Craig Irwin: Excellent. Then just a macro question around shafts and the potential deletion or diversion of ethanol, core ethanol capacity into the aviation fuel market, for many years we were talking about exports to Canada, to Mexico, to China, India and potentially tightening economics to the benefit of ethanol producers. Would you expect, the diversion of a billion gallons of production into shaft markets, ethanol production into shaft markets to have a similar impact to what was optimistically looked for around exports in the last many years?
Todd Becker: Well, if you take a look at SAF capabilities and a demand for SAF, it could be significantly higher than that. Remember, a gallon of ethanol gets cut down by a third. So it’s only two-thirds of a gallon of SAF. And when you look at that, take a billion gallons of ethanol, 2600 million gallons of aviation fuel, which is a drop and it doesn’t need to be blended, in a 30 billion gallon, 40 billion gallon domestic market, it’s a drop in the bucket to get to those numbers. Again, somebody has to build it. They’re going to be expensive. You need billions of dollars to build SAF. I think it’s going to come. I think it first comes out as a [indiscernible], which is what we’re seeing, but if you really want to get real scale, it’s going to have to come out alcohol, but it starts and ends with decarbonized alcohol.
If you don’t have decarbonized alcohol, you don’t have a discussion and that’s why we believe first and foremost Nebraska is very valuable within our platform, totally undervalued, but it starts with decarbonized alcohol and the first to market will get some of the best benefits and so that’s why we’re pushing so fast on these projects. But no, I think it would be light to say that if successfully a billion gallons would be diverted, I think it’d be billions of gallons and then the market will have to figure out how do they get to what they need just to satisfy everybody else’s needs, because it’s not like the world needs us to take two or three billion gallons of ethanol off the fuel market. That would have a significant impact to price.
Craig Irwin: Okay. And the last question if I may is, I guess, most investors know you just can’t get a catalytic converter on a jet, right? That technology would be great, but it’s not available, but I think people really don’t understand that aviation emissions are not tracked above 2,500 feet and can you maybe share with us what you’re hearing from investors? Are people educated on the fact that you’ve got, 500 ppm, 600 ppm of sulphur in jet fuel that’s needed for the lubricity while, on road diesel is supplied, right? So are you hearing a more educated, complete discussion around this from investors as they look at the responsible environmental investment in sustainable aviation fuels?
Todd Becker: You stumped me a little bit, but, I would only tell you that, look, the carbon intensity is very important. It’s measured and monitored. I think people understand if you make sustainable aviation fuel, you’re going to lower your carbon intensity of an aircraft and it’s a demand pull, not a demand push. I think that’s the most. So somebody’s realizing it. I don’t know that I understood much of what you were saying, but somebody’s realizing it, because we are getting — we continually get calls in for decarbonized outfall to SAF. How do we commercialize it and how do we get it into the demand that’s there for today and obviously waiting for greed in the government to give us a bit more guidance on it as well.
Craig Irwin: So maybe I can restate that. Do you think investors understand how incredibly dirty jet fuel is versus on-road fuel and take carbon out of the equation? The responsibility we have for equal treatment of the airlines versus trucking and commercial and retail transportation?
Todd Becker: I don’t know if that’s the case or not. I do know that it’s been proven that ethanol reduces carbon emissions by over 50%, almost over 50% in automobiles. I’m assuming it’d be the same at minimum, the same in jet in particular emissions as well.
Operator: And that does conclude the question-and-answer session. I would like to turn the conference over to Todd Becker for closing remarks.
Todd Becker: Yeah, thanks, everybody. Look, we’re in a really good place. Financially, we’re strong as a company. We remain strong. We’re not going anywhere. We continually to prove that we’ve come out of our — the first half of the year where our plants definitely had some problems and we fixed a lot of those, but we have more to go. We show our operating run rates continue to be steady. I think we’ve shown the market that we are commercializing products and while some people may have different timelines, we’re right on the timeline we thought we would be relative to our initial ’25 guidance and where we’re sitting for ’24. We’ve got great product coming. We’ve got great technology portfolio. We’re excited to realize the value of this company and we’ll keep you informed on the progress that we’re making and we’ve got some great stuff happening this quarter with start-up of Shenandoah, with the CST system, the startup of SFCT and continue to work on 60 Pro.
So keep watching us. We’re excited about the future. Thank you.
Operator: And this concludes today’s conference call. Thank you for your participation. You may now disconnect.
