Sweden and Norway Target Increased Use of Sustainable Aviation Fuel
September 21 2020 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO), welcomed two announcements from the
Scandinavian region regarding Sustainable Aviation Fuel (SAF).
As part of Sweden’s target to be fossil-free by 2040, the
Swedish Government announced on September 11th its intention to
introduce a greenhouse gas reduction mandate for aviation fuel. The
reduction level is expected to be 0.8% in 2021 and gradually
increase to 27% by 2030, with most of the savings expected to come
from the use of SAF.
In addition to Sweden’s announcement, Norway
announced earlier this year to introduce a 0.5% biofuel
blending mandate. Norway’s ultimate target is for a
30% share of biofuels in the aviation sector by 2030
“These announcements in Scandinavia further highlight the
mega-trend around the world to de-carbonize the transportation
industry in every way possible. We are always elated to hear of
these positive announcements to support the reduction of Greenhouse
gases,” stated Patrick R. Gruber, Chief Executive Officer of Gevo.
“Gevo’s mission is to produce transportation fuels that lower
greenhouse emissions. Gevo’s SAF product is approved for use in
commerce and has already been used to power numerous commercial
flights. Gevo looks forward to increasing its production
capabilities for SAF to help countries like Sweden and Norway in
the battle to reduce Greenhouse gas emissions.”For every gallon of
SAF produced, Gevo also produces approximately 10 pounds of protein
that goes into the food supply chain and can sequester up to 2
pounds of carbon dioxide as carbon into the soil, making it one of
the only renewable jet fuel producers to produce both food and fuel
while sequestering carbon dioxide and lowering the GHG emissions as
compared to traditional fossil-based jet fuel. In addition to
adding food back into the food chain, Gevo will also be more
transparent with its sustainability practices by utilizing
blockchain technology to track its sustainable agriculture
efforts.
In April 2016, ASTM International completed its process of
approving a revision of ASTM D7566 (Standard Specification for
Aviation Turbine Fuel Containing Synthesized Hydrocarbons) to
include alcohol to jet synthetic paraffinic kerosene derived from
renewable isobutanol. This allows Gevo’s SAF to be used as a
blending component in standard Jet A-1 fuel for commercial airline
use in the U.S. and around the globe.
About Gevo
Gevo is commercializing the next generation of renewable premium
gasoline, jet fuel and diesel fuel with the potential to achieve
zero carbon emissions, addressing the market need of reducing
greenhouse gas emissions with sustainable alternatives. Gevo uses
low-carbon renewable resource-based carbohydrates as raw materials,
and is in an advanced state of developing renewable electricity and
renewable natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their lifecycle). Gevo’s products perform
as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented, technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low carbon products such as gasoline components, jet fuel, and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion dollar
business. 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 SAF product, Gevo’s
ability to produce its product, Gevo’s ability to expand its
production capabilities, 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, 2019, 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 ContactIR@gevo.com+1
720-647-960
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Sep 2023 to Sep 2024