78 unchanged sentences
Further, if the EPA issues SREs, it could lead to downward pressure on renewable feedstock prices including corn oil.
−Removed: Risks Related to Carbon Capture and Sequestration Projects, Including Operational, Regulatory, and Market Uncertainties
+Added: Risks Related to Carbon Capture and Sequestration Projects, and 45Z Production Tax Credits, Including Operational, Regulatory, and Market Uncertainties
We have seven facilities committed to carbon capture and sequestration (CCS) projects, including the ongoing construction of carbon capture equipment at three Nebraska locations.
−Removed: While the Summit projects have not commenced, with respect to the three Nebraska projects, they could face a range of risks that could delay, reduce, or suspend carbon capture operations and/or revenue.
−Removed: While we strive to comply with all federal tax incentive qualification requirements—including prevailing wage and apprenticeship rules—we cannot provide assurance that we will be in compliance at all times or will not incur material costs or liabilities as a result.
+Added: While the Summit projects have not commenced construction of CCS, with respect to the three Nebraska CCS projects, they could face a range of risks that could delay, reduce, or suspend carbon capture operations and/or revenue.
+Added: Moreover, all eight of our ethanol plants do or will qualify for 45Z production tax credits under IRC Section 45Z with six positioned to claim credits in 2025 and all eight in 2026.
+Added: While we strive to comply with all federal tax incentive qualification requirements for all of our carbon initiatives, i.e.
+Added: those with CCS and those facilities that qualify for federal tax incentives without CCS—including prevailing wage and apprenticeship rules—we cannot provide assurance that we will be in compliance at all times or will not incur material costs or liabilities as a result.
Moreover, even if operational and technical goals are achieved, the CI reductions we anticipate may not fully materialize.
−Removed: Regulatory CI modeling frameworks may change in ways that are outside our control and could reduce or eliminate the expected benefits of our CCS projects.
+Added: Regulatory CI modeling frameworks may change in ways that are outside our control and could reduce or eliminate the expected benefits of our carbon initiatives.
Federal policies, such as those enacted under the IRA, may also change.
Future modifications could adversely impact corn-based ethanol from accessing key tax incentives, or otherwise reduce potential benefits.
−Removed: In addition, delays in issuing or finalizing regulations, regulations not consistent with industry expectation or the rescission of clean energy or carbon capture tax credits at the federal, state, or international levels, could negatively affect our CCS initiatives.
−Removed: We are also exposed to risks related to our ability to monetize tax incentives and voluntary carbon credits at values we currently expect, or at all.
−Removed: Uncertainty in tax credit markets, changes in demand, or regulatory shifts could significantly impact the economic returns from our CCS projects.
+Added: In addition, delays in issuing or finalizing regulations, regulations not consistent with industry expectation or the rescission of clean energy or carbon capture tax credits at the federal, state, or international levels, could negatively affect our carbon initiatives.
+Added: We are also exposed to risks related to our ability to monetize tax incentives and voluntary 45Z production tax credits at values we currently expect, or at all.
+Added: Uncertainty in tax credit markets, changes in demand, or regulatory shifts could significantly impact the economic returns from our carbon initiatives.
Similarly, developments in the voluntary carbon credit markets, including fluctuating buyer interest, changes in verification standards, or reduced market confidence, could undermine the value of our credits or make monetization infeasible.
Lastly, while much of our current CCS risk relates to facilities under our control, additional risks exist in connection with factors outside of our control such as the supporting infrastructure, including the carbon pipeline and injection wells.
−Removed: Delays in permitting, construction, or operational issues with these components could impair our ability to capture or permanently sequester CO₂, and thereby limit, reduce, or nullify the benefits of our facility-level investments and adversely affect our business, revenue and/or profitability.
−Removed: We may not be successful in refinancing, repaying or extending the maturity of our Junior Notes and any such refinancing may not be obtainable on terms favorable to us.
−Removed: If we are not able to refinance the Junior Notes or extend the maturity date of the Junior Notes, they will become classified as current debt.
−Removed: The company has $130.7 million of debt under the Junior Notes due on September 15, 2026 and $230.0 million of debt under the unsecured 2.25% convertible senior notes due on March 15, 2027.
−Removed: On or before the maturation of this debt in 2026 and 2027, the company will require substantial additional liquidity to satisfy this debt obligation.
−Removed: The company is currently evaluating strategies to refinance or otherwise obtain the needed additional liquidity to satisfy this obligation, including but not limited to, issuing debt and/or securities, entering into other financing arrangements, selling assets, or other strategic actions.
−Removed: There can be no assurance that the company will be able to execute on these strategies under acceptable terms or at all.
−Removed: If we are unable to refinance or extend the maturity date of the Junior Notes, the Junior Notes will be classified as current debt as of September 15, 2025, and the convertible senior notes will be classified as current debt as of March 15, 2026.
−Removed: The failure to repay the Junior Notes and convertible senior notes promptly following any such reclassification to current debt could result in a going concern qualification with respect to our financial statements.
+Added: Delays in permitting, construction, or operational issues with these components could impair our ability to capture or permanently sequester CO₂, with limited ability to insure certain risks, and thereby limit, reduce, or nullify the benefits of the CCS facility-level investments and adversely affect our business, revenue and/or profitability.
+Added: In addition, as described our overall carbon initiatives are subject to a myriad of risk which could adversely impact our ability to qualify for federal tax incentives and voluntary 45Z production tax credits, adversely affecting our profitability.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.