Gevo Applauds President Biden’s Executive Actions Supporting Sustainable Aviation Fuel
April 13 2022 - 9:00AM
Gevo, Inc. (“Gevo”) (NASDAQ: GEVO) announced today that it applauds
President Joe Biden’s new actions to support sustainable aviation
fuel (“SAF”). As part of the Biden Administration’s plans to expand
the availability of higher biofuels-blended gasoline throughout the
summer, the Administration also announced a series of initiatives
that will create economic opportunity for agricultural communities
by spurring the SAF market. Three of the key proposals are (i)
supporting increased production of SAF to at least 3 billion
gallons per year by 2030, (ii) new and ongoing funding
opportunities for SAF projects totaling up to $4.3 billion, and
(iii) an increase in research and development activities to achieve
at least a 30 percent improvement in aircraft fuel efficiency.
“Gevo believes that SAF and expanding
access to biofuel-blended gasoline are essential components of
American energy independence,”
said Dr. Patrick R. Gruber, Chief Executive
Officer of Gevo. “Bio-feedstocks that can cut carbon,
produce food, create domestic jobs, and ensure farmers are
maximizing their incomes. We also know that more
than four out of five American support increased renewable fuel
production. The Biden Administration is taking a good step
forward.”
Gevo recently signed agreements with US-based Delta
Airlines for up to 75 million gallons of SAF per year,
demonstrating the demand for SAF as airlines seek ways to lower
their own, as well as their customers’ carbon footprints.
Gevo is focused on sustainability at every stage of
production and has developed two alcohol-to-jet pathways that can
utilize various feedstocks grown using renewable agricultural and
sustainable farming techniques. These feedstocks are then
converted, in some cases, to high-value nutrition products and
energy-dense liquid hydrocarbons, including SAF. Gevo’s production
processes will incorporate renewable energy, including wind
turbines, biogas, and combined heat and power systems to increase
efficiency and reduce carbon intensity to net-zero levels, which
will then be passed on to the customer through the fuel. This is
particularly helpful for customers, such as airlines, that seek to
reduce their carbon intensity.
About Gevo Gevo's mission is
to transform renewable energy and carbon into energy-dense liquid
hydrocarbons. These liquid hydrocarbons can be used for drop-in
transportation fuels such as gasoline, jet fuel and diesel fuel,
that when burned have potential to yield net-zero greenhouse gas
emissions when measured across the full life cycle of the products.
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 life cycle).
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.
Gevo believes that the Argonne National Laboratory
GREET model is the best available standard of scientific-based
measurement for life cycle inventory or LCI.
Learn more at Gevo's
website: www.gevo.com
Forward-Looking
Statements
Certain statements in this web page may constitute
“forward-looking statements” regarding Gevo, Inc. (“Gevo”) 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, the Biden Administration’s
plans and proposals, Delta’s and other customers’ purchases of SAF
from Gevo, Gevo’s ability to produce SAF, Gevo’s ability to produce
SAF and other fuels with a net-zero carbon intensity, Gevo’s
technology, Gevo’s development, financing and construction of
production facilities to produce SAF, 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, 2021, 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.
Media Inquiries: Heather L.
ManuelIR@gevo.com (720) 418-0085
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