The City of Seattle’s Fleet Vehicles to Use Gevo’s Renewable Isobutanol to Lower Greenhouse Gas Emissions
May 08 2019 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) announced today that as a part of the
Seattle Climate Action plan, adopted in June 2013, the City of
Seattle will utilize a blend of Gevo’s renewable isobutanol with
conventional gasoline in its pilot program to reduce the Carbon
Intensity (CI) levels of fuels used in Seattle’s fleet vehicles.
For this program, Gevo has partnered with Hughes Group LLC, a
Washington-based, Certified Service-Disabled Veteran Owned Business
(SDVOB), to coordinate the blending, logistics, and delivery of the
final product to the City. Additionally, Gevo is collaborating with
the City to supply a renewable drop-in gasoline on an on-going
basis to further reduce the Carbon Intensity of the fleet.
According to the city, two thirds of emissions in Seattle come
from road transportation. Seattle is doing their part to
reduce single occupancy vehicle trips by encouraging citizens to
utilize different personal transportation choices such as taking
public transit, bicycling, and walking. This program further
illustrates that the City of Seattle is leading by example, to
reduce the climate and air pollution from Seattle’s municipal cars
and trucks. “Seattle has approximately 4,100 fleet vehicles, 38% of
which currently use gasoline. Utilizing Gevo’s blend of isobutanol
will help convert these once high emitting vehicles into low
emitting vehicles, with minimal cost to the taxpayers,” said
Timothy J. Cesarek, Chief Commercial Officer of Gevo. “Government
leadership is key as fleets not only in Washington but around the
nation realize that fossil-based fuels are becoming a thing of the
past. Future solutions like the fuels offered by Gevo are creating
new opportunities to decarbonize our environment.” Patrick R.
Gruber, Chief Executive Officer of Gevo, said, “The City of Seattle
has the potential to lead the way in showing what is possible in
breaking away from fossil-based fuels and related pollution. We see
that the Pacific Northwest, with its abundance of wood resources is
a great area for the development and commercialization of fossil
free fuel production plants. Imagine replacing the whole gallon of
gasoline with low-carbon renewable gasoline that has high
performance, yet would reduce pollution. The potential is to use
low-carbon, clean fuels to get off of fossil-based fuels and their
pollution, and to establish new business systems that create jobs
that cut across sectors from forestry, to bio-processing, to
refining, is huge. We look forward to the Seattle and the State of
Washington to becoming an attractive place to produce and market
advanced biofuels.”
About Gevo
Gevo is a next generation “low-carbon” fuel company focused on
the development and commercialization of renewable alternatives to
petroleum-based products. Low-carbon fuels reduce the carbon
intensity, or the level of greenhouse gas emissions, compared to
standard fossil-based fuels across their lifecycle. The most common
low-carbon fuels are renewable fuels. Gevo is focused on the
development and production of mainstream fuels like gasoline and
jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets to produce chemical
intermediate products for solvents, plastics, and building block
chemicals. Learn more at our website: www.gevo.com
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, statements related to Gevo’s collaboration and
activities with the City of Seattle as described in this press
release, the attributes of Gevo’s products, and other statements
that are not purely statements of historical fact. These
forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2018,
as amended, and in subsequent reports on Forms 10-Q and 8-K and
other filings made with the U.S. Securities and Exchange Commission
by Gevo.
Investor and Media Contact
Shawn M. Severson Integra Investor Relations +1 415-226-7747
gevo@integra-ir.com |
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