company to finance the retrofit of additional production capacity to isobutanol production, including further expansion of s Agri-Energy Facility. There are no assurances that the Company will be able to raise additional funds, or achieve or sustain profitability or positive cash flow from operations.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements of Gevo include the accounts of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications. The Company has condensed certain line items within the current period financial statements and, as such, certain immaterial prior period balances have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income, cash flows or stockholders’ equity previously reported.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Concentrations of Credit Risk. The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company’s cash and cash equivalents are deposited with high credit quality financial institutions and are primarily in demand deposit accounts.

To date, substantially all ethanol sold through Agri-Energy from the date of acquisition was sold to C&N Ethanol Marketing (“C&N”). As of December 31, 2011, the Company had $1.7 million in receivables from C&N. The remaining receivable balance of $1.2 million at December 31, 2011, primarily relates to the sale of distiller’s grains to other customers or amounts due under grant and research and development programs. The Company’s receivable balance at December 31, 2012 primarily relates to amounts due under grant and research and development programs. As of December 31, 2012, the Company had no receivable balance due from C&N.

Cash and Cash Equivalents. The Company maintains its cash and cash equivalents in highly liquid interest bearing money market accounts or non-interest bearing checking accounts. The Company considers all highly liquid investments purchased with a remaining maturity of three months or less at the date of acquisition to be cash equivalents.

Accounts Receivable. The Company records receivables for products shipped and services provided but for which payment has not yet been received. As of December 31, 2012 and 2011, no allowance for doubtful accounts has been recorded, based upon the expected full collection of the accounts receivable.

Inventories. Inventory is recorded at the lower of cost or market value and cost of goods sold is determined by the first-in, first-out method. Ethanol and isobutanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead costs.

Derivative Instruments. Since the acquisition of Agri-Energy on September 22, 2010, the Company’s activities expose it to a variety of market risks, including the effects of changes in commodity prices for corn. These financial exposures are monitored and managed by the Company through derivative instruments, including forward purchase contracts and exchange traded futures contracts, as an integral part of its overall risk management program. The Company’s risk management program focuses on the unpredictability of financial and commodities markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results.

The Company generally follows a policy of using exchange-traded futures contracts as a means of managing exposure to changes in corn prices. Exchange-traded futures contracts are valued at fair value and were recorded as a derivative asset at December 31, 2012 and derivative liability at December 31, 2011 in the consolidated balance sheets and changes in fair value are recorded in cost of goods sold in the consolidated statements of operations.

Forward purchase contracts are recorded at fair value unless a company elects to use the “normal purchases and normal sales scope exception” guidance of U.S. GAAP. To qualify for the normal purchases and normal sales scope exception, a contract must be appropriately designated and must provide for the purchase of sale of physical commodities in quantities that are expected to be used or sold over a reasonable period of time in the normal course of operations. During the years ended December 31, 2012 and 2010, the Company did not elect the normal purchase and normal sales scope exception to its forward purchase contracts. Accordingly, changes in the fair value of these contracts during the years ended December 31, 2012 and 2010 have been recorded in cost of goods sold in the consolidated statements of operations. While these contracts were not material at December 31, 2012, they were recorded at their fair value which has been included as a component of derivative liability in the consolidated balance sheets. At December 31, 2011 and during the year ended December 31, 2011, the Company designated all of its forward purchase contracts for corn under the normal purchase and normal sales scope exception and therefore they were not recorded at fair value.

The foregoing derivatives do not include any credit risk related contingent features and we have not entered into these derivative financial instruments for trading or speculative purposes, and we have not designated any of our derivatives as hedges for financial accounting purposes. At December 31, 2012 and 2011, the Company had $0.1 million and $0.5 million, respectively, held in a margin deposit account for its exchange-traded futures contract.

The Company records realized and unrealized gains or losses on its derivative instruments as a component of cost of goods sold in the consolidated statement of operations. The following table summarizes the realized and unrealized gains/ (losses) of the Company’s derivative instruments (in thousands).


	Year Ended December 31,									From Inception to December 31, 2012
	2012			2011			2010			From Inception to December 31, 2012
Realized Gain / (Losses)
Exchange-traded futures contracts	$	(375	)	$	596		$	(1,098	)	$	(877	)

Unrealized Gain / (Losses)
Exchange-traded futures contracts		457			219			243			919
Forward purchase contracts		(12	)		(361	)		318			(55	)

The following table represents the Company’s net long and short positions regardless of whether the derivative instruments qualify for the normal purchase and normal sales scope exception.


Year of Expiration	December 31, 2012 Corn Net Short Position Bushels		December 31, 2011 Corn Net Short Position Bushels
2012		—		77
2013		683		—

Property, Plant and Equipment. Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized.

The Company capitalized interest incurred in connection with the retrofit of the Agri-Energy Facility during the period of construction through the date it became substantially complete, June 30, 2012.

Impairment of Property, Plant and Equipment. The Company’s property, plant and equipment consist primarily of assets associated with the acquisition and retrofit of the Agri-Energy Facility. The Company assesses impairment of property, plant and equipment for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate, legal or regulatory factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; or expectations that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets.

The Company evaluated its Agri-Energy Facility for impairment as of December 31, 2012 primarily due to the loss from operations and negative cash flows generated at Agri-Energy during the year ended December 31, 2012 and the strategic decision to pause isobutanol production in September 2012. This evaluation included comparing the carrying amount of the acquisition and retrofit of the Agri-Energy Facility to the estimated undiscounted future cash flows at the Agri-Energy Facility as this represents the lowest level of identifiable cash flows. Significant assumptions included in the estimated undiscounted future cash flows include, among others, estimates of the:

•

sales price of isobutanol and by-products such as dried distiller grains;

•

purchase price of corn;

•

production levels of isobutanol; and

•

costs to produce isobutanol.

Factors which can impact these assumptions include, but are not limited to;

•

effectiveness of the Company’s technology to increase production of isobutanol above the levels observed in startup operations;

•

demand for renewable isobutanol

•

competitive prices for isobutanol derived from petroleum; and

•

harvest levels of corn.

Based upon the Company’s evaluation at December 31, 2012, the Company concluded that the estimated undiscounted future cash flows from Agri-Energy Facility exceeded the carrying value and, as such, these assets were not impaired. Although the Company’s cash flow forecasts are based on assumptions that are consistent with its planned use of the assets, these estimates required significant exercise of judgment and are subject to change in future reporting periods as facts and circumstances change. Additionally, the Company may make changes to its business plan that could result in changes to the expected cash flows. As a result, it is possible that a long- lived asset may be impaired in future reporting periods.

Debt Issue Costs. Debt issue costs are costs incurred in connection with the Company’s debt financings that have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt, using the effective interest method.

Revenue Recognition. The Company records revenue from the sale of ethanol and related products, including sale of corn inventory. The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed or determinable; and collectability is reasonably assured. Ethanol and related products are generally shipped free on board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers.

In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment is remitted to the Company. Ethanol and related products sales are recorded net of commissions.

Revenue related to government research grants and cooperative agreements is recognized in the period during which the related costs are incurred, provided that the conditions under the awards have been met and only perfunctory obligations are outstanding.

Other research and development program revenue consists of research services and the procurement of the Company’s products for purposes of certification and testing. Revenue from research services is recognized over the relevant performance period of the contract. Revenue from the procurement of the Company’s products for purposes of certification and testing is recognized upon the transfer of risk of loss and title to the customer.

Cost of Goods Sold. Cost of goods sold includes costs incurred in conjunction with the initial start-up operations for the production of isobutanol at the Agri-Energy Facility and costs directly associated with the ethanol production process such as costs for direct materials, direct labor and certain plant overhead costs. Direct materials consist of corn feedstock, denaturant and process chemicals. Direct labor includes compensation of personnel directly involved in the operation of the Agri-Energy Facility. Plant overhead costs primarily consist of plant utilities and plant depreciation. Cost of goods sold is mainly affected by the cost of corn and natural gas. Corn is the most significant raw material cost. The Company purchases natural gas to power steam generation in the ethanol production process and to dry the distiller’s grains. The Company enters into forward purchase contracts and exchange-traded futures contracts associated with corn. Accordingly, the Company’s cost of goods sold also includes gains or losses and/or changes in fair value from its forward purchase contracts and exchange-traded futures contracts.

Patents. All costs related to filing and pursuing patent applications are expensed as incurred as recoverability of such expenditures is uncertain. Patent-related legal expenses incurred are recorded as selling, general and administrative expense, and during the years ended December 31, 2012, 2011 and 2010, and from Inception to December 31, 2012, were $2.7 million, $1.3 million, $1.0 million and $7.0 million, respectively.

Beneficial Conversion Feature. The Company recorded a beneficial conversion feature relating to the issuance of Series D-1 preferred stock between March and May 2010 (Note 9). The beneficial conversion feature was recorded as a discount to the Series D-1 preferred stock and was being amortized to retained earnings through September 30, 2011, unless converted earlier. On February 14, 2011, upon completion of the Company’s initial public offering, the shares of Series D-1 preferred stock automatically converted to common stock at a rate of 1.9022 shares of common stock for each share of Series D-1 preferred stock.

Research and Development. Research and development costs are expensed as incurred and are recorded as research and development expense in the consolidated statements of operations. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs, consultants and related contract research, facility costs, supplies, depreciation on property, plant and equipment used in development, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights, and other direct and allocated expenses incurred to support the Company’s overall research and development programs.

Income Taxes. Deferred tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2012 and 2011, based upon current facts and circumstances, the Company had recorded a valuation allowance against its deferred tax assets of $76.8 million and $53.3 million, respectively.

Stock-Based Compensation. The Company’s stock-based compensation expense includes expenses associated with stock-based awards granted to employees, board members, non-employees and expenses associated with awards under its employee stock purchase plan (“ESPP”). Stock-based compensation expense for all share-based payment awards granted is based on the grant date fair value. The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of estimated forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four years. For performance based restricted stock awards, the Company recognizes expense over the requisite service period. The fair values of the stock options and stock-based awards granted to non-employees are remeasured as the services are performed and the awards vest, and the resulting change in value, if any, is recognized as expense during the period the related services are rendered.

Net Loss Per Share. Basic net loss per share is computed by dividing the net loss attributable to Gevo, Inc. common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the years ending December 31, 2012, 2011 and 2010 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive, or would decrease the reported loss per share. The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share.


	Year Ended December 31,
	2012		2011		2010
Convertible debt (see Note 8)		7,905,137		—		—
Outstanding options to purchase common stock		2,940,352		3,261,739		2,894,265
Warrants to purchase common stock		1,229,998		1,243,820		858,000
Unvested restricted common stock		183,416		284,825		5,729
Convertible preferred stock upon conversion to common stock (on an as-converted basis)(1)		—		—		16,329,703
Warrants to purchase convertible preferred stock		—		—		398,032

Total		12,258,903		4,790,384		20,485,729

(1)

The convertible preferred stock and convertible preferred stock warrants were computed on an as-converted basis using a one-to-one conversion rate for all series of preferred stock, except for the Series D-1 preferred stock where the Company used a conversion rate of 1.9022, which was the conversion rate applicable at the closing of the Company’s initial public offering on February 14, 2011.

Acquisition of Agri-Energy

12 Months Ended

Dec. 31, 2012

Acquisition of Agri-Energy

3. Acquisition of Agri-Energy

In September 2010, Gevo Development acquired Agri-Energy and its ethanol production facility located in Luverne, Minnesota. The acquisition of Agri-Energy was completed as part of the Company’s strategy of acquiring access to ethanol production facilities for future retrofit to produce isobutanol. Upon completion of the acquisition, Gevo Development acquired effective control of Agri-Energy on September 22, 2010. The acquisition was accounted for under the acquisition method of accounting which requires, among other things, that all assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date.

The results of Agri-Energy’s operations for the year ended December 31, 2012 and 2011, and for the period from September 23, 2010 through December 31, 2010, are reflected in the Company’s consolidated statements of operations for the year ended December 31, 2012, 2011 and 2010, respectively. The revenue and income from operations relating to Agri-Energy for the period from September 23, 2010 through December 31, 2010 was $14.8 million and $1.0 million, respectively.

Pro forma results of operations for the Company as if the acquisition of Agri-Energy had occurred on January 1, 2009 are as follows (unaudited and in thousands).


	Year Ended December 31, 2010
Revenues	$	46,890
Loss from operations	$	(34,234	)
Net loss	$	(40,187	)

The pro forma results above include the combined results of operations of the Company and Agri-Energy, after making certain adjustments, for the year ended December 31, 2010, as if the Agri-Energy acquisition had occurred on January 1, 2009. There were no transactions between the Company and Agri-Energy prior to the acquisition on September 22, 2010. There were no significant differences between the accounting policies of the Company and Agri-Energy. The unaudited pro forma results above are prepared for illustrative purposes only and are not necessarily indicative of the results of operations that would have actually been reported had the acquisition occurred on January 1, 2009 nor are they necessarily indicative of the future results of operations of the combined Company.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Inventories

12 Months Ended

Dec. 31, 2012

Inventories

4. Inventories

The following table sets forth the components of the Company’s inventory balances (in thousands).


	December 31,
	2012		2011
Raw materials
Corn	$	4,174	$	2,408
Enzymes and other inputs		656		151
Finished goods		85		366
Work in process		648		456
Spare parts		1,096		433

Total inventories	$	6,659	$	3,814

Work in process inventory included unfinished isobutanol inventory. The Company had $2.1 million, $2.1 million, $0.5 million and $4.7 million of depreciation expenses included in cost of goods sold during the years ended December 31, 2012, 2011 and 2010 and from Inception to December 31, 2012, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment

5. Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment by classification (in thousands).


		December 31,
		2012			2011
Construction in progress	—	$	57,185		$	8,403
Plant machinery and equipment	10 years		11,030			10,822
Site improvements	10 years		7,007			6,994
Lab equipment, furniture and fixtures and vehicles	5 years		5,553			4,035
Demonstration plant	2 years		3,597			3,597
Buildings	10 years		2,543			2,543
Computer, office equipment and software	3 years		1,411			614
Leasehold improvements, pilot plant, land and support equipment	2-5 years		2,069			1,759

Total property, plant and equipment			90,395			38,767
Less accumulated depreciation and amortization			(13,302	)		(9,990	)

Property, plant and equipment, net		$	77,093		$	28,777

Construction in progress includes $56.1 million and $8.3 million at December 31, 2012 and 2011, respectively, related to the retrofit of the Agri-Energy Facility to isobutanol production.

During the year ended December 31, 2012 and 2011, the Company capitalized interest on its secured debt associated with its qualifying assets, which primarily related to the retrofit of the Agri-Energy Facility that was actively being developed during periods of 2012 and 2011. As a result, the Company capitalized $1.3 million and $0.3 million of interest incurred during the years ended December 31, 2012 and 2011, respectively. No interest was capitalized prior to 2011.

As of December 31, 2012, the Company has $0.7 million of capital lease assets included in computer, office equipment and software. The Company includes amortization of capital lease assets, $0.1 million during the year ended December 31, 2012, as a component of depreciation and amortization in the consolidated statements of cash flows. The Company did not have any capital leases prior to 2012.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2012

Accounts Payable and Accrued Liabilities

6. Accounts Payable and Accrued Liabilities

The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands).


	December 31,
	2012		2011
Accrued legal-related fees	$	2,757	$	1,455
Accrued employee compensation		1,109		941
Accounts payable—trade		1,211		6,193
Deferred revenue		1,000		—
Accrued expenses—ICM, Inc.		99		1,634
Cargill license agreement		500		924
Other accrued liabilities		1,568		1,293

Total accounts payable and accrued liabilities	$	8,244	$	12,440

Embedded Derivatives

12 Months Ended

Dec. 31, 2012

Embedded Derivatives

7. Embedded Derivatives

In July 2012, the Company issued 7.5% convertible senior notes due 2022 (the “Convertible Notes”) which contain the following embedded derivatives: (i) rights to convert into shares of the Company’s common stock, including upon a Fundamental Change (as defined in the indenture governing the Convertible Notes (the “Indenture”)); and (ii) a Coupon Make-Whole Payment (as defined in the Indenture) in the event of a conversion by the holders of the Convertible Notes on or after January 1, 2013 but prior to July 1, 2017. Embedded derivatives are separated from the host contract, the Convertible Notes, and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that the embedded derivatives within the Convertible Notes meet these criteria and, as such, must be valued separate and apart from the Convertible Notes and recorded at fair value each reporting period.

The Company combines these embedded derivatives and values them together as one unit of accounting. At each reporting period, the Company records these embedded derivatives at fair value which is included as a component of convertible notes on the consolidated balance sheets.

The Company used a binomial lattice model in order to estimate the fair value of these embedded derivatives in the Convertible Notes. A binomial lattice model generates two probable outcomes—one up and another down—arising at each point in time, starting from the date of valuation until the maturity date. A lattice was initially used to determine if the Convertible Notes would be converted, called or held at each decision point. Within the lattice model, the following assumptions are made: (i) the Convertible Notes will be converted early if the conversion value is greater than the holding value; or (ii) the Convertible Notes will be called if the holding value is greater than both (a) the Redemption Price (as defined in the Indenture) and (b) the conversion value plus the Coupon Make-Whole Payment at the time. If the Convertible Notes are called, then the holders will maximize their value by finding the optimal decision between (1) redeeming at the Redemption Price and (2) converting the Convertible Notes.

Using this lattice, the Company valued these embedded derivatives using a “with-and-without method,” where the value of the Convertible Notes including the embedded derivatives, is defined as the “with”, and the value of the Convertible Notes excluding the embedded derivatives, is defined as the “without”. This method estimates the value of the embedded derivatives by looking at the difference in the values between the Convertible Notes with the embedded derivatives and the value of the Convertible Notes without the embedded derivatives. The lattice model requires the following inputs: (i) price of Gevo common stock; (ii) Conversion Rate (as defined in the Indenture); (iii) Conversion Price (as defined in the Indenture); (iv) maturity date; (v) risk-free interest rate; (vi) estimated stock volatility; and (vii) estimated credit spread for the Company.

The following table sets forth the inputs (Level 2 as defined in Note 19) to the lattice model that was used to value the embedded derivatives.


	December 31, 2012			Issuance Date
Stock price	$	1.54		$	4.95
Conversion Rate		175.6697			175.6697
Conversion Price	$	5.69		$	5.69
Maturity date		July 1, 2022			July 1, 2022
Risk-free interest rate		1.68	%		1.62	%
Estimated stock volatility		79	%		72	%
Estimated credit spread		37	%		30	%

Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the embedded derivatives. For example, the estimated fair value of the embedded derivatives will generally decrease with; (1) a decline in the stock price; (2) increases in the estimated stock volatility; and (3) increase in the estimated credit spread.

The following table sets forth the value of the Convertible Notes with and without the embedded derivatives, and the fair value of the embedded derivatives as of the issuance date and December 31, 2012 (in thousands).


	December 31, 2012		Issuance Date
Fair value of Convertible Notes:
With the embedded derivatives	$	26,000	$	45,000
Without the embedded derivatives		15,000		17,000

Estimated fair value of the embedded derivatives	$	11,000	$	28,000

The $17.0 million decrease in the estimated fair value of the embedded derivatives between the issue date and December 31, 2012 represents an unrealized gain which has been recorded as gain from change in fair value of embedded derivatives in the consolidated statement of operations.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Secured Debt and Convertible Notes

12 Months Ended

Dec. 31, 2012

Secured Debt and Convertible Notes

8. Secured Debt and Convertible Notes

The following table sets forth information pertaining to the Company’s secured debt issued to Lighthouse Capital Partners V, LP (“Lighthouse”) and TriplePoint Capital LLC (“TriplePoint”) and the Convertible Notes, each of which is included in the Company’s consolidated balance sheets (in thousands).


	December 31,
	2012			2011
Secured debt
Lighthouse—Paid in full at June 2012	$	—		$	1,241
TriplePoint—Paid in full at July 2012		—			5,400
TriplePoint—Matures September 2014		11,643			13,500
TriplePoint—Matures October 2015		9,266			10,575
TriplePoint—Matures January 2016		4,689			—

Total secured debt		25,598			30,716
Convertible senior notes		45,000			—

Total debt		70,598			30,716
Less:
Change in fair value of embedded derivative		(17,000	)		—
Unamortized debt discounts		(4,086	)		(2,473	)

		49,512			28,243
Less current portion of debt		(8,513	)		(3,491	)

Long-term portion of debt	$	40,999		$	24,752

Debt discounts incurred with the issuance of the Company’s secured debt and convertible notes are recorded on the consolidated balance sheets as a reduction to associated debt balances. The Company amortizes debt discount to interest expense over the term of the debt or expected life of the debt using the effective interest method.

The following sets forth the Company’s obligations by year relating to its secured debt with TriplePoint and the Convertible Notes at December 31, 2012 (in thousands).


	Amount
2013	$	9,369
2014		10,688
2015		5,111
2016		430
2017 and thereafter		45,000

Total	$	70,598

Lighthouse

As of December 31, 2012, the Company had repaid all outstanding amounts under its loan and security agreement with Lighthouse.

TriplePoint

Gevo Loan Agreement. In August 2010, concurrent with the execution of the agreement to acquire Agri-Energy, Gevo, Inc. entered into a loan and security agreement with TriplePoint (the “Gevo Loan Agreement”), pursuant to which the Company borrowed $5.0 million. Under the terms of each of (i) the Gevo Loan Agreement and (ii) Gevo, Inc.’s guarantee of Agri-Energy’s obligations under the Original Agri-Energy Loan Agreement described below, the Company is prohibited from granting a security interest in its intellectual property assets to any other entity until both TriplePoint loans are paid in full. In July 2012, the Company used $5.4 million of the proceeds from its Convertible Note offering that was completed in July 2012 to pay in full all amounts outstanding under the Gevo Loan Agreement, including an end-of-term payment equal to 8% of the amount borrowed.

Original Agri-Energy Loan Agreement. In August 2010, Gevo Development borrowed $12.5 million from TriplePoint to finance its acquisition of Agri-Energy. In September 2010, upon completion of the acquisition, the loan and security agreement was amended to make Agri-Energy the borrower under the facility. This loan and security agreement (the “Original Agri-Energy Loan Agreement”) includes customary affirmative and negative covenants for agreements of this type and events of default. The aggregate amount outstanding under the Original Agri-Energy Loan Agreement bears interest at a rate equal to 13% and is subject to an end-of-term payment equal to 8% of the amount borrowed. The loan is secured by the equity interests of Agri-Energy held by Gevo Development and substantially all the assets of Agri-Energy. The loan matures on September 1, 2014. The loan is guaranteed by Gevo, Inc. pursuant to a continuing guaranty executed by Gevo, Inc. in favor of TriplePoint, which is secured by substantially all of the assets of Gevo, Inc., other than its intellectual property.

Amended Agri-Energy Loan Agreement. In October 2011, Agri-Energy entered into the Amended Agri-Energy Loan Agreement with TriplePoint which amends and restates the Original Agri-Energy Loan Agreement. The Amended Agri-Energy Loan Agreement includes customary affirmative and negative covenants for agreements of this type and events of default. The Amended Agri-Energy Loan Agreement provides Agri-Energy with additional term loan facilities of up to $15.0 million (the “New Loan”) (which amount is in addition to the existing $12.5 million term loan (the “Existing Loan”) provided under the Original Agri-Energy Loan Agreement, which Existing Loan remains in place under the Amended Agri-Energy Loan Agreement), the proceeds of which were used to pay a portion of the costs, expenses, and other amounts associated with the retrofit of the Agri-Energy Facility to produce isobutanol. The aggregate amount outstanding under the New Loan bears interest at a rate of 11% and is subject to an end-of-term payment equal to 5.75% of the amount borrowed.

On October 20, 2011, Agri-Energy borrowed a portion of the New Loan in the amount of $10.0 million under the Amended Agri-Energy Loan Agreement (the “October 2011 Loan”) that matures on October 31, 2015. On January 6, 2012, Agri-Energy borrowed an additional $5.0 million (the “January 2012 Loan”) under the Amended Agri-Energy Loan Agreement that matures on December 31, 2015, bringing the total borrowed under the New Loan at December 31, 2012 to $15.0 million. At December 31, 2012, the Company was in compliance with the debt covenants under the Amended Agri-Energy Loan Agreement.

The Amended Agri-Energy Loan Agreement provides that Agri-Energy will secure all of its obligations under the Amended Agri-Energy Loan Agreement and any other loan documents by granting to TriplePoint a security interest in and lien upon all or substantially all of its assets. Gevo, Inc. has guaranteed Agri-Energy’s obligations under the Amended Agri-Energy Loan Agreement. As additional security, concurrently with the execution of the Amended Agri-Energy Loan Agreement, (i) Gevo Development entered into a limited recourse continuing guaranty in favor of TriplePoint, (ii) Gevo Development entered into an amended and restated limited recourse membership interest pledge agreement in favor of TriplePoint, pursuant to which it pledged the membership interests of Agri-Energy as collateral to secure the obligations under its guaranty and (iii) Gevo, Inc. entered into an amendment to its security agreement with TriplePoint (the “Gevo Security Agreement”), which secures its guarantee of Agri-Energy’s obligations (including up to $32.5 million in term loans) under the Amended Agri-Energy Loan Agreement.

June Amendments. In June 2012, Gevo, Inc. entered into (i) an amendment (the “Security Agreement Amendment”) to the Gevo Security Agreement and (ii) an amendment (the “Gevo Loan Amendment”) to the Gevo Loan Agreement. In addition, concurrently with the execution of the Security Agreement Amendment and the Gevo Loan Amendment, Agri-Energy entered into an amendment to the Amended Agri-Energy Loan Agreement.

These amendments, among other things: (i) permitted the issuance of the Company’s Convertible Notes; (ii) removed Agri-Energy’s and the Company’s options to elect additional interest-only periods upon the achievement of certain milestones (iii) permit Agri-Energy to make dividend payments and distributions to the Company for certain defined purposes related to the Convertible Notes; (iv) add as an event of default the payment, repurchase or redemption of the Convertible Notes or of amounts payable in connection therewith other than certain permitted payments related to the Convertible Notes; (v) add a negative covenant whereby the Company may not incur any indebtedness other than as permitted under the Security Agreement; and (vi) add a prohibition on making any Coupon Make-Whole Payments in cash prior to the payment in full of all remaining outstanding obligations under the Amended Agri-Energy Loan Agreement.

Convertible Notes

In July 2012, the Company sold $45.0 million in aggregate principal amount of Convertible Notes, with net proceeds of $40.9 million, after accounting for $2.7 million and $1.4 million of discounts and issue costs, respectively. The Convertible Notes bear interest at 7.5% which is to be paid semi-annually in arrears on January 1 and July 1 of each year commencing on January 1, 2013. The Convertible Notes will mature on July 1, 2022, unless earlier repurchased, redeemed or converted. During the year ended December 31, 2012, the Company recorded $0.4 million of expense related to the amortization of debt discounts and issue costs and recorded $1.6 million of interest expense. The amortization of debt issue costs and debt discounts and cash interest are included as a component of interest expense in the consolidated statements of operations. The Company amortizes debt discounts and debt issue costs associated using the effective interest rate of 9.0% from the issuance date through July 1, 2017, a 5 year period, which represents the date the holders can require the Company to repurchase the Convertible Notes.

The Convertible Notes are convertible at an initial Conversion Rate of 175.6697 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, subject to adjustment in certain circumstances as described in the Indenture. This is equivalent to an initial Conversion Price of approximately $5.69 per share of common stock. Holders may convert the Convertible Notes at any time prior to the close of business on the third business day immediately preceding the maturity date of July 1, 2022.

If a holder elects to convert its Convertible Notes after January 1, 2013 but prior to July 1, 2017, such holder shall be entitled to receive, in addition to the consideration upon conversion, a Coupon Make-Whole Payment. The Coupon Make-Whole Payment is equal to the sum of the present values of the lesser of: (a) eight semi-annual interest payments; or (b) the number of semi-annual interest payments that would have been payable on the Convertible Notes that a holder has elected to convert from the last day through which interest was paid, or the issue date if no interest has been paid, up to but excluding July 1, 2017, computed using a discount rate of 2%. The Company may pay any Coupon Make-Whole Payment either in cash or in shares of common stock at its election. If the Company elects to pay in common stock, the stock will be valued at 90% of the average of the daily volume weighted average prices of the Company’s common stock for the 10 trading days preceding the date of conversion. Subsequent to December 31, 2012 and through March 22, 2013, certain holders of the Convertible Notes elected to convert bonds totaling $9.2 million, reducing the Convertible Notes principal balance to $35.8 million. Upon conversion, the Convertible Note holders received 1,617,910 shares of common stock as payment of principal of $9.2 million and, pursuant to the terms of the Indenture, such holders also received 1,540,451 shares of common stock in settlement of Coupon Make-Whole Payments (as defined in the Indenture) of $2.7 million.

If a Make-Whole Fundamental Change (as defined in the Indenture) occurs and a holder elects to convert its Convertible Notes prior to July 1, 2017, the Conversion Rate will increase based upon reference to the table set forth in Schedule A of the Indenture. In no event will the Conversion Rate increase to more than 202.0202 per $1,000 principal amount of Convertible Notes.

If a Fundamental Change (as defined in the Indenture) occurs, at any time, then each holder will have the right to require the Company to repurchase all of such holder’s Convertible Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, for cash at a repurchase price of 100% of the principal amount of such Convertible Notes plus any accrued and unpaid interest through the repurchase date. Additionally, on July 1, 2017, each holder will have the right to require the Company to repurchase all of such holder’s Convertible Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, for cash at a repurchase price of 100% of the principal amount of Convertible Notes plus any accrued and unpaid interest through the repurchase date.

The Company shall have a provisional redemption right (“Provisional Redemption”), at its option, to redeem, all or any part of the Convertible Notes at a price payable in cash, beginning on July 1, 2015 and prior to July 1, 2017, provided that the Company’s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice exceeds 150% of the Conversion Price in effect on such trading day. On or after July 1, 2017, the Company shall have an optional redemption right (“Optional Redemption”), at its option to redeem, all or any part of the Convertible Notes at a price payable in cash. The price payable in cash for the Optional Redemption or Provisional Redemption is equal to 100% of the principal amount of Convertible Notes plus any accrued and unpaid interest through the repurchase date.

If there is an Event of Default (as defined in the Indenture) under the Convertible Notes, the holders of not less than 25% in principal amount of Outstanding Notes (as defined in the Indenture) by notice to the Company and the trustee may, and the trustee at the request of such holders shall, declare the principal of all the Outstanding Notes and accrued and unpaid interest to be due and payable immediately.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Capital Stock

12 Months Ended

Dec. 31, 2012

Capital Stock

9. Capital Stock

Common Stock Offerings. In July 2012, the Company issued 12.5 million shares of its common stock at an offering price of $4.95 per share, resulting in net proceeds of $57.4 million, after deducting underwriting discounts and commissions and other offering costs.

On February 14, 2011, the Company completed its initial public offering issuing 8,222,500 shares of common stock at an offering price of $15.00 per share, resulting in net proceeds of $110.4 million, after deducting underwriting discounts and commissions and other offering costs. Upon the closing of the initial public offering, the Company’s outstanding shares of convertible preferred stock were automatically converted into 16,329,703 shares of common stock and the outstanding convertible preferred stock warrants were automatically converted into common stock warrants to purchase a total of 398,032 shares of common stock.

In connection with the closing of the initial public offering, the Company amended and restated its certificate of incorporation to increase its authorized number of shares of common stock to 100.0 million and to authorize the issuance of 5.0 million shares of preferred stock. The holder of each share of common stock is entitled to one vote. The board of directors has the authority, without action by its stockholders, to designate and issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. The Company’s amended and restated certificate of incorporation provides that the Company’s board of directors will be divided into three classes, with staggered three-year terms and provides that all stockholder actions must be effected at a duly called meeting of the stockholders and not by a written consent. The amended and restated certificate of incorporation also provides that only the board of directors may call a special meeting of the stockholders and requires the approval of either a majority of the directors then in office or 66 2/3% of the voting power of all then outstanding capital stock for the adoption, amendment or repeal of any provision of the Company’s amended and restated bylaws. In addition, the amendment or repeal of certain provisions of the Company’s amended and restated certificate of incorporation requires the approval of 66 2/3% of the voting power of all then outstanding capital stock.

Convertible Preferred Stock. All shares of the Company’s convertible preferred stock automatically converted into shares of common stock upon the Company’s initial public offering.

Series D-1 Preferred Stock. Between March and May 2010, the Company issued 1,843,675 shares of Series D-1 preferred stock at a price of $17.12 per share for gross cash proceeds of approximately $31.6 million and issued 58,412 shares of Series D-1 preferred stock at $17.12 per share in exchange for $1.0 million of future services to be provided by ICM. The 58,412 shares issued to ICM in exchange for the credit against future services are fully vested, non-forfeitable and non-cancellable.

The Series D-1 preferred stock was considered to have a beneficial conversion feature because the conversion ratio would adjust from the initial conversion rate of one common share for each preferred share to two common shares for each preferred share if an initial public offering or qualified financing had not occurred on or before September 30, 2011. At the issuance dates of the Series D-1 preferred stock between March and May 2010, the Company recorded the beneficial conversion feature at its aggregate intrinsic value of approximately $5.7 million as a discount on the preferred stock with a corresponding credit to additional paid-in capital. This discount was recorded as a deemed dividend and was being amortized as a debit to retained earnings and a credit to additional paid-in capital.

For the period from January 1, 2011 to the closing of the Company’s initial public offering on February 14, 2011, the Company recorded a deemed dividend — amortization of beneficial conversion feature on the Series D-1 preferred stock of $0.5 million relating to the issuance of Series D-1 preferred stock. Upon closing of the initial public offering on February 14, 2011 and the automatic conversion of the Company’s Series D-1 preferred stock to common stock, the Company recalculated the intrinsic value of the beneficial conversion feature using the adjusted conversion ratio applied against the original commitment date estimated fair value of the underlying common stock. The amount of the recalculated intrinsic value of the beneficial conversion feature exceeded the previously amortized amount of the beneficial conversion feature by $0.6 million, which amount was immediately amortized to retained earnings and additional paid-in capital contemporaneously with the closing of the initial public offering. Upon the closing of the Company’s initial public offering, no additional amortization of the beneficial conversion feature relating to the Series D-1 preferred stock will be recorded.

Common Stock Warrants. The following table sets forth warrants to purchase shares of the Company’s common stock that are outstanding as of December 31, 2012.


	Issue Date		Expiration Date		Outstanding		Exercise Price
CDP Gevo, LLC		September 2009		September 2016		812,771	$	2.70
TriplePoint Capital LLC		August 2010		August 2017		199,999	$	9.00
TriplePoint Capital LLC		October 2011		October 2018		157,035	$	7.96
TriplePoint Capital LLC		January 2012		October 2018		31,407	$	7.96
Virgin Green Fund I, L.P.		February 2011		February 2014		28,786	$	5.48

Total						1,229,998

See Note 13, for a discussion of the warrants issued to CDP Gevo, LLC (“CDP”) for the purchase of shares of the Company’s common stock.

In connection with signing its loan agreements with TriplePoint, the Company has issued warrants to purchase shares of its common stock. The fair values of the warrants were estimated using the Black-Scholes option pricing model. The Company records the fair value of these warrants as debt discount which is amortized to interest expense over the terms of the borrowing.

Preferred Stock Warrants. Prior to the Company’s initial public offering on February 14, 2011, the Company had issued warrants to purchase shares of preferred stock. Upon the closing of the Company’s initial public offering, the preferred stock warrants which were accounted for as a derivative liability and marked to fair value, were automatically converted to warrants to purchase common stock and were no longer recorded at fair value. Upon this conversion, the fair value of the preferred stock warrant liability of $2.1 million was reclassified to additional paid-in capital. Changes in the fair value of the preferred stock warrants were recorded in the Company’s consolidated statements of operations.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Name Accounting Standards Codification
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-Publisher AICPA
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-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Equity Incentive Plans

12 Months Ended

Dec. 31, 2012

Equity Incentive Plans

10. Equity Incentive Plans

2006 Omnibus Securities and Incentive Plan. During 2006, the Company established the Gevo, Inc. 2006 Omnibus Securities and Incentive Plan (the “2006 Incentive Plan”). Pursuant to the 2006 Incentive Plan, the Company granted stock awards to employees, directors, and consultants of the Company. Upon adoption of the Gevo, Inc. 2010 Stock Incentive Plan (the “2010 Plan”), no further grants can be made under the 2006 Incentive Plan. To the extent outstanding awards under the 2006 Incentive Plan expire, or are forfeited, cancelled, settled, or become unexercisable without the issuance of shares, the shares of common stock subject to such awards will be available for future issuance under the 2010 Plan.

2010 Stock Incentive Plan. In February 2011, the Company’s stockholders approved the 2010 Plan which provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards to employees of the Company. Stock options granted under the 2010 Plan have an exercise price that is at least equal to the fair market value of the Company’s common stock on the date the stock option is granted and expire ten years after the date of grant. At December 31, 2012, a total of 2,571,286 shares of Gevo common stock were reserved for issuance under the 2010 Plan, of which 1,340,974 shares were available for grant as of December 31, 2012.

Employee Stock Purchase Plan. In February 2011, the Company’s stockholders approved the ESPP. The offering periods for the ESPP are from January 1 to June 30 and from July 1 to December 31 of each calendar year. The Company has reserved 1,285,643 shares of common stock for issuance under the ESPP, of which 1,230,484 shares as of December 31, 2012 are available for future issuance. The purchase price of the common stock under the ESPP is 85% of the lower of the fair market value of a share of common stock on the first or last day of the purchase period.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation

11. Stock-Based Compensation

Stock-Based Compensation Expense. The following table sets forth the Company’s stock-based compensation expense (in thousands).


	Year Ended December 31,						Inception to
	2012		2011		2010		December 31, 2012
Stock options and ESPP awards
Research and development	$	808	$	771	$	612	$	2,477
Selling, general and administrative		2,628		1,870		1,978		7,269
Restricted stock awards
Research and development		328		274		70		802
Selling, general and administrative		1,599		423		—		2,022
Warrant issued to CDP
Selling, general and administrative		2,616		3,488		7,851		13,955

Non-cash stock-based compensation		7,979		6,826		10,511		26,525
Modified stock option awards
Selling, general and administrative		890		610		—		1,500
Purchase of Class B interests of Gevo Development from CDP for cash
Selling, general and administrative		74		296		774		1,144

Cash stock-based compensation		964		906		774		2,644

Total stock-based compensation	$	8,943	$	7,732	$	11,285	$	29,169

Determining Fair Value of Share-Based Payment Awards. The following Black-Scholes option pricing model assumptions and resulting grant date fair value for stock options granted are as follows.


	Year Ended December 31,									Inception to
	2012			2011			2010			December 31, 2012
Risk-free interest rate		1.17	%		1.98	%		2.14	%		2.74	%
Expected dividend yield		None			None			None			None
Expected volatility factor		78.86	%		79.04	%		78.64	%		75.66	%
Expected option life (in years)		5.78			5.81			5.34			6.01
Weighted average grant date fair value	$	4.74		$	10.74		$	6.99		$	3.56

Due to the Company’s limited history of grant activity, the expected life of options granted was estimated using the “simplified method” in accordance with Staff Accounting Bulletin 110, where the expected life equals the arithmetic average of the vesting term and the original contractual term of the options. The volatility factor was determined based upon management’s estimate using inputs from comparable public companies. The risk-free interest rate assumption is determined based upon observed interest rates appropriate for the expected term of the Company’s employee stock options. The dividend yield assumption is based on the Company’s history of dividend payouts.

An annual forfeiture rate is estimated at the time of grant for all share-based payment awards, and revised, if necessary, in subsequent periods if the actual forfeiture rate differs from the Company’s estimate. Forfeitures have been estimated by the Company based upon historical and expected forfeiture experience. Estimated forfeiture rates used for the periods presented were 0% to 5%.

Stock Option Award Activity. Stock option activity under the Company’s option plans at December 31, 2012 and changes during the years ended December 31, 2012, 2011 and 2010 were as follows.


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at December 31, 2011		3,261,739		$	5.34		7.43	$	10,620
Granted		550,442			7.00
Canceled or forfeited		(296,177	)		8.35
Exercised		(575,652	)		1.32

Options outstanding at December 31, 2012		2,940,352		$	6.12		7.04	$	693

Options exercisable at December 31, 2012		1,746,443		$	5.41		6.40	$	610

Options vested and expected to vest at December 31, 2012		2,919,573		$	6.11		7.03	$	693

The aggregate intrinsic values in the table above represent the total pre-tax intrinsic values (the difference between the closing price of Gevo’s common stock on the last trading day of the 2012 calendar year and the exercise price, multiplied by the number of in-the-money stock option shares) that would have been received by the option holders had all in-the-money outstanding stock options been exercised on December 31, 2012. The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 and from Inception to December 31, 2012 was $2.2 million, $1.7 million, $0.1 million, $4.0 million, respectively.

The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2012.


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years
$0.17 to $0.49		442,533	$	0.45		4.35		442,533	$	0.45		4.35
$1.16 to $1.55		666,259	$	1.22		6.34		338,736	$	1.16		5.68
$2.70 to $8.73		638,845	$	2.93		7.28		362,665	$	2.81		6.91
$9.41 to $12.67		720,372	$	10.05		8.25		345,822	$	10.25		7.77
$14.81 to $19.14		472,343	$	16.67		8.36		256,687	$	16.73		8.35

As of December 31, 2012, $4.4 million of total unrecognized compensation cost related to stock options is expected to be recognized as an expense by the Company in the future over a weighted-average period of approximately 2 years.

The Company settles stock option exercises with newly issued common shares. No tax benefits were realized by the Company in connection with these exercises as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire tax benefit.

Restricted Stock. The Company periodically grants restricted stock awards to employees (including board members) and non-employee consultants. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, generally three to six years, for awards that vest based upon a service period. For performance based restricted stock awards, the Company recognizes expense over the requisite service period.

Non-vested restricted stock awards at December 31, 2012 and changes during the year ended December 31, 2012 were as follows.


	Number of Shares			Weighted- Average Grant- Date Fair Value
Non-vested at December 31, 2011		284,825		$	9.44
Granted		232,732			9.41
Vested		(171,972	)		11.21
Canceled or forfeited		(162,169	)		6.17

Non-vested at December 31, 2012		183,416		$	10.63

During December 2011, the Company awarded shares of restricted common stock to employees some of which had a vesting schedule based primarily on the attainment of performance objectives related to the start-up of isobutanol production at the Agri-Energy Facility. The performance objectives related to the startup of isobutanol production at the Agri-Energy Facility were not met, resulting in the awards being cancelled and forfeited in full as of June 30, 2012. As a result, no stock-based compensation expense was recorded for these awards during the year ended December 31, 2012.

The total fair value of restricted stock that vested during the year ended December 31, 2012 and 2011 was $0.9 million and $0.5 million, respectively. The total fair value of restricted stock that vested during the year ended December 31, 2010 was immaterial. As of December 31, 2012, the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $1.8 million, which is expected to be recognized over a weighted-average period of approximately 2 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Significant Agreements

12 Months Ended

Dec. 31, 2012

Significant Agreements

12. Significant Agreements

Off-Take, Distribution and Marketing Agreements

International Off-Take and Distribution Agreement with Sasol. On July 29, 2011, the Company and Sasol Chemical Industries Limited (“Sasol”) entered into an international off-take agreement to market and distribute renewable isobutanol globally. The agreement has an initial term of three years and appoints Sasol as a non-exclusive distributor of high-purity isobutanol in North and South America and as the exclusive distributor for high-purity isobutanol for solvent and chemical intermediate applications in the rest of the world. Beginning upon the Company’s first commercial sale of high-purity isobutanol under terms of the agreement, if Sasol desires to maintain its exclusive distribution rights, Sasol is obligated to either purchase certain minimum quantities of high-purity isobutanol or pay the Company applicable shortfall fees and the Company is obligated to either supply Sasol with certain minimum quantities of high-purity isobutanol or pay Sasol applicable shortfall fees. No amounts have been recorded under this agreement as of December 31, 2012.

Exclusive Supply Agreement with LANXESS. On January 14, 2011, the Company entered into an exclusive supply agreement, as amended, with LANXESS Inc. (“LANXESS”) pursuant to which LANXESS has granted the Company an exclusive first right to supply LANXESS and its affiliates with certain of their requirements for biobased isobutanol during the term of the agreement. The Company’s exclusive first right to supply biobased isobutanol to LANXESS and its affiliates will be subject to the terms of a supply agreement to be mutually agreed upon by the parties at a later date. Additionally, pursuant to the terms of the exclusive supply agreement the Company has granted LANXESS, subject to certain exceptions and conditions, (a) an exclusive first right to acquire its biobased isobutanol to produce isobutylene and butenes for use and sale in the field of chemicals, and (b) an exclusive right to use the Company’s isobutanol to produce butadiene and isobutylene for use in the production of polybutadiene and butyl rubber. The initial term of the mutual exclusivity is ten years, subject to mutual extension. No amounts have been incurred under this agreement as of December 31, 2012.

Off-Take and Marketing Alliance Agreement and Renewable Fuels Supply Chain Agreement with Mansfield Oil Company. On August 12, 2011, the Company entered into a commercial off-take agreement with Mansfield Oil Company (“Mansfield”), to distribute isobutanol-based fuel into the petroleum market. The agreement allows Mansfield to blend the Company’s isobutanol for its own use, and to be a distributor of the Company’s isobutanol for a term of five years. The Company also entered into a three-year supply services agreement with C&N, a Mansfield subsidiary, which will provide supply chain services including logistics management, customer service support, invoicing and billing services. No amounts have been recorded under these agreements as of December 31, 2012.

Ethanol Marketing Agreement with C&N, a subsidiary of Mansfield Oil Company. Substantially all ethanol sold through Agri-Energy from the date of acquisition through December 31, 2012 was sold to C&N pursuant to an ethanol purchase and marketing agreement. The ethanol purchase and marketing agreement with C&N was entered into on April 1, 2009 and automatically renews for subsequent one-year terms unless either party terminates the agreement 60 days before the end of a term. Under the terms of the agreement, C&N will market substantially all of Agri-Energy’s ethanol production from the Agri-Energy Facility and will pay to Agri-Energy the gross sales price paid by the end customer less expenses and a marketing fee.

Jet Fuel Supply Agreement with the Defense Logistics Agency (U.S. Air Force). During September 2011, the Company was awarded a contract for the procurement of up to 11,000 gallons of alcohol-to-jet (ATJ) fuel for the purposes of certification and testing by the U.S. Air Force. The term of the agreement was through December 30, 2012. Revenue was recognized upon shipment of product to the U.S. Air Force which is when transfer of risk of loss and title occurred. During the year ended December 31, 2012, the Company recorded $0.6 million of revenue under this contract. In September 2012, the Company was awarded an additional contract for the procurement of up to 45,000 gallons of biojet fuel for delivery by October 31, 2013 which as of December 31, 2012, the Company has not yet delivered any jet fuel under the September 2012 order.

Commercialization and Development Agreements

Development and Commercialization Agreements with ICM, Inc. In October 2008, the Company signed development and commercialization agreements with ICM, Inc. (“ICM”).

Under the terms of the development agreement, the Company performed commercial-scale isobutanol production trials in ICM’s research plant and facility in St. Joseph, Missouri, the demonstration plant. The Company was required to pay for or reimburse ICM for engineering fees, equipment, plant modification costs, project fees and various operating expenses. In December 2011, the development agreement was amended to extend the term indefinitely. The development agreement, as amended, may be cancelled by either party with 30 days’ written notice. The Company did not incur any operating expenses or capital expenditures relating to the demonstration plant during the year ended December 31, 2012. During the years ended December 31, 2011 and 2010, the Company incurred $0.6 million and $0.4 million, respectively, in capital expenditures with ICM relating to the demonstration plant. The Company also incurred operating expenses during the years ended December 31, 2011 and 2010 that were paid to ICM for production trials at the demonstration plant and depreciation expense relating to the demonstration plant, which were recorded as research and development expenses in the consolidated statement of operations.

The commercialization agreement, which was amended and restated on August 11, 2011, is effective through October 15, 2018, and outlines the terms and fees under which ICM acts as the Company’s exclusive provider of certain engineering and construction services. Also, under the commercialization agreement, the Company is ICM’s exclusive technology partner for the production of butanols, pentanols and propanols from the fermentation of sugars.

In addition to amounts recorded under the development and commercialization agreements noted above, the Company has also engaged ICM to perform engineering studies, plant evaluations and other services. In August 2011, the Company entered into a work agreement with ICM whereby ICM will provide engineering, procurement and construction services for the retrofit of ethanol plants.

Beginning in 2010, the Company incurred capital expenditures with ICM related to the retrofit of the Agri-Energy Facility to isobutanol production of $43.2 million, $6.8 million and $0.4 million during the years ended December 31, 2012, 2011 and 2010, respectively.

Joint Research, Development, License and Commercialization Agreement with The Coca-Cola Company. During November 2011, the Company entered into a joint research, development, license and commercialization agreement with The Coca-Cola Company (“Coca-Cola”). During the first two years of the agreement, Coca-Cola will pay the Company a fixed price fee for a research program as defined in the agreement. The Company recognizes these fees as revenue over the performance period. The payments received are not refundable. During the years ended December 31, 2012 and 2011, the Company recognized $1.2 million and $0.1 million, respectively, of revenue under this agreement.

License Agreements

License Agreement with Cargill, Incorporated. During February 2009, the Company entered into a license agreement with Cargill, Incorporated (“Cargill”) to obtain certain biological materials and license patent rights to use a biocatalyst owned by Cargill. Under the license agreement, Cargill has granted the Company an exclusive, royalty-bearing license, with limited rights to sublicense, to use the patent rights in a certain field, as defined in the license agreement.

The license agreement contains five milestone payments totaling approximately $4.3 million that are payable after each milestone is completed. During 2009, two milestones were completed and the Company recorded the related milestone amounts, along with an up-front signing fee, totaling $0.9 million, to research and development expense. During March 2010, the Company completed milestone number three and recorded the related milestone amount of $2.0 million to research and development expense at its then-current present value of $1.6 million because the milestone payment was paid over a period greater than 12 months from the date that it was incurred. As of December 2012, the Company had not completed milestone number four. However, the Company has agreed to pay a $0.5 million license fee which satisfies the terms of milestone number four under the agreement. This fee was settled in March 2013 through the issuance of 250,000 shares of common stock. The Company recorded the $0.5 million license fee as a component of accounts payable and accrued liabilities in the consolidated balance sheets and research and development expense in the consolidated statement of operations. Milestone number five included in the license agreement representing potential payments of up to $1.0 million, which is due by December 2015, has not been met as of December 31, 2012 and no amount has been recorded as a liability for this milestone.

Upon commercialization of a product which uses Cargill’s biological material or is otherwise covered by the patent rights under the license agreement, a royalty based on net sales is payable by the Company, subject to a minimum royalty amount per year, as defined in the license agreement, and up to a maximum amount per year.

The license agreement provides an option for Cargill to purchase a nonexclusive, royalty-bearing license for the use of a Company biocatalyst that utilizes the Cargill biological material or licensed patents for a royalty rate equal to the lowest rate offered to any third party.

The Company may terminate the license agreement at any time upon 90 days’ written notice. Unless terminated earlier, the license agreement remains in effect until the later of December 31, 2025 and the date that no licensed patent rights remain.

Other

In June 2011, the Company announced that it had successfully produced fully renewable and recyclable polyethylene terephthalate (“PET”) in cooperation with Toray Industries, Inc. (“Toray Industries”). Working directly with Toray Industries, the Company employed prototypes of commercial operations from the petrochemical and refining industries to make para-xylene (“PX”) from isobutanol. Toray Industries used the Company’s bio-PX and commercially available renewable mono ethylene glycol to produce fully renewable PET films and fibers. On June 1, 2012, the Company entered into a definitive agreement with Toray Industries for the joint development of an integrated supply chain for the production of bio-PET. Pursuant to the terms of the agreement with Toray Industries, the Company received $1.0 million which shall be used by the Company for the design, construction and/or operation of a pilot plant. The Company anticipates producing bio-based PX at the pilot plant, some of which will be sold to Toray Industries. Toray Industries is obligated to purchase initial volumes of bio-PX. Any excess bio-PX that is produced can be sold to third parties. In the event that the Company is unable to produce and deliver a minimum quantity of bio-PX to Toray Industries by December 31, 2013, the Company will be required to refund the $1.0 million by January 31, 2014. The Company has included the $1.0 million as a component of accounts payable and accrued liabilities in its consolidated balance sheets as of December 31, 2012.

Within its research and development activities, the Company routinely enters into research and license agreements with various entities. Future royalty payments may apply under these license agreements if the technologies are used in future commercial products. In addition, the Company may from time to time make gifts to universities and other organizations to expand research activities in its fields of interest. Any amounts paid under these agreements are generally recorded as research and development expenses as incurred.

The Company has been awarded grants or cooperative agreements from a number of government agencies, including the U.S. Department of Energy, U.S. National Science Foundation, U.S. Environmental Protection Agency, Army Research Labs and the U.S. Department of Agriculture. Revenues recorded related to these grants and cooperative agreements are recorded within grant and research and development program revenue on the Company’s statements of operations.

- Definition

Tabular disclosure of significant agreements under research and development arrangements accounted for as a contract to perform research and development for others (including royalty arrangements, purchase provisions, license agreements, and commitments to provide additional funding), aggregated by similar arrangements or individually if necessary to understand the effects on the financial statements. Include also the amount of costs incurred under a research and development arrangement accounted for as a contract to perform research and development for others. Aggregation of similar arrangements by type may be appropriate. Include also the amount of compensation earned (contract income) under a research and development arrangement accounted for as a contract to perform research and development for others. Aggregation of similar arrangements by type may be appropriate.

+ References + Details

Gevo Development

12 Months Ended

Dec. 31, 2012

Gevo Development

13. Gevo Development

Gevo, Inc. currently owns 100% of the outstanding equity interests of Gevo Development. Gevo Development has two classes of membership interests outstanding. Gevo, Inc. is the sole owner of the class A interests. Prior to September 22, 2010, CDP Gevo, LLC (“CDP”), was the sole owner of the class B interests, which comprise 10% of the outstanding equity interests of Gevo Development. In September 2010, Gevo, Inc. became the sole owner of Gevo Development by acquiring 100% of the class B interests in Gevo Development from CDP pursuant to an equity purchase agreement. In exchange for the class B interests, CDP received aggregate consideration of $1.1 million.

The original issuance of the class B interests was considered to be a grant of non-employee stock-based compensation. As vesting of the awards was dependent on counterparty performance conditions (the acquisition and retrofit of a biorefinery plant), no compensation expense had been recorded prior to September 22, 2010 because the lowest aggregate fair value of the awards was zero. Upon the purchase of the class B interests on September 22, 2010, the Company recorded stock-based compensation of $0.8 million, which reflected the amount paid during 2010 for the class B interests that were not dependent on counterparty performance. The Company recorded stock compensation of $0.1 million and $0.3 million during the years ended December 31, 2012 and 2011, respectively.

Gevo, Inc. made capital contributions to Gevo Development of $55.5 million, $4.9 million, $18.6 million and $79.8 million, respectively, during the years ended December 31, 2012, 2011, 2010 and from Inception to December 31, 2012.

The following table sets forth (in thousands) the net loss incurred by Gevo Development (including Agri-Energy after September 22, 2010, the closing date of the acquisition) which has been fully allocated to Gevo, Inc.’s capital contribution account based upon its capital contributions (for the period prior to September 22, 2010) and 100% ownership (for the period after September 22, 2010).


	Year Ended December 31,									Inception
	2012			2011			2010			December 31, 2012
Gevo Development Net Loss	$	(15,870	)	$	(691	)	$	(2,327	)	$	(19,619	)

In connection with the formation of Gevo Development in September 2009, the Company granted CDP a warrant to purchase 858,000 shares of the Company’s common stock. The warrants have an exercise price of $2.70 per share which represented the estimated fair value of Gevo, Inc.’s common stock on the date of grant. The warrant expires in September 2016, unless terminated earlier as provided in the agreement.

On September 22, 2010, the beneficial owners of the equity interests of CDP became employees of Gevo, Inc. and the warrant agreement was amended and restated to provide that 50% of the warrant shares granted under such warrant agreement would vest on September 22, 2010. The remaining warrant shares were to vest over a two-year period beginning on September 22, 2010, subject to acceleration and termination in certain circumstances. The Company valued the warrant shares at $14.0 million. Effective March 23, 2012, the employment of the beneficial owners of CDP was terminated. Pursuant to the terms of the warrant agreement, all unvested warrant shares became immediately vested and, as such, the Company recorded $2.6 million of stock-based compensation expense during the year ended December 31, 2012.

Since its formation, Gevo Development has been and continues to be considered a variable interest entity. Gevo, Inc., the primary beneficiary of Gevo Development, has both (i) the power to direct the activities of Gevo Development that most significantly impact Gevo Development’s economic performance and (ii) the obligation to absorb losses of Gevo Development that could potentially be significant to Gevo Development or the right to receive benefits from Gevo Development that could potentially be significant to Gevo Development. As such, Gevo Development is consolidated. The accounts of Agri-Energy are consolidated within Gevo Development as a wholly owned subsidiary. As of December 31, 2012 and 2011, Gevo Development does not have any assets that can be used only to settle obligations of Gevo Development. However, under the terms of the Amended Agri-Energy Loan Agreement with TriplePoint, as amended, subject to certain limited exceptions, Agri-Energy is only permitted to pay dividends if all principal balances due to TriplePoint have been paid. No gain or loss was recognized by the Company upon the initial consolidation of Gevo Development.

Redfield Energy, LLC

12 Months Ended

Dec. 31, 2012

Redfield Energy, LLC

14. Redfield Energy, LLC

On June 15, 2011, Gevo Development entered into an isobutanol joint venture agreement (the “Joint Venture Agreement”) with Redfield Energy, LLC, a South Dakota limited liability company (“Redfield”), and executed the second amended and restated operating agreement of Redfield (together, the “Joint Venture Documents”). Under the terms of the Joint Venture Documents, Gevo Development and Redfield have agreed to work together to retrofit Redfield’s approximately 50 million gallon per year ethanol production facility located near Redfield, South Dakota (the “Redfield Facility”) for the commercial production of isobutanol. Under the terms of the Joint Venture Agreement, Redfield has issued 100 Class G membership units in Redfield (the “Class G Units”) to Gevo Development. Gevo Development is the sole holder of Class G units, which entitle Gevo Development to certain information and governance rights with respect to Redfield, including the right to appoint two members of Redfield’s 11-member board of managers. The Class G units currently carry no interest in the allocation of profits, losses or other distributions of Redfield and no voting rights. Such rights will vest upon the commencement of commercial isobutanol production at the Redfield Facility, at which time Gevo Development anticipates consolidating Redfield’s operations because Gevo anticipates it will control the activities that are most significant to the entity.

Gevo Development will be responsible for all costs associated with the retrofit of the Redfield Facility. Redfield will remain responsible for certain expenses incurred by the facility including certain repair and maintenance expenses and any costs necessary to ensure that the facility is in compliance with applicable environmental laws. The Company anticipates that the Redfield Facility will continue its current ethanol production activities during much of the retrofit. Once the retrofit assets have been installed, the ethanol production operations will be suspended to enable testing of the isobutanol production capabilities of the facility (the “Performance Testing Phase”). During the Performance Testing Phase, Gevo Development will be entitled to receive all revenue generated by the Redfield Facility and will make payments to Redfield to cover the costs incurred by Redfield to operate the facility plus the profits, if any, that Redfield would have received if the facility had been producing ethanol during that period (the “Facility Payments”). Gevo Development has also agreed to maintain an escrow fund during the Performance Testing Phase as security for its obligation to make the Facility Payments.

If certain conditions are met, commercial production of isobutanol at the Redfield Facility will begin upon the earlier of the date upon which certain production targets have been met or the date upon which the parties mutually agree that commercial isobutanol production at the Redfield Facility will be commercially viable at the then-current production rate. At that time, (i) Gevo Development will have the right to appoint a total of four members of Redfield’s 11-member board of managers, and (ii) the voting and economic interests of the Class G units will vest and Gevo Development, as the sole holder of the Class G Units, will be entitled to a percentage of Redfield’s profits, losses and distributions, to be calculated based upon the demonstrated isobutanol production capabilities of the Redfield Facility.

Gevo Development, or one of its affiliates, will be the exclusive marketer of all products produced by the Redfield Facility once commercial production of isobutanol has begun. Additionally, Gevo, Inc. will license the technology necessary to produce isobutanol at the Redfield Facility to Redfield, subject to the continuation of the marketing arrangement described above. In the event that the isobutanol production technology fails or Redfield is permanently prohibited from using such technology, Gevo Development will forfeit the Class G Units and lose the value of its investment in Redfield.

Gevo, Inc. entered into a guaranty effective as of June 15, 2011, pursuant to which it has unconditionally and irrevocably guaranteed the payment by Gevo Development of any and all amounts owed by Gevo Development pursuant to the terms and conditions of the Joint Venture Agreement and certain other agreements that Gevo Development and Redfield expect to enter into in connection with the retrofit of the Redfield Facility.

The Company has undertaken the preliminary project engineering and permitting process for the Redfield Facility retrofit. As of December 31, 2012, the Company has incurred $0.4 million in costs for the future retrofit of the Redfield Facility which have been recorded on the Company’s consolidated balance sheets in deposits and other assets.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

15. Income Taxes

There is no provision for income taxes because the Company has incurred operating losses since Inception. As of December 31, 2012, the Company had federal and state net operating loss carryforwards of approximately $172.8 million which may be used to offset future taxable income. The Company also had federal research and development tax credit carryforwards and other federal tax credit carryforwards which aggregate to $4.0 million at December 31, 2012. These carryforwards expire at various times through 2032 and may be limited in their annual usage by Section 382 of the Internal Revenue Code, as amended, relating to ownership changes.

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets at December 31, 2012 and 2011 (in thousands).


	December 31,
	2012			2011
Deferred tax assets:
Net operating loss carryforwards	$	69,766		$	41,237
Research and other credits		3,984			3,984
Other temporary differences		3,099			8,030

Deferred tax assets—before valuation allowance		76,849			53,251
Valuation allowance		(76,849	)		(53,251	)

Net deferred tax assets—after valuation allowance	$	—		$	—

The Company’s deferred tax assets represent an unrecognized future tax benefit. The Company has provided a full valuation allowance on its deferred tax assets at December 31, 2012 and 2011, as management believes it is more likely than not that the related deferred tax asset will not be realized. The reported amount of income tax expense differs from the amount that would result from applying domestic federal statutory tax rates to pretax losses, primarily because of changes in the valuation allowance. The following table sets forth reconciling items from income tax computed at the statutory federal rate for the years ended December 31, 2012, 2011 and 2010.


	Year Ended December 31,
	2012			2011			2010
Federal income tax at statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefits		6.2	%		5.7	%		3.4	%
Research and other credits		0.0	%		4.7	%		2.4	%
Permanent deductions		-2.5	%		-1.8	%		-2.6	%
Valuation allowance		-38.7	%		-43.6	%		-38.2	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Accounting literature regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The Company has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements. The Company’s evaluation was performed for the tax periods from Inception to December 31, 2012, which remain subject to examination by major tax jurisdictions as of December 31, 2012.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically, with any material impact to its financial results.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

+ Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2012

Employee Benefit Plan

16. Employee Benefit Plan

The Company’s employees participate in the Gevo, Inc. 401(k) Plan (the “401(k) Plan”). Subject to certain eligibility requirements, the 401(k) Plan covers substantially all employees after three months of service with quarterly entry dates. Employee contributions are deposited by the Company into the 401(k) Plan and may not exceed the maximum statutory contribution amount. The Company may make matching and/or discretionary contributions to the 401(k) Plan. Effective January 1, 2008, the Company began providing an employer match of 100% up to a maximum of 5% of compensation per employee, which vests over a period of approximately two years. Effective January 1, 2013, the Company elected to cease providing an employer match. During the years ended December 31, 2012, 2011 and 2010, and from Inception to December 31, 2012, the Company recorded $0.5 million, $0.4 million, $0.3 million and $1.5 million, respectively, in matching contributions.

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2012
Related-Party Transactions	17. Related-Party Transactions A founder, consultant and former director of the Company, who owns common stock of the Company and is a holder of Company stock options, is a professor at the California Institute of Technology, which is a party to a license agreement and research agreements with the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Topic 850
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 850
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies

18. Commitments and Contingencies

Legal Matters. On January 14, 2011, Butamax Advanced Biofuels LLC (“Butamax”), a joint venture between BP p.l.c. (“BP”) and E.I. du Pont de Nemours and Company (“DuPont”) filed a complaint (the “Complaint”) in the United States District Court for the District of Delaware, as Case No. 1:11-cv-00054-SLR, alleging that the Company is infringing one or more claims made in U.S. Patent No. 7,851,188 (the “’188 Patent”), entitled “Fermentive Production of Four Carbon Alcohols.” The ’188 Patent, which has been assigned to Butamax, claims certain recombinant microbial host cells that produce isobutanol and methods for the production of isobutanol using such host cells. Butamax is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses. On March 25, 2011, the Company filed a response to the Complaint, denying Butamax’s allegations of infringement and raising affirmative defenses.

On August 11, 2011, Butamax amended the Complaint to include allegations that the Company is infringing one or more claims made in U.S. Patent No. 7,993,889 (the “’889 Patent”), also entitled “Fermentive Production of Four Carbon Alcohols” (the “Amended Complaint”). The ’889 Patent, which has been assigned to Butamax, claims methods for producing isobutanol using certain recombinant yeast microorganisms expressing an engineered isobutanol biosynthetic pathway. The Company believes that the Amended Complaint is without merit and will continue to aggressively defend its freedom to operate.

On September 13, 2011, the Company filed an answer to the Amended Complaint in which it asserted counterclaims against Butamax and DuPont for infringement of U.S. Patent No. 8,017,375, entitled “Yeast Organism Producing Isobutanol at a High Yield” and U.S. Patent No. 8,017,376, entitled “Methods of Increasing Dihydroxy Acid Dehydratase Activity to Improve Production of Fuels, Chemicals, and Amino Acids,” both of which were recently awarded to the Company by the United States Patent and Trademark Office. The counterclaim seeks a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses. These counterclaims have been set for trial in August 2013.

On September 22, 2011, Butamax filed a motion for preliminary injunction with respect to the alleged infringement by the Company of one or more claims made in the ’889 Patent.

On January 24, 2012, the Company filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-00070-SLR, alleging that Butamax and DuPont are infringing one or more claims made in U.S. Patent No. 8,101,808 (the “’808 Patent”) entitled “Recovery of Higher Alcohols from Dilute Aqueous Solutions.” The ’808 Patent claims methods to produce a C3-C6 alcohol—for example, isobutanol—through fermentation and to recover that alcohol from the fermentation medium. The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On March 12, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-00298-SLR, alleging that the Company is infringing one or more claims made in U.S. Patent No. 8,129,162, entitled “Ketol-Acid Reductoisomerase Using NADH.” This complaint is in addition to the Amended Complaint discussed above. Butamax is seeking a declaratory judgment, injunctive relief, damages, interest, costs and expenses, including attorney’s fees. The Company believes that it has meritorious defenses to these claims and intends to vigorously defend this lawsuit.

On March 13, 2012, the Company filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-00301-SLR, alleging that Butamax and DuPont are infringing U.S. Patent No. 8,133,715 (the “’715 Patent”), entitled “Reduced By-Product Accumulation for Improved Production of Isobutanol.” The ’715 Patent claims recombinant microorganisms, including yeast, with modifications for the improved production of isobutanol. The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On April 10, 2012, the Company filed a complaint (the “Gevo Complaint”) in the United States District Court for the District of Delaware, as Case No. 1:12-cv-00448-SLR, alleging that Butamax and DuPont are infringing one or more claims made in U.S. Patent No. 8,153,415 (the “’415 Patent”) entitled “Reduced By-Product Accumulation for Improved Production of Isobutanol.” The ’415 Patent claims technology which eliminates two pathways that compete for isobutanol pathway intermediates in yeast. The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On April 17, 2012, the Company amended the Gevo Complaint to include allegations that Butamax and DuPont are infringing one or more claims made in U.S. Patent No. 8,158,404 (the “’404 Patent”) entitled “Reduced By-Product Accumulation for Improved Production of Isobutanol.” The ’404 Patent claims the reduction or elimination of important enzymes in a pathway in isobutanol- producing yeast. The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On May 9, 2012, coordinated discovery was ordered for Case Nos. 1:12-cv-00070-SLR, 1:12-cv-00298-SLR, 1:12-cv-00301-SLR, and 1:12-cv-00448-SLR. By virtue of the same order, discovery in Case No. 1:12-cv-00602-SLR was also coordinated with these cases.

On May 15, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-00602-SLR, alleging that the Company is infringing one or more claims made in U.S. Patent No. 8,178,328, entitled “Fermentive Production of Four Carbon Alcohols.” Butamax is seeking a declaratory judgment, injunctive relief, damages, interest, costs and expenses, including attorney’s fees. The Company believes that it has meritorious defenses to these claims and intends to vigorously defend this lawsuit.

On June 19, 2012, the United States District Court for the District of Delaware denied the motion for preliminary injunction which was filed by Butamax on September 22, 2011 with respect to the alleged infringement by the Company of one or more claims made in the ’889 Patent. As is normal and customary in patent infringement actions of this nature, Butamax then filed a notice of appeal. In connection with their appeal, Butamax also filed a motion with the United States District Court for the District of Delaware seeking a temporary order to limit the Company’s activities with respect to the automotive fuel blending market while Butamax appeals the denial of its motion for preliminary injunction.

On July 6, 2012, the United States District Court for the District of Delaware issued a temporary order which stated, in part, that the Company could not deliver, provide, distribute, ship, release or transfer in any way bio-based isobutanol produced at the Agri-Energy Facility to any third party for any use or purpose related to the automotive fuel blending market while Butamax appealed the denial of its motion for preliminary injunction. The Company filed an appeal of the temporary order. Under the temporary order, the Company remained free to operate in markets such as chemicals, jet fuel, marine fuel and small engine fuel. On August 10, 2012, the Federal Circuit Court of Appeals granted Gevo’s motion to stay the status quo order entered on July 6, 2012 by the United States District Court for the District of Delaware. On November 16, 2012, the Federal Circuit Court of Appeals affirmed the District Court’s denial of Butamax’s preliminary injunction motion.

On July 31, 2012, the Company filed a complaint in the United States District Court for the Eastern District of Texas, as Case No. 2:12-cv-00417, alleging that Butamax, DuPont, BP p.l.c., and BP Biofuels North America LLC are infringing U.S. Patent No. 8,232,089 (the “’089 Patent), entitled “Cytosolic Isobutanol Pathway Localization for the Production of Isobutanol.” The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses. On December 17, 2012, this case was transferred to the United States District Court for the District of Delaware as Case No. 1:12-cv-01724-SLR. On February 19, 2013, BP p.l.c. filed a motion seeking to dismiss our complaint for failure to state a claim against it. On March 8, 2013, we filed a response in opposition to B.P. p.l.c.’s motion. On March 18, 2013, B.P. p.l.c. filed its reply brief, and the issue has been submitted to the court for decision.

On July 31, 2012, Butamax and DuPont filed a lawsuit in the United States District Court for the District of Delaware for declaratory judgment against the Company, as Case No. 1:12-cv-00999-SLR, seeking a judicial determination that the ’089 Patent is invalid and that Butamax and DuPont do not infringe it. On January 28, 2013, this case was closed following a voluntary stipulation of dismissal filed by both parties.

On August 6, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-01014-SLR, alleging that the Company is infringing U.S. Patent No. 8,222,017, entitled “Ketol-Acid Reductoisomerase Using NADH.” Butamax is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses. On January 22, 2013, discovery in this case was consolidated with Case Nos. 1:12-cv-00070-SLR, 1:12-cv-00298-SLR, 1:12-cv-00301-SLR, 1:12-cv-00448-SLR, and 1:12-cv-00602-SLR.

On August 14, 2012, the Company filed a lawsuit in the United States District Court for the Eastern District of Texas for declaratory judgment against Butamax, DuPont, BP p.l.c., BP Corporation North America Inc. and BP Biofuels North America LLC, as Case No. 2:12-cv-00435, seeking a judicial determination that a recently issued Butamax U.S. Patent No. 8,241,878 (the “’878 Patent”), entitled “Recombinant Yeast Host Cell with Fe-S Cluster Proteins and Methods of Using Thereof” is invalid and that the Company does not infringe it. On December 17, 2012, this case was transferred to the United States District Court for the District of Delaware as Case No. 1:12-cv-01725-SLR. On January 28, 2013, this case was closed following a voluntary stipulation of dismissal filed by both parties.

On August 14, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-01036-SLR, alleging that the Company is infringing the ’878 Patent. Butamax is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On September 25, 2012, the Company filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-01202-SLR, alleging that Butamax and DuPont are infringing U.S. Patent No. 8,273,565 (the “’565 Patent”), entitled “Methods of Increasing Dihydroxy Acid Dehydratase Activity to Improve Production of Fuels, Chemicals, and Amino Acids.” The Company is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses. On September 25, 2012, Butamax and DuPont filed a lawsuit in the United States District Court for the District of Delaware for declaratory judgment against the Company, as Case No. 1:12-cv-01201, seeking a judicial determination that the ’565 Patent is invalid and that Butamax and DuPont do not infringe it.

On September 25, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-01200-SLR, alleging that the Company is infringing U.S. Patent No. 8,273,558, entitled “Fermentive Production of Four Carbon Alcohols.” Butamax is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On October 8, 2012, Butamax filed a complaint in the United States District Court for the District of Delaware, as Case No. 1:12-cv-01300-SLR, alleging that the Company is infringing U.S. Patent No. 8,283,144, entitled “Fermentive Production of Four Carbon Alcohols.” Butamax is seeking a declaratory judgment, injunctive relief, damages and costs, including attorney’s fees and expenses.

On October 8, 2012, Butamax filed a lawsuit in the United States District Court for the District of Delaware for declaratory judgment against us, as Case No. 1:12-cv-01301-SLR, seeking a judicial determination that Butamax is not infringing Gevo’s recently issued U.S. Patent No. 8,283,505, entitled “Recovery of Higher Alcohols from Dilute Aqueous Solutions.”

On February 13, 2013, coordinated discovery was ordered for Case Nos. 1:12-cv-1036-SLR, 1:12-cv-1200-SLR, 1:12-cv-1201-SLR, 1:12-cv-1202-SLR, 1:12-cv-1300-SLR, 1:12-cv-1301-SLR, and 1:12-cv-1724-SLR.

On March 19, 2013, the U.S. District Court of Delaware issued an order regarding claim construction and summary judgment in the patent suit involving Butamax patents 7,851,188 and 7,993,889. Both parties had asked the Court to resolve certain issues regarding Butamax’s `188 and `889 patents without a trial by seeking summary judgment from the court. The summary judgment procedure permits, but does not require, a court to dispose of some or all issues prior to trial. Butamax had requested summary judgment that the Company infringed its patents, but the court denied Butamax’s request in its entirety. The Company moved for summary judgment of noninfringement, both as a matter of literal infringement and infringement under the doctrine of equivalents, and the court granted the Company’s motion regarding doctrine of equivalents infringement.The Company also requested summary judgment of invalidity of various claims in Butamax’s patents. The court granted this motion in part, ruling that Butamax’s claims related to the inactivation of competing pathways for carbon flow were invalid.

The court also provided certain claim construction rulings, including a ruling that Butamax’s patent claims were limited to an “acetohydroxy acid isomeroreductase” enzyme that is “NADPH-dependent.” The remaining issues were to be resolved by a jury trial, scheduled to commence on April 1, 2013.

On March 20, 2013, the U.S. District Court for the District of Delaware held the final pre-trial hearing leading up to the trial on Butamax’s patents, 7,851,188 and 7,993,889 scheduled to commence April 1, 2013. During the hearing, Butamax’s attorney acknowledged that Gevo does not infringe Butamax’s patents under the court’s construction of a key claim term in Butamax’s patents, “acetohydroxy acid isomeroreductase.” Butamax offered to stipulate to no literal infringement under the Court’s construction. In view of the Court’s prior ruling of no infringement under Butamax’s alternative infringement theory, the doctrine of equivalents, judgment of no infringement is expected to be entered in favor of Gevo. Butamax has announced that it will appeal the court’s claim construction and summary judgment rulings.

Due to the nature and status of this litigation, the Company has determined that the possible loss or range of loss related to this litigation cannot be reasonably estimated at this time. The trial on Gevo’s patents on PDC deletions and overexpression of AFT proteins is set for August 2013, and additional trials are currently scheduled for July 2014 and August 2015. The Company expects to continue to incur significant costs through the foregoing trial dates.

Leases. During the year ended December 31, 2012, the Company entered into a 6 year software license agreement. The Company concluded that the software license agreement qualifies as a capital lease. Accordingly, at December 31, 2012, the Company has capital lease liabilities of $0.1 million and $0.5 million included in accounts payable and accrued liabilities and other long-term liabilities, respectively.

The Company has operating leases for its office, research, and production facility in Englewood, Colorado (the “Colorado Facility”) with terms expiring in July 2013 and 2016. The Company also maintains a corporate apartment in Colorado, which has a lease term expiring during the next 12 months.

Rent expense for the years ended December 31, 2012, 2011 and 2010, and from Inception to December 31, 2012, was $0.6 million, $0.6 million, $0.6 million and $3.2 million, respectively. The Company recognizes rent expense on its operating leases on a straight-line basis.

The table below shows the future minimum payments under non-cancelable operating leases and capital leases at December 31, 2012 (in thousands).


	Operating Leases		Capital Lease		Total Lease Payments
2013	$	1,567	$	148	$	1,715
2014		1,567		153		1,720
2015		1,582		157		1,739
2016		1,326		162		1,488
2017		2,661		167		2,828

Total	$	8,703	$	787	$	9,490

Indemnifications. In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of December 31, 2012 or 2011, the Company did not have any liabilities associated with indemnities.

The Company, as permitted under Delaware law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date.

Environmental Liabilities. The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable and the costs can be reasonably estimated. No environmental liabilities have been recorded as of December 31, 2012.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2012

Fair Value Measurements and Fair Value of Financial Instruments

19. Fair Value Measurements and Fair Value of Financial Instruments

Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value.

•

Level 1 inputs include quoted market prices in an active market for identical assets or liabilities.

•

Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.

•

Level 3 inputs are unobservable and corroborated by little or no market data.

Cash and Cash Equivalents. For cash and cash equivalents, the fair value, based upon Level 1 inputs, approximates carrying value due to the short-term nature of these instruments.

Inventories. The Company records its inventory, primarily corn inventory, at fair value only when the Company’s cost of corn purchased exceeds the market value for corn. The Company determines the market value of corn based upon Level 1 inputs using quoted market prices. During the years ended December 31, 2012, the Company recognized a $0.3 million write-down of its corn inventory to market prices. The Company did not incur any write-down of corn to market prices during the years ended December 31, 2011 or 2010.

Derivative Assets and Liabilities. The fair value of exchange-traded derivative instruments is based on Level 1 inputs using quoted market prices. The fair value of exchange-traded derivative instruments was $0.3 million and $(0.2) million at December 31, 2012 and 2011, respectively.

The fair value of the Company’s forward contract derivative instruments are derived based upon a market approach using Level 2 inputs, including, the price at the delivery location adjusted for basis differentials, counterparty credit quality, the effect of the Company’s own credit worthiness, the time value of money and/or the liquidity of the market. The fair value of the Company’s forward contract derivative instruments were not material at December 31, 2012 and 2011.

See Note 2 for the Company’s policy on accounting for its derivative instruments.

Property, Plant and Equipment. The Company records its property, plant and equipment, primarily its Agri-Energy retrofit assets, at fair value only when events or changes in circumstances indicate that their carrying amount may not be recoverable undiscounted cash and the carry value it’s carrying value exceeds the undiscounted cash flows. The Company’s estimated cash flows for its Agri-Energy retrofit asset are based upon Level 3 cash flow inputs, primarily estimates associated with the following: (1) sales price of isobutanol and dried distiller grains; (2) cost of corn; (3) costs of nutrients and other production inputs. During the years ended December 31, 2012, 2011 and 2010, the Company did not record any property, plant and equipment at fair value. See Note 1 for further discussion of the Company’s policies associated with impairment of its property, plant and equipment.

Secured Debt. The Company has estimated the fair value of its secured debt obligations based upon discounted cash flows with Level 3 inputs, such as the terms that management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and other market factors. At December 31, 2011, the carrying values of the Company’s debt obligations approximated their estimated fair value. The following table sets forth the principal balance of the Company’s secured debt obligation and the associated estimated fair value at December 31, 2012 (in thousands).


Issuance	Principal Balance		Estimated Fair Value
TriplePoint—Matures September 2014	$	11,643	$	10,604
TriplePoint—Matures October 2015		9,266		7,864
TriplePoint—Matures January 2016		4,689		3,929

Convertible Notes and Embedded Derivatives. In July 2012, the Company issued $42.3 million in Convertible Notes, net of $2.7 million in debt discounts. The Company has estimated the fair value of the Convertible Notes, including the embedded derivatives, to be $26.0 million at December 31, 2012 based upon Level 2 inputs, including the market price of the Convertible Notes derived from actual trades of the Convertible Notes. The Company has estimated the fair value of the embedded derivatives on a stand-alone basis to be $11.0 million at December 31, 2012 based upon Level 2 inputs. See Note 7 for the fair value inputs to estimating the fair value of the Convertible Notes with and without the embedded derivatives and the fair value of the embedded derivatives.

While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 15A
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Segments

12 Months Ended

Dec. 31, 2012

Segments

20. Segments

The Company’s chief operating decision maker is provided with and reviews the financial results of each of the Company’s consolidated legal entities, Gevo, Inc., Gevo Development, LLC, and Agri-Energy, LLC. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. All revenue is earned, and all assets are held, in the U.S. Prior to the acquisition of Agri-Energy, the financials of Gevo Development were aggregated with Gevo, Inc. due to its size compared to Gevo, Inc. and were not reported separately.


	Year Ended December 31,
	2012			2011			2010
Revenues:
Gevo	$	3,505		$	807		$	1,631
Gevo Development / Agri-Energy		20,880			63,742			14,765

Consolidated	$	24,385		$	64,549		$	16,396

Operating income (loss):
Gevo	$	(58,837	)	$	(46,155	)	$	(33,809	)
Gevo Development / Agri-Energy		(12,600	)		1,462			(1,704	)

Consolidated	$	(71,437	)	$	(44,693	)	$	(35,513	)

Interest expense:
Gevo	$	3,051		$	1,381		$	1,751
Gevo Development / Agri-Energy		3,287			2,196			623

Consolidated	$	6,338		$	3,577		$	2,374

Depreciation expense:
Gevo	$	1,200		$	2,539		$	2,639
Gevo Development / Agri-Energy		2,113			2,061			549

Consolidated	$	3,313		$	4,600		$	3,188

Acquisitions of plant, property and equipment:
Gevo	$	2,204		$	1,397		$	806
Gevo Development / Agri-Energy		50,228			6,618			—

Consolidated	$	52,432		$	8,015		$	806


	December 31,
	2012			2011
Total assets:
Gevo	$	130,900		$	104,843
Gevo Development / Agri-Energy		83,872			66,304
Intercompany eliminations		(58,661	)		(38,117	)

Consolidated	$	156,111		$	133,030

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Nature of Business and Financial Condition (Policies)

12 Months Ended

Dec. 31, 2012

Nature of Business

Financial Condition

Principles of Consolidation

Reclassifications

Use of Estimates

Concentrations of Credit Risk

Cash and Cash Equivalents

Accounts Receivable

Inventories

Derivative Instruments


	Year Ended December 31,									From Inception to December 31, 2012
	2012			2011			2010			From Inception to December 31, 2012
Realized Gain / (Losses)
Exchange-traded futures contracts	$	(375	)	$	596		$	(1,098	)	$	(877	)

Unrealized Gain / (Losses)
Exchange-traded futures contracts		457			219			243			919
Forward purchase contracts		(12	)		(361	)		318			(55	)

The following table represents the Company’s net long and short positions regardless of whether the derivative instruments qualify for the normal purchase and normal sales scope exception.


Year of Expiration	December 31, 2012 Corn Net Short Position Bushels		December 31, 2011 Corn Net Short Position Bushels
2012		—		77
2013		683		—

Property, Plant and Equipment

Impairment of Property, Plant and Equipment

•

sales price of isobutanol and by-products such as dried distiller grains;

•

purchase price of corn;

•

production levels of isobutanol; and

•

costs to produce isobutanol.

Factors which can impact these assumptions include, but are not limited to;

•

effectiveness of the Company’s technology to increase production of isobutanol above the levels observed in startup operations;

•

demand for renewable isobutanol

•

competitive prices for isobutanol derived from petroleum; and

•

harvest levels of corn.

Beneficial Conversion Feature

Research and Development

Income Taxes

Stock-Based Compensation

Net Loss Per Share


	Year Ended December 31,
	2012		2011		2010
Convertible debt (see Note 8)		7,905,137		—		—
Outstanding options to purchase common stock		2,940,352		3,261,739		2,894,265
Warrants to purchase common stock		1,229,998		1,243,820		858,000
Unvested restricted common stock		183,416		284,825		5,729
Convertible preferred stock upon conversion to common stock (on an as-converted basis)(1)		—		—		16,329,703
Warrants to purchase convertible preferred stock		—		—		398,032

Total		12,258,903		4,790,384		20,485,729

(1)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Unrealized Gains/(Losses) of Derivative Instruments

The following table summarizes the realized and unrealized gains/ (losses) of the Company’s derivative instruments (in thousands).


	Year Ended December 31,									From Inception to December 31, 2012
	2012			2011			2010			From Inception to December 31, 2012
Realized Gain / (Losses)
Exchange-traded futures contracts	$	(375	)	$	596		$	(1,098	)	$	(877	)

Unrealized Gain / (Losses)
Exchange-traded futures contracts		457			219			243			919
Forward purchase contracts		(12	)		(361	)		318			(55	)

Net Long and Short Positions of Derivative Instruments

The following table represents the Company’s net long and short positions regardless of whether the derivative instruments qualify for the normal purchase and normal sales scope exception.


Year of Expiration	December 31, 2012 Corn Net Short Position Bushels		December 31, 2011 Corn Net Short Position Bushels
2012		—		77
2013		683		—

Securities that Potentially Dilute the Calculation of Diluted Earnings Per Share

The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share.


	Year Ended December 31,
	2012		2011		2010
Convertible debt (see Note 8)		7,905,137		—		—
Outstanding options to purchase common stock		2,940,352		3,261,739		2,894,265
Warrants to purchase common stock		1,229,998		1,243,820		858,000
Unvested restricted common stock		183,416		284,825		5,729
Convertible preferred stock upon conversion to common stock (on an as-converted basis)(1)		—		—		16,329,703
Warrants to purchase convertible preferred stock		—		—		398,032

Total		12,258,903		4,790,384		20,485,729

(1)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisition of Agri-Energy (Tables)

12 Months Ended

Dec. 31, 2012

Pro forma Results of Operations

Pro forma results of operations for the Company as if the acquisition of Agri-Energy had occurred on January 1, 2009 are as follows (unaudited and in thousands).


	Year Ended December 31, 2010
Revenues	$	46,890
Loss from operations	$	(34,234	)
Net loss	$	(40,187	)

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2012

Components of Inventory Balances

The following table sets forth the components of the Company’s inventory balances (in thousands).


	December 31,
	2012		2011
Raw materials
Corn	$	4,174	$	2,408
Enzymes and other inputs		656		151
Finished goods		85		366
Work in process		648		456
Spare parts		1,096		433

Total inventories	$	6,659	$	3,814

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment by Classification

The following table sets forth the Company’s property, plant and equipment by classification (in thousands).


		December 31,
		2012			2011
Construction in progress	—	$	57,185		$	8,403
Plant machinery and equipment	10 years		11,030			10,822
Site improvements	10 years		7,007			6,994
Lab equipment, furniture and fixtures and vehicles	5 years		5,553			4,035
Demonstration plant	2 years		3,597			3,597
Buildings	10 years		2,543			2,543
Computer, office equipment and software	3 years		1,411			614
Leasehold improvements, pilot plant, land and support equipment	2-5 years		2,069			1,759

Total property, plant and equipment			90,395			38,767
Less accumulated depreciation and amortization			(13,302	)		(9,990	)

Property, plant and equipment, net		$	77,093		$	28,777

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Components of Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets

The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the consolidated balance sheets (in thousands).


	December 31,
	2012		2011
Accrued legal-related fees	$	2,757	$	1,455
Accrued employee compensation		1,109		941
Accounts payable—trade		1,211		6,193
Deferred revenue		1,000		—
Accrued expenses—ICM, Inc.		99		1,634
Cargill license agreement		500		924
Other accrued liabilities		1,568		1,293

Total accounts payable and accrued liabilities	$	8,244	$	12,440

Embedded Derivatives (Tables)

12 Months Ended

Dec. 31, 2012

Input to Lattice Model that was Used to Value Embedded Derivative

The following table sets forth the inputs (Level 2 as defined in Note 19) to the lattice model that was used to value the embedded derivatives.


	December 31, 2012			Issuance Date
Stock price	$	1.54		$	4.95
Conversion Rate		175.6697			175.6697
Conversion Price	$	5.69		$	5.69
Maturity date		July 1, 2022			July 1, 2022
Risk-free interest rate		1.68	%		1.62	%
Estimated stock volatility		79	%		72	%
Estimated credit spread		37	%		30	%

Convertible Notes with and without Embedded Derivative and Fair Value of Embedded Derivative as of Issuance Date


	December 31, 2012		Issuance Date
Fair value of Convertible Notes:
With the embedded derivatives	$	26,000	$	45,000
Without the embedded derivatives		15,000		17,000

Estimated fair value of the embedded derivatives	$	11,000	$	28,000

Secured Debt and Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2012

Secured Debt and Convertible Senior Notes Included in Consolidated Balance Sheets


	December 31,
	2012			2011
Secured debt
Lighthouse—Paid in full at June 2012	$	—		$	1,241
TriplePoint—Paid in full at July 2012		—			5,400
TriplePoint—Matures September 2014		11,643			13,500
TriplePoint—Matures October 2015		9,266			10,575
TriplePoint—Matures January 2016		4,689			—

Total secured debt		25,598			30,716
Convertible senior notes		45,000			—

Total debt		70,598			30,716
Less:
Change in fair value of embedded derivative		(17,000	)		—
Unamortized debt discounts		(4,086	)		(2,473	)

		49,512			28,243
Less current portion of debt		(8,513	)		(3,491	)

Long-term portion of debt	$	40,999		$	24,752

Obligations by Year Relating to Secured Debt and Convertible Notes

The following sets forth the Company’s obligations by year relating to its secured debt with TriplePoint and the Convertible Notes at December 31, 2012 (in thousands).


	Amount
2013	$	9,369
2014		10,688
2015		5,111
2016		430
2017 and thereafter		45,000

Total	$	70,598

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2012

Warrants to Purchase Shares of Common Stock Outstanding

The following table sets forth warrants to purchase shares of the Company’s common stock that are outstanding as of December 31, 2012.


	Issue Date		Expiration Date		Outstanding		Exercise Price
CDP Gevo, LLC		September 2009		September 2016		812,771	$	2.70
TriplePoint Capital LLC		August 2010		August 2017		199,999	$	9.00
TriplePoint Capital LLC		October 2011		October 2018		157,035	$	7.96
TriplePoint Capital LLC		January 2012		October 2018		31,407	$	7.96
Virgin Green Fund I, L.P.		February 2011		February 2014		28,786	$	5.48

Total						1,229,998

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation Expense

The following table sets forth the Company’s stock-based compensation expense (in thousands).


	Year Ended December 31,						Inception to
	2012		2011		2010		December 31, 2012
Stock options and ESPP awards
Research and development	$	808	$	771	$	612	$	2,477
Selling, general and administrative		2,628		1,870		1,978		7,269
Restricted stock awards
Research and development		328		274		70		802
Selling, general and administrative		1,599		423		—		2,022
Warrant issued to CDP
Selling, general and administrative		2,616		3,488		7,851		13,955

Non-cash stock-based compensation		7,979		6,826		10,511		26,525
Modified stock option awards
Selling, general and administrative		890		610		—		1,500
Purchase of Class B interests of Gevo Development from CDP for cash
Selling, general and administrative		74		296		774		1,144

Cash stock-based compensation		964		906		774		2,644

Total stock-based compensation	$	8,943	$	7,732	$	11,285	$	29,169

Weighted-Average Assumptions Used to Estimate Fair Values for Stock Options Granted Using Black-Scholes Option Pricing Model

The following Black-Scholes option pricing model assumptions and resulting grant date fair value for stock options granted are as follows.


	Year Ended December 31,									Inception to
	2012			2011			2010			December 31, 2012
Risk-free interest rate		1.17	%		1.98	%		2.14	%		2.74	%
Expected dividend yield		None			None			None			None
Expected volatility factor		78.86	%		79.04	%		78.64	%		75.66	%
Expected option life (in years)		5.78			5.81			5.34			6.01
Weighted average grant date fair value	$	4.74		$	10.74		$	6.99		$	3.56

Stock Option Award Activity

Stock Option Award Activity. Stock option activity under the Company’s option plans at December 31, 2012 and changes during the years ended December 31, 2012, 2011 and 2010 were as follows.


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at December 31, 2011		3,261,739		$	5.34		7.43	$	10,620
Granted		550,442			7.00
Canceled or forfeited		(296,177	)		8.35
Exercised		(575,652	)		1.32

Options outstanding at December 31, 2012		2,940,352		$	6.12		7.04	$	693

Options exercisable at December 31, 2012		1,746,443		$	5.41		6.40	$	610

Options vested and expected to vest at December 31, 2012		2,919,573		$	6.11		7.03	$	693

Summary of Information Associated with Outstanding and Exercisable Stock Options

The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2012.


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years
$0.17 to $0.49		442,533	$	0.45		4.35		442,533	$	0.45		4.35
$1.16 to $1.55		666,259	$	1.22		6.34		338,736	$	1.16		5.68
$2.70 to $8.73		638,845	$	2.93		7.28		362,665	$	2.81		6.91
$9.41 to $12.67		720,372	$	10.05		8.25		345,822	$	10.25		7.77
$14.81 to $19.14		472,343	$	16.67		8.36		256,687	$	16.73		8.35

Restricted Stock Awards

Non-Vested Restricted Stock Awards and Changes

Non-vested restricted stock awards at December 31, 2012 and changes during the year ended December 31, 2012 were as follows.


	Number of Shares			Weighted- Average Grant- Date Fair Value
Non-vested at December 31, 2011		284,825		$	9.44
Granted		232,732			9.41
Vested		(171,972	)		11.21
Canceled or forfeited		(162,169	)		6.17

Non-vested at December 31, 2012		183,416		$	10.63

Gevo Development (Tables)

12 Months Ended

Dec. 31, 2012

Net Loss Incurred by Gevo Development


	Year Ended December 31,									Inception
	2012			2011			2010			December 31, 2012
Gevo Development Net Loss	$	(15,870	)	$	(691	)	$	(2,327	)	$	(19,619	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Tax Effects of Temporary Differences that Give Rise to Net Deferred Tax Assets

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets at December 31, 2012 and 2011 (in thousands).


	December 31,
	2012			2011
Deferred tax assets:
Net operating loss carryforwards	$	69,766		$	41,237
Research and other credits		3,984			3,984
Other temporary differences		3,099			8,030

Deferred tax assets—before valuation allowance		76,849			53,251
Valuation allowance		(76,849	)		(53,251	)

Net deferred tax assets—after valuation allowance	$	—		$	—

Reconciling Items from Income Tax Computed at Statutory Federal Rate

The following table sets forth reconciling items from income tax computed at the statutory federal rate for the years ended December 31, 2012, 2011 and 2010.


	Year Ended December 31,
	2012			2011			2010
Federal income tax at statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefits		6.2	%		5.7	%		3.4	%
Research and other credits		0.0	%		4.7	%		2.4	%
Permanent deductions		-2.5	%		-1.8	%		-2.6	%
Valuation allowance		-38.7	%		-43.6	%		-38.2	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Future Minimum Payments Under Non-cancelable Operating Leases

The table below shows the future minimum payments under non-cancelable operating leases and capital leases at December 31, 2012 (in thousands).


	Operating Leases		Capital Lease		Total Lease Payments
2013	$	1,567	$	148	$	1,715
2014		1,567		153		1,720
2015		1,582		157		1,739
2016		1,326		162		1,488
2017		2,661		167		2,828

Total	$	8,703	$	787	$	9,490

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Estimate of Fair Value of Secured Debt Obligations

The following table sets forth the principal balance of the Company’s secured debt obligation and the associated estimated fair value at December 31, 2012 (in thousands).


Issuance	Principal Balance		Estimated Fair Value
TriplePoint—Matures September 2014	$	11,643	$	10,604
TriplePoint—Matures October 2015		9,266		7,864
TriplePoint—Matures January 2016		4,689		3,929

Segments (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Segment Information

All revenue is earned, and all assets are held, in the U.S. Prior to the acquisition of Agri-Energy, the financials of Gevo Development were aggregated with Gevo, Inc. due to its size compared to Gevo, Inc. and were not reported separately.


	Year Ended December 31,
	2012			2011			2010
Revenues:
Gevo	$	3,505		$	807		$	1,631
Gevo Development / Agri-Energy		20,880			63,742			14,765

Consolidated	$	24,385		$	64,549		$	16,396

Operating income (loss):
Gevo	$	(58,837	)	$	(46,155	)	$	(33,809	)
Gevo Development / Agri-Energy		(12,600	)		1,462			(1,704	)

Consolidated	$	(71,437	)	$	(44,693	)	$	(35,513	)

Interest expense:
Gevo	$	3,051		$	1,381		$	1,751
Gevo Development / Agri-Energy		3,287			2,196			623

Consolidated	$	6,338		$	3,577		$	2,374

Depreciation expense:
Gevo	$	1,200		$	2,539		$	2,639
Gevo Development / Agri-Energy		2,113			2,061			549

Consolidated	$	3,313		$	4,600		$	3,188

Acquisitions of plant, property and equipment:
Gevo	$	2,204		$	1,397		$	806
Gevo Development / Agri-Energy		50,228			6,618			—

Consolidated	$	52,432		$	8,015		$	806

Reconciliation of Assets from Segment to Consolidated


	December 31,
	2012			2011
Total assets:
Gevo	$	130,900		$	104,843
Gevo Development / Agri-Energy		83,872			66,304
Intercompany eliminations		(58,661	)		(38,117	)

Consolidated	$	156,111		$	133,030

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Nature of Business and Financial Condition - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2009
Nature Of Business [Line Items]
Net Loss from Operation	$ (60,712)	$ (49,308)	$ (42,890)	$ (195,932)
Accumulated Deficit	(195,347)	(134,635)		(195,347)
Cash and cash equivalents	66,744	$ 94,225	$ 15,274	$ 66,744	$ 21,240
Agri Energy Llc
Nature Of Business [Line Items]
Capital Expenditures	$ 49,500

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Summary Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012	Feb. 14, 2011
Summary Of Significant Accounting Policies [Line Items]
Receivables	$ 698	$ 2,938		$ 698
Selling, general and administrative	43,981	28,890	$ 23,643	114,306
Shares of common stock issued for each share of Series D-1 preferred stock					1.9022
Deferred tax assets, Valuation Allowance	$ 76,849	53,251		76,849
Share-based payment awards vesting period	4 years
Exchange Traded Futures
Summary Of Significant Accounting Policies [Line Items]
Margin deposits	$ 100	500		100
Patents
Summary Of Significant Accounting Policies [Line Items]
Selling, general and administrative	$ 2,700	1,300	$ 1,000	$ 7,000
C & N Ethanol Marketing
Summary Of Significant Accounting Policies [Line Items]
Receivables		1,700
Distiller's grains or other
Summary Of Significant Accounting Policies [Line Items]
Receivables		$ 1,200

Summary of Unrealized Gains/(Losses) of Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Realized Gain / (Losses) \| Exchange-traded futures contracts
Schedule of Trading Securities and Other Trading Assets [Line Items]
Derivative instruments, gain (loss)	$ (375)	$ 596	$ (1,098)	$ (877)
Unrealized Gain / (Losses) \| Exchange-traded futures contracts
Schedule of Trading Securities and Other Trading Assets [Line Items]
Derivative instruments, gain (loss)	457	219	243	919
Unrealized Gain / (Losses) \| Forward purchase contracts
Schedule of Trading Securities and Other Trading Assets [Line Items]
Derivative instruments, gain (loss)	$ (12)	$ (361)	$ 318	$ (55)

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Net Long and Short Positions of Derivative Instruments (Detail) - Corn Net Short Position Bushels pure in Thousands	Dec. 31, 2012	Dec. 31, 2011
Expiring in 2012
Derivative [Line Items]
Derivative instruments		77
Expiring in 2013
Derivative [Line Items]
Derivative instruments	683

Net Long and Short Positions of Derivative Instruments (Parenthetical) (Detail) - Corn Net Short Position Bushels	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Expiring in 2012
Derivative [Line Items]
Year of Expiration		2012
Expiring in 2013
Derivative [Line Items]
Year of Expiration	2013

Securities that Potentially Dilute the Calculation of Diluted Earnings Per Share (Detail) - shares

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

12,258,903

4,790,384

20,485,729

Convertible debt

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

7,905,137

Convertible Preferred Stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

^[1]

16,329,703

Outstanding options to purchase common stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

2,940,352

3,261,739

2,894,265

Warrants to purchase convertible preferred stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

398,032

Warrants to purchase common stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

1,229,998

1,243,820

858,000

Unvested restricted common stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share amount

183,416

284,825

5,729

[1]

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Securities that Potentially Dilute the Calculation of Diluted Earnings Per Share (Parenthetical) (Detail)	1 Months Ended	3 Months Ended
	Feb. 14, 2011	May 31, 2010
Series D-1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion Rate	1.9022	2

Acquisition of Agri-Energy - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended			91 Months Ended
	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Business Acquisition [Line Items]
Revenue		$ 24,385	$ 64,549	$ 16,396	$ 106,573
Income from operations		$ (71,437)	$ (44,693)	$ (35,513)
Agri Energy Llc
Business Acquisition [Line Items]
Revenue	$ 14,800
Income from operations	$ 1,000

Proforma Results of Operations (Detail) $ in Thousands	12 Months Ended
Proforma Results of Operations (Detail) $ in Thousands	Dec. 31, 2010 USD ($)
Business Acquisition [Line Items]
Revenues	$ 46,890
Loss from operations	(34,234)
Net loss	$ (40,187)

Components of Inventory Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Schedule of Inventory [Line Items]
Finished goods	$ 85	$ 366
Work in process	648	456
Spare parts	1,096	433
Total inventories	6,659	3,814
Corn
Schedule of Inventory [Line Items]
Raw materials	4,174	2,408
Enzymes and other inputs
Schedule of Inventory [Line Items]
Raw materials	$ 656	$ 151

Inventories - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Inventories [Line Items]
Depreciation	$ 2.1	$ 2.1	$ 0.5	$ 4.7

Property, Plant and Equipment by Classification (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 90,395	$ 38,767
Less accumulated depreciation and amortization	(13,302)	(9,990)
Property, plant and equipment, net	77,093	28,777
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 57,185	8,403
Plant machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Total property, plant and equipment	$ 11,030	10,822
Site improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Total property, plant and equipment	$ 7,007	6,994
Lab equipment, furniture and fixtures and vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Total property, plant and equipment	$ 5,553	4,035
Demonstration plant
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Total property, plant and equipment	$ 3,597	3,597
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Total property, plant and equipment	$ 2,543	2,543
Computer, office equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Total property, plant and equipment	$ 1,411	614
Leasehold improvements, pilot plant, land and support equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 2,069	$ 1,759
Leasehold improvements, pilot plant, land and support equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Leasehold improvements, pilot plant, land and support equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Construction in progress	$ 56.1	$ 8.3
Capitalized interest expense	1.3	$ 0.3
Amortization of capital lease assets	0.1
Computer, office equipment and software
Property, Plant and Equipment [Line Items]
Capital Lease	$ 0.7

Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Accounts Payable and Accrued Liabilities [Line Items]
Accrued legal-related fees	$ 2,757	$ 1,455
Accrued employee compensation	1,109	941
Accounts payable-trade	1,211	6,193
Deferred revenue	1,000
Accrued expenses-ICM, Inc.	99	1,634
Other accrued liabilities	1,568	1,293
Total accounts payable and accrued liabilities	8,244	12,440
Cargill License Agreement
Accounts Payable and Accrued Liabilities [Line Items]
Cargill license agreement	$ 500	$ 924

Embedded Derivatives - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Jul. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percentage of convertible senior notes embedded derivatives		7.50%
Decrease in the estimated fair value of the embedded derivative	$ 17.0

- Definition

Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 12-16, 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Input to Lattice Model that was Used to Value Embedded Derivative (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2012	Jul. 31, 2012	Feb. 14, 2011
Derivative [Line Items]
Stock price	$ 1.54	$ 4.95	$ 15.00
Conversion Rate	175.6697
Conversion Price	$ 5.69
Maturity date	Jul. 01, 2022
Risk-free interest rate	1.68%
Estimated stock volatility	79.00%
Estimated credit spread	37.00%
Issuance Date
Derivative [Line Items]
Stock price	$ 4.95
Conversion Rate	175.6697
Conversion Price	$ 5.69
Maturity date	Jul. 01, 2022
Risk-free interest rate	1.62%
Estimated stock volatility	72.00%
Estimated credit spread	30.00%

Convertible Notes with and without Embedded Derivative and Fair Value of Embedded Derivative as of Issuance Date (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Fair value of Convertible Notes:
With the embedded derivatives	$ 26,000
Without the embedded derivatives	15,000
Estimated fair value of the embedded derivatives	17,000
Issuance Date
Fair value of Convertible Notes:
With the embedded derivatives	45,000
Without the embedded derivatives	17,000
Estimated fair value of the embedded derivatives	$ 28,000

- Definition

Fair value as of the balance sheet date of the embedded derivative or group of embedded derivatives classified as a liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 12-16, 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Secured Debt and Convertible Senior Notes Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Total secured debt	$ 25,598	$ 30,716
Convertible senior notes	45,000
Total	70,598	30,716
Change in fair value of embedded derivative	(17,000)
Unamortized debt discounts	(4,086)	(2,473)
Secured debt, net	49,512	28,243
Less current portion of debt	(8,513)	(3,491)
Long-term portion of debt	15,445	24,752
Lighthouse - Paid in June 2012
Debt Instrument [Line Items]
Secured debt, net		1,241
TriplePoint - Paid in July 2012
Debt Instrument [Line Items]
Secured debt, net		5,400
TriplePoint - Matures September 2014
Debt Instrument [Line Items]
Secured debt, net	11,643	13,500
TriplePoint - Matures October 2015
Debt Instrument [Line Items]
Secured debt, net	9,266	$ 10,575
TriplePoint - Matures January 2016
Debt Instrument [Line Items]
Secured debt, net	$ 4,689

Obligations by Year Relating to Secured Debt and Convertible Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Long Term Debt Maturities Repayments Of Principal [Line Items]
2013	$ 9,369
2014	10,688
2015	5,111
2016	430
2017 and thereafter	45,000
Total	$ 70,598	$ 30,716

Secured Debt and Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended	91 Months Ended
	Jul. 31, 2012 USD ($)	Jan. 06, 2012 USD ($)	Oct. 31, 2011 USD ($)	Oct. 20, 2011 USD ($)	Aug. 31, 2010 USD ($)	Mar. 22, 2013 USD ($) shares	Dec. 31, 2012 USD ($) shares $ / shares	Dec. 31, 2012 USD ($) $ / shares	Aug. 29, 2010 USD ($)
Loan maturity date							Jul. 01, 2022
Security agreement							$ 32,500	$ 32,500
Proceeds from issuance of convertible debt, net							$ 42,300	$ 42,300
Percentage of interest on convertible senior notes due							7.50%	7.50%
Amortization of Debt Discount and Issue Cost							$ 400
Interest Expense							$ 1,600
Long term Debt Interest Rate							9.00%
Amortization period of debt discount							5 years
Amortization period of debt issuance cost							5 years
Discount rate used in computation of interest payment							2.00%
Valuation rate of shares for conversion							90.00%
Number of trading days for valuation							10 days
Percentage repurchase price							100.00%
Number of trading days required for redemption							20 or more trading days
Number of consecutive trading days required for redemption							30 days
Required principal amount in percentage							25.00%
Subsequent Event
Convertible notes converted to common stock						$ 9,200
Debt instrument reduced amount						$ 35,800
7.5% convertible senior notes due 2022
Aggregate principal amount on sale of Convertible notes	$ 45,000
Proceeds from issuance of convertible debt, net	40,900
Discount on sale of convertible notes	2,700
Debt issuance cost	$ 1,400
Percentage of interest on convertible senior notes due	7.50%
Conversion rate of convertible notes \| shares							175.6697
Conversion price per share common stock \| $ / shares							$ 5.69	$ 5.69
7.5% convertible senior notes due 2022 \| Subsequent Event
Common stock issuable upon conversion of debt \| shares						1,617,910
common stock issued in connection with settlement liabilities \| shares						1,540,451
Common stock issued to settle convertible note related obligation						$ 2,700
Convertible Notes Prior to July 01, 2017
Conversion rate of convertible notes \| shares							202.0202
Excess to percentage of conversion price							150.00%
Agri-Energy Loan Agreement
Long term borrowing by subsidiary company	$ 5,400				$ 12,500				$ 5,000
End-of-term payment as percentage of amount borrowed	8.00%				8.00%
Long term borrowing interest rate					13.00%
Loan maturity date					Sep. 01, 2014
Agri-Energy Loan Agreement \| Amended Agreement
Long term borrowing by subsidiary company		$ 5,000		$ 10,000			$ 15,000	$ 15,000
End-of-term payment as percentage of amount borrowed			5.75%
Long term borrowing interest rate			11.00%
Loan maturity date		Dec. 31, 2015		Oct. 31, 2015
Additional term loan facilities			$ 15,000

Capital Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended			91 Months Ended
	Jul. 31, 2012 USD ($) $ / shares shares	Feb. 14, 2011 USD ($) $ / shares shares	May 31, 2010 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($)	Dec. 31, 2012 USD ($) $ / shares shares
Stockholders Equity [Line Items]
Common stock shares issued \| shares	12,500,000	8,222,500
Common stock price per share \| $ / shares	$ 4.95	$ 15.00		$ 1.54			$ 1.54
Net proceed from common stock issued \| $	$ 57,400	$ 110,400		$ 61,875	$ 114,704		$ 176,579
Common stock, shares authorized \| shares		100,000,000		100,000,000	100,000,000		100,000,000
Preferred stock, shares authorized \| shares		5,000,000		5,000,000	5,000,000		5,000,000
Voting power required for amendment or repeal of any provisions		66.67%
Preferred stock, shares issued \| shares
Proceeds from issuance of convertible preferred stock \| $						$ 31,564	$ 86,025
Preferred stock issued for future services \| $						$ 1,000	$ 1,000
Fair value of preferred stock warrant liability \| $		$ 2,100
Convertible Preferred Stock
Stockholders Equity [Line Items]
Common stock issued up on conversion of convertible securities \| shares		16,329,703
Common Stock Warrants
Stockholders Equity [Line Items]
Common stock issued up on conversion of convertible securities \| shares		398,032
Series D-1 Preferred Stock
Stockholders Equity [Line Items]
Common stock price per share \| $ / shares			$ 17.12
Preferred stock, shares issued \| shares			1,843,675
Proceeds from issuance of convertible preferred stock \| $			$ 31,600
Preferred stock to common stock conversion ratio		1.9022	2
Preferred stock beneficial conversion feature , aggregate intrinsic value \| $			$ 5,700
Amortization relating to issuance of convertible preferred stock \| $		$ 500	$ 600
Series D-1 Preferred Stock \| Initial
Stockholders Equity [Line Items]
Preferred stock to common stock conversion ratio			1
Series D-1 Preferred Stock \| Future Services
Stockholders Equity [Line Items]
Common stock price per share \| $ / shares			$ 17.12
Preferred stock, shares issued \| shares			58,412
Preferred stock issued for future services \| $			$ 1,000

Warrants to Purchase Shares of Common Stock Outstanding (Detail)	Dec. 31, 2012 $ / Warrants shares
Class of Warrant or Right [Line Items]
Outstanding	1,229,998
Cdp Gevo Llc
Class of Warrant or Right [Line Items]
Issue Date	Sep. 30, 2009
Expiration Date	Sep. 30, 2016
Outstanding	812,771
Exercise Price \| $ / Warrants	2.70
Virgin Green Fund One Lp
Class of Warrant or Right [Line Items]
Issue Date	Feb. 28, 2011
Expiration Date	Feb. 28, 2014
Outstanding	28,786
Exercise Price \| $ / Warrants	5.48
Warrant 1 \| Triple Point Capital Llc
Class of Warrant or Right [Line Items]
Issue Date	Aug. 31, 2010
Expiration Date	Aug. 31, 2017
Outstanding	199,999
Exercise Price \| $ / Warrants	9.00
Warrant 2 \| Triple Point Capital Llc
Class of Warrant or Right [Line Items]
Issue Date	Oct. 31, 2011
Expiration Date	Oct. 31, 2018
Outstanding	157,035
Exercise Price \| $ / Warrants	7.96
Warrant 3 \| Triple Point Capital Llc
Class of Warrant or Right [Line Items]
Issue Date	Jan. 31, 2012
Expiration Date	Oct. 31, 2018
Outstanding	31,407
Exercise Price \| $ / Warrants	7.96

Equity Incentive Plans - Additional Information (Detail) - shares	1 Months Ended	12 Months Ended
	Feb. 02, 2011	Dec. 31, 2012
Stock Incentive Plan 2010
Equity Incentive Plan [Line Items]
Stock option grant, expiry period from grant date	10 years
Common stock reserved for issuance		2,571,286
Common stock, available for grant		1,340,974
Employee Stock Purchase Plan
Equity Incentive Plan [Line Items]
Common stock reserved for issuance		1,285,643
Common stock, available for grant		1,230,484
Share price as percentage of fair market value		85.00%

Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 7,979	$ 6,826	$ 10,511	$ 26,525
Cash stock-based compensation	964	906	774	2,644
Total stock-based compensation	8,943	7,732	11,285	29,169
Stock options and ESPP shares issued \| Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	808	771	612	2,477
Stock options and ESPP shares issued \| Selling, General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	2,628	1,870	1,978	7,269
Restricted Stock Issued to Employees and Board Members \| Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	328	274	70	802
Restricted Stock Issued to Employees and Board Members \| Selling, General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	1,599	423		2,022
Warrants Issued To CDP Gevo LLC \| Selling, General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	2,616	3,488	7,851	13,955
Modified Stock Option Awards \| Selling, General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	890	610		1,500
Purchase Of Interest \| Selling, General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 74	$ 296	$ 774	$ 1,144

Weighted-Average Assumptions Used to Estimate Fair Values for Stock Options Granted Using Black-Scholes Option Pricing Model (Detail) - $ / shares	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Risk-free interest rate	1.17%	1.98%	2.14%	2.74%
Expected dividend yield
Expected volatility factor	78.86%	79.04%	78.64%	75.66%
Expected option life (in years)	5 years 9 months 11 days	5 years 9 months 22 days	5 years 4 months 2 days	6 years 4 days
Weighted average grant date fair value	$ 4.74	$ 10.74	$ 6.99	$ 3.56

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, estimated forfeiture rate	0.00%
Stock option, estimated forfeiture rate	5.00%
Total intrinsic value of options exercised	$ 2.2	$ 1.7	$ 0.1	$ 4.0
Unrecognized compensation cost	$ 4.4			4.4
Unrecognized compensation cost, recognition period	2 years
Restricted stock awards vesting period	4 years
Unvested restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.8			$ 1.8
Unrecognized compensation cost, recognition period	2 years
Fair Value of Restricted Stock Vested	$ 0.9	$ 0.5
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vesting period	6 years

Stock Option Award Activity (Detail)	12 Months Ended
Stock Option Award Activity (Detail)	Dec. 31, 2012 USD ($) $ / shares shares
Number of options
Options outstanding at December 31, 2011 \| shares	3,261,739
Granted \| shares	550,442
Canceled or forfeited \| shares	(296,177)
Exercised \| shares	(575,652)
Options outstanding at December 31, 2012 \| shares	2,940,352
Options exercisable at December 31, 2012 \| shares	1,746,443
Options vested and expected to vest at December 31, 2012 \| shares	2,919,573
Weighted Average Exercise Price
Options outstanding at December 31, 2011 \| $ / shares	$ 5.34
Granted \| $ / shares	7.00
Canceled or forfeited \| $ / shares	8.35
Exercised \| $ / shares	1.32
Options outstanding at December 31, 2012 \| $ / shares	6.12
Options exercisable at December 31, 2012 \| $ / shares	5.41
Options vested and expected to vest at December 31, 2012 \| $ / shares	$ 6.11
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM
Options outstanding at December 31, 2011	7 years 5 months 5 days
Options outstanding at December 31, 2012	7 years 15 days
Options exercisable at December 31, 2012	6 years 4 months 24 days
Options vested and expected to vest at December 31, 2012	7 years 11 days
AGGREGATE INTRINSIC VALUE
Options outstanding at December 31, 2011 \| $	$ 10,620
Options outstanding at December 31, 2012 \| $	693
Options exercisable at December 31, 2012 \| $	610
Options vested and expected to vest at December 31, 2012 \| $	$ 693

Summary of Information Associated with Outstanding and Exercisable Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options	2,940,352	3,261,739
Weighted- Average Exercise Price	$ 6.12	$ 5.34
Number of Options	1,746,443
Weighted- Average Exercise Price	$ 5.41
Range One
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	0.17
Range of Exercise Prices, Upper Range	$ 0.49
Number of Options	442,533
Weighted- Average Exercise Price	$ 0.45
Weighted- Average Remaining Contractual Life in Years	4 years 4 months 6 days
Number of Options	442,533
Weighted- Average Exercise Price	$ 0.45
Weighted- Average Remaining Contractual Life in Years	4 years 4 months 6 days
Range Two
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	$ 1.16
Range of Exercise Prices, Upper Range	$ 1.55
Number of Options	666,259
Weighted- Average Exercise Price	$ 1.22
Weighted- Average Remaining Contractual Life in Years	6 years 4 months 2 days
Number of Options	338,736
Weighted- Average Exercise Price	$ 1.16
Weighted- Average Remaining Contractual Life in Years	5 years 8 months 5 days
Range Three
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	$ 2.70
Range of Exercise Prices, Upper Range	$ 8.73
Number of Options	638,845
Weighted- Average Exercise Price	$ 2.93
Weighted- Average Remaining Contractual Life in Years	7 years 3 months 11 days
Number of Options	362,665
Weighted- Average Exercise Price	$ 2.81
Weighted- Average Remaining Contractual Life in Years	6 years 10 months 28 days
Range Four
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	$ 9.41
Range of Exercise Prices, Upper Range	$ 12.67
Number of Options	720,372
Weighted- Average Exercise Price	$ 10.05
Weighted- Average Remaining Contractual Life in Years	8 years 3 months
Number of Options	345,822
Weighted- Average Exercise Price	$ 10.25
Weighted- Average Remaining Contractual Life in Years	7 years 9 months 7 days
Range Five
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	$ 14.81
Range of Exercise Prices, Upper Range	$ 19.14
Number of Options	472,343
Weighted- Average Exercise Price	$ 16.67
Weighted- Average Remaining Contractual Life in Years	8 years 4 months 10 days
Number of Options	256,687
Weighted- Average Exercise Price	$ 16.73
Weighted- Average Remaining Contractual Life in Years	8 years 4 months 6 days

Non-Vested Restricted Stock Awards and Changes Period (Detail) - Unvested restricted common stock	12 Months Ended
	Dec. 31, 2012 $ / shares shares
Number of shares
Non-vested at December 31, 2011 \| shares	284,825
Granted \| shares	232,732
Vested \| shares	(171,972)
Canceled or forfeited \| shares	(162,169)
Non-vested at December 31, 2012 \| shares	183,416
Weighted-Average Grant-Date Fair Value
Beginning Balance \| $ / shares	$ 9.44
Granted \| $ / shares	9.41
Vested \| $ / shares	11.21
Canceled or forfeited \| $ / shares	6.17
Ending Balance \| $ / shares	$ 10.63

Significant Agreements - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2011 gal	Mar. 31, 2010 USD ($)	Dec. 31, 2012 USD ($) Installment shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Mar. 31, 2013 shares
Parties To Contract [Line Items]
Production, barrels of oil Equivalents \| gal	11,000
Milestone payment \| Installment			5
Present value of license fee		$ 1.6
Royalty Fee Payable			$ 1.0
Royalty Fee Payable, due date			2015-12
License Fees			$ 0.5
Common Stock Issued \| shares			39,606,668	26,382,058
Refund Amount as Component of Other Long Term Liabilities			$ 1.0
Subsequent Event
Parties To Contract [Line Items]
Common Stock Issued \| shares							250,000
Cargill License Agreement
Parties To Contract [Line Items]
Terms of agreement			The Company may terminate the license agreement at any time upon 90 days' written notice. Unless terminated earlier, the license agreement remains in effect until the later of December 31, 2025 and the date that no licensed patent rights remain.
Royalty expense		$ 2.0				$ 0.9
Toray Industries
Parties To Contract [Line Items]
Amount received for Pilot Plant			$ 1.0
Amount refund from Pilot Plant			$ 1.0
Ethanol Marketing Agreement with Subsidiary of Mansfield Oil Company
Parties To Contract [Line Items]
Terms of agreement			The ethanol purchase and marketing agreement with C&N was entered into on April 1, 2009 and automatically renews for subsequent one-year terms unless either party terminates the agreement 60 days before the end of a term.
Defense Logistics Agency
Parties To Contract [Line Items]
Revenue from contract			$ 0.6
Development and Commercialization Agreements with ICM Inc
Parties To Contract [Line Items]
Terms of agreement			In December 2011, the development agreement was amended to extend the term indefinitely.The development agreement, as amended, may be cancelled by either party with 30 days' written notice.
ICM \| Demonstration Expense
Parties To Contract [Line Items]
Capital expenditure			$ 0.0	$ 0.6	$ 0.4
ICM \| Retrofit Expense
Parties To Contract [Line Items]
Capital expenditure			43.2	6.8	$ 0.4
Coca Cola
Parties To Contract [Line Items]
Revenue recognized under agreement			$ 1.2	$ 0.1

Gevo Development - Additional Information (Detail) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended			33 Months Ended	91 Months Ended
	Sep. 22, 2010 USD ($)	Dec. 31, 2012 USD ($) Securities $ / shares shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Oct. 09, 2012	Dec. 31, 2012 USD ($) Securities $ / shares shares
Class of Stock [Line Items]
Equity ownership of wholly owned subsidiary		100.00%
Number of membership interests outstanding \| Securities		2				2
Consideration for Exchange of Class B Interest		$ 1.1
Common Stock Issued But Not Subscribed \| shares		858,000				858,000
Warrant Agreement Exercise Price, Fair Value \| $ / shares		$ 2.70				$ 2.70
Warrant expiry period		2016-09
Percentage of warrant shares vested		50.00%
Proceeds from the exercise of warrants		$ 14.0
Warrant Agreement
Class of Stock [Line Items]
Stock-based compensation expenses related to warrant agreement		$ 2.6
Remaining warrant shares vested period					2 years
Common Class B
Class of Stock [Line Items]
Equity ownership of wholly owned subsidiary		100.00%
Stock-based compensation expenses related to warrant agreement	$ 0.8
Common Class B \| Cdp Gevo Llc
Class of Stock [Line Items]
Outstanding Interest Rate		10.00%				10.00%
Common Class B \| Co Managing Directors
Class of Stock [Line Items]
Stock-based compensation expenses related to warrant agreement		$ 0.1	$ 0.3
Gevo Development
Class of Stock [Line Items]
Capital Contribution to Subsidiaries		$ 55.5	$ 4.9	$ 18.6		$ 79.8

Net Loss Incurred by Gevo Development (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Related Party Transaction [Line Items]
Gevo Development Net Loss	$ (60,712)	$ (49,308)	$ (42,890)	$ (195,932)
Gevo Development
Related Party Transaction [Line Items]
Gevo Development Net Loss	$ (15,870)	$ (691)	$ (2,327)	$ (19,619)

Redfield Energy, LLC - Additional Information (Detail) - Redfield gal in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) gal Person shares
Schedule of Equity Method Investments [Line Items]
Redfield ethanol production facility \| gal	50
Limited partners capital account units issued \| shares	100
Members in board of managers \| Person	11
Cost for retrofit of Redfield Facilities \| $	$ 0.4

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)
Income Taxes [Line Items]
Net operating loss carry forwards expiration	2032
Federal and State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 172.8
Federal Research and Development \| Federal Tax
Income Taxes [Line Items]
Net operating loss carryforwards	$ 4.0

Tax Effects of Temporary Differences that Give Rise to Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Net operating loss carryforwards	$ 69,766	$ 41,237
Research and other credits	3,984	3,984
Other temporary differences	3,099	8,030
Deferred tax assets-before valuation allowance	76,849	53,251
Valuation allowance	(76,849)	(53,251)
Net deferred tax assets-after valuation allowance

Reconciling Items from Income Tax Computed at Statutory Federal Rate (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Effective Tax Rates Line Items
Federal income tax at statutory rate	35.00%	35.00%	35.00%
State income taxes, net of federal benefits	6.20%	5.70%	3.40%
Research and other credits	0.00%	4.70%	2.40%
Permanent deductions	(2.50%)	(1.80%)	(2.60%)
Valuation allowance	(38.70%)	(43.60%)	(38.20%)
Effective tax rate	0.00%	0.00%	0.00%

Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Employee Benefit Plans [Line Items]
Eligibility requirement service period as per the 401(k) plan	3 months
Employer matching contribution percentage	100.00%
Plan vesting period	2 years
Matching contributions	$ 0.5	$ 0.4	$ 0.3	$ 1.5
Maximum
Employee Benefit Plans [Line Items]
Eligible for matching employee compensation contribution, percentage	5.00%

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Schedule Of Commitments And Contingencies [Line Items]
Operating leases rent expense	$ 0.6	$ 0.6	$ 0.6	$ 3.2
Accounts Payable and Accrued Liabilities
Schedule Of Commitments And Contingencies [Line Items]
Capital lease liabilities	0.1			0.1
Other Long-term Liabilities
Schedule Of Commitments And Contingencies [Line Items]
Capital lease obligation included in other non-current liabilities	$ 0.5			$ 0.5
Software License Arrangement
Schedule Of Commitments And Contingencies [Line Items]
Capital lease agreement	6 years
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Operating lease expiration period	2013-07
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Operating lease expiration period	2016-07

Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Schedule of Operating Leases [Line Items]
2013	$ 1,567
2014	1,567
2015	1,582
2016	1,326
2017	2,661
Total	8,703
2013	148
2014	153
2015	157
2016	162
2017	167
Total	787
2013	1,715
2014	1,720
2015	1,739
2016	1,488
2017	2,828
Total	$ 9,490

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net of debt discount	$ 856	$ 969
Exchange Traded Options
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of exchange-traded derivative instrument	300	$ (200)
Convertible debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Convertible notes issued	42,300
Net of debt discount	2,700
Estimated fair value of convertible notes	26,000
Estimated fair value of the embedded derivatives	11,000
Corn
Accounts, Notes, Loans and Financing Receivable [Line Items]
Write down inventory	$ 300

Estimate of Fair Value of Secured Debt Obligations (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Carrying Value \| TriplePoint - Matures September 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	$ 11,643
Carrying Value \| TriplePoint - Matures October 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	9,266
Carrying Value \| TriplePoint - Matures January 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	4,689
Fair Value \| TriplePoint - Matures September 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	10,604
Fair Value \| TriplePoint - Matures October 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	7,864
Fair Value \| TriplePoint - Matures January 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument Fair Value	$ 3,929

Information on Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended			91 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues:	$ 24,385	$ 64,549	$ 16,396	$ 106,573
Operating income (loss):	(71,437)	(44,693)	(35,513)
Interest expenses:	6,338	3,577	2,374	14,917
Depreciation Expense:	3,313	4,600	3,188
Acquisitions of plant, property and equipment:	52,432	8,015	806	68,687
Total assets:	156,111	133,030		156,111
Gevo
Segment Reporting Information [Line Items]
Revenues:	3,505	807	1,631
Operating income (loss):	(58,837)	(46,155)	(33,809)
Interest expenses:	3,051	1,381	1,751
Depreciation Expense:	1,200	2,539	2,639
Acquisitions of plant, property and equipment:	2,204	1,397	806
Total assets:	130,900	104,843		130,900
Gevo Development / Agri-Energy
Segment Reporting Information [Line Items]
Revenues:	20,880	63,742	14,765
Operating income (loss):	(12,600)	1,462	(1,704)
Interest expenses:	3,287	2,196	623
Depreciation Expense:	2,113	2,061	$ 549
Acquisitions of plant, property and equipment:	50,228	6,618
Total assets:	83,872	66,304		83,872
Intercompany Eliminations
Segment Reporting Information [Line Items]
Total assets:	$ (58,661)	$ (38,117)		$ (58,661)

Label	Element	Value
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	$ 56,000
Accumulated Deficit During Development Stage [Member]
Net Income Loss	us-gaap_NetIncomeLoss	(259,000)
Additional Paid In Capital [Member]
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	56,000
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ (10,000)
Common Stock [Member]
Shares Outstanding	us-gaap_SharesOutstanding	950,000
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 10,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	950,000
Convertible Preferred Stock [Member]
Shares Outstanding	us-gaap_SharesOutstanding	1,000,000
Issuance Of Preferred Stock Shares	gevo_IssuanceOfPreferredStockShares	1,000,000
Series A 1 Preferred Stock [Member]
Issuance Of Preferred Stock	gevo_IssuanceOfPreferredStock	$ 500,000
Series A 1 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Issuance Of Preferred Stock	gevo_IssuanceOfPreferredStock	490,000
Series A 1 Preferred Stock [Member] \| Convertible Preferred Stock [Member]
Issuance Of Preferred Stock	gevo_IssuanceOfPreferredStock	$ 10,000