Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

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

	March 31, 2023		December 31, 2022
Raw materials
Consumables	$	29	$	29
Catalyst	77		139
Finished goods
SAF, Isooctane, Isooctene and other	1,061		1,457
Isobutanol	124		124
Work in process
Environmental attributes, net of allowance of $2,122 and $2,378, respectively	2,656		4,193
Jet fuel	51		51
Spare parts	357		354
Total inventories	$	4,355	$	6,347

Environmental attributes represent distinguishable and material output from our NW Iowa RNG operations. The Company started allocating the cost of production to the sales value of RNG, credits from California's LCFS program and U.S. Environmental Protection Agency ("EPA") RIN credits. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology.

During the three months ended March 31, 2023, the Company did not adjust its finished goods and work in process inventory, excluding environmental attributes, to net realizable value. During the three months ended March 31, 2022, the Company adjusted its finished goods and work in process inventory to net realizable value and recorded a loss of $2.9 million in cost of production.