Waste Management, Inc. (NYSE:WM), Ventech Engineers
International LLC, NRG Energy, Inc. (NYSE: NRG) and Velocys plc
(LSE:VLS) today announced the formation of a joint venture to
produce renewable fuels and chemicals from biogas and natural gas
using smaller-scale gas-to-liquids (“GTL”) technology.
The joint venture, comprised of WM Organic Growth, Inc., NRG GTL
Holdings, LLC, VPI LF-GTL, LLC, and Velocys, Inc., brings together
the right parties, the right assets and the right capabilities
necessary to pursue opportunities in the sector.
As part of Waste Management’s commitment to sustainability, the
company continually explores new ways to extract value from the
biogas managed at its landfills. Under this program, Waste
Management has pioneered the use of smaller-scale GTL utilizing
landfill gas, including building and operating a demonstration unit
at East Oak landfill in Oklahoma. The demonstration unit has
accumulated more than 10,000 hours of successful operation.
“From developing gas recovery and cleanup techniques, to
registering GTL diesel as a fuel for on-highway use, Waste
Management has been a leader in this area. We are pleased to take
this opportunity forward with a very strong team. Velocys’ leading
smaller-scale GTL technology, Ventech’s engineering capabilities,
and NRG’s clean energy development expertise will complement Waste
Management’s strengths in the joint venture,” said Joe
Vaillancourt, vice president, corporate venturing at Waste
Management.
Ventech, as the engineering contractor to the joint venture, has
optimized the design and engineering of the joint venture’s first
facility. “Ventech brings to the joint venture its deep expertise
in the development of modular construction and specialized
fabrication of refineries, gas processing systems and chemical
facilities, and we are proud to be able to apply our significant
and specific expertise to this effort,” said Kevin Stanley, chief
executive officer of Ventech Engineers International.
NRG brings extensive experience in developing large renewable
capital projects, strong green customer focus and expertise in the
acquisition and transportation of large quantities of natural gas.
“With one of the largest and most diverse generation fleets in
America including extensive natural gas generation capacity and a
leading solar portfolio as well as numerous innovative and green
options for large and small customers, NRG is focused on delivering
cleaner and smarter energy choices,” said John Ragan, executive
vice president and regional president, Gulf Coast, NRG. “We are
pleased to be part of this joint venture that fits squarely within
our commitment to provide customers with more options to reduce
their environmental profile and look forward to helping develop the
capabilities to leverage biogas and natural gas resources into a
source for higher value, clean burning diesel fuel.”
Velocys, the leader in smaller-scale GTL technology, will supply
the Fischer-Tropsch reactor and catalyst to the joint venture.
“With the benefit of more than fifteen years of development, over
$300 million of investment, and the world’s largest microchannel
patent portfolio, Velocys is pleased to bring its leading position
in smaller-scale GTL technology to this partnership and the
exciting opportunities being pursued together,” said Roy Lipski,
chief executive officer, Velocys.
The joint venture’s first facility is under development and will
be located at Waste Management’s East Oak site in Oklahoma. The
joint venture intends making a final decision to proceed on this
first plant this year. Engineering and design work is substantially
complete, final draft permitting documents have been submitted, and
development activities for additional facilities are expected to
commence shortly.
ABOUT WASTE MANAGEMENT
Waste Management, Inc., based in Houston, Texas, is the leading
provider of comprehensive waste management services in North
America. Through its subsidiaries, the company provides collection,
transfer, recycling and resource recovery, and disposal services.
It is one of the largest residential recyclers and also a leading
developer, operator and owner of waste-to-energy and landfill
gas-to-energy facilities in the United States. The company’s
customers include residential, commercial, industrial, and
municipal customers throughout North America. To learn more
information about Waste Management visit www.wm.com or
www.thinkgreen.com.
ABOUT VENTECH
Ventech Engineers International LLC is a global leader in the
design and construction of new modular refineries, gas processing
systems, plant relocations, and specialized fabrications for the
chemical, refining and gas production industries. The corporate
office and fabrication complex are located in Pasadena, Texas.
Additional offices are located in Ankara, Turkey, Moscow, Russia,
and Alabang, Philippines. More information is available at
www.ventech-eng.com.
ABOUT NRG
NRG is leading a customer-driven change in the U.S. energy
industry by delivering cleaner and smarter energy choices, while
building on the strength of the nation’s largest and most diverse
competitive power portfolio. A Fortune 500 company, NRG creates
value through reliable and efficient conventional generation while
driving innovation in solar and renewable power, electric vehicle
ecosystems, carbon capture technology and customer-centric energy
solutions. NRG’s retail electricity providers – Reliant, Green
Mountain Energy, Energy Plus and NRG Residential Solutions – serve
millions of residential and commercial customers throughout the
country. More information is available at www.nrgenergy.com.
ABOUT VELOCYS
Velocys (formerly Oxford Catalysts) enables modular
gas-to-liquids (GTL) plants to convert unconventional, remote and
problem gas into valuable liquid fuels. Systems based on the
Company’s technology are significantly smaller than those using
conventional technology, enabling modular plants that can be
deployed cost effectively in remote locations and on smaller fields
than is possible with competing systems. Together with world-class
partners, Velocys provides complete modular GTL solutions that
address an untapped market of up to 25 million barrels of fuel a
day. Velocys plc is listed on the AIM market of the London Stock
Exchange (LSE: VLS). The Company has approx. 100 employees with
facilities in Houston, Texas, USA and near Oxford, UK and Columbus,
Ohio, USA. More information is available at www.velocys.com.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements,
including but not limited to statements regarding anticipated
synergies and contributions from the joint venture partners,
effectiveness and optimization of technology, and the development
and permitting of the first facility and additional facilities. You
should view these statements with caution. They are based on the
facts and circumstances as of the date the statements are made.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to be materially
different from those set forth in such forward-looking statements,
including but not limited to, inability to obtain permits and
inability to integrate and develop the technology and facilities as
anticipated. The parties to this release assume no obligation to
update any forward-looking statement whether as a result of future
events, circumstances or developments or otherwise.
Waste ManagementAnalystsEd Egl,
+1-713-265-1656eegl@wm.comMediaToni Beck,
+1-713-394-5093tbeck3@wm.comWeb
sitewww.wm.comorVentechGeorge Armistead,
+1-713-477-0201George.Armistead@ventech-eng.comWeb
sitewww.ventech-eng.comorNRGDavid Knox,
+1-832-357-5730david.knox@nrgenergy.comWeb
sitewww.nrgenergy.comorVelocysRoy Lipski,
+1-713-275-5840CEORoy.Lipski@velocys.comSusan Robertson,
+44-1235-841700CFOSusan.robertson@velocys.comWeb
sitewww.velocys.com
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