Gevo Finalizes Renewable Hydrogen Development Services Agreement with Zero6 Energy, Selects Cummins as Technology Partner
February 27 2023 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) announced today that they have finalized
a Hydrogen Development Services Agreement with Zero6 Energy
(formerly Juhl Energy) for the development of a 20-megawatt
hydrogen production facility in Lake Preston, South Dakota, using
Cummins Inc. (NYSE: CMI) electrolyzer technology. The facility,
known as the Dakota Renewable Hydrogen Project (DRH), will be an
integral part of Gevo’s Net-Zero 1 renewable hydrocarbon plant
(NZ1) that is under development.
“We are excited to again be working with the Zero6 team on the
development of a project that is crucial to the decarbonization of
Gevo’s liquid transportation fuels and our long-term goal of
developing net-zero emissions fuel and chemical products,” said
Gevo’s President & COO, Dr. Chris Ryan. “After our mutual
success on the development of wind power for the defossilized
electrification of our development facility in Luverne, Minnesota,
we are confident that Zero6 will be an excellent partner for our
Net-Zero 1 hydrocarbon production facility.”
“This project is a great fit for the Zero6 team, and we are
excited to highlight our capabilities as NZ1 comes online,” added
Clay Norrbom, President of Zero6 Energy. “In addition to the
utilization of the proven Cummins electrolyzer technology to
produce green hydrogen, a portion of our electricity needs will be
supplied by the Kingsbury County Wind Fuel wind farm. Gevo’s
decarbonization efforts truly are the sum of many important
initiatives.”
Cummins will supply the project with an
electrolyzer system comprised of four HyLYZER®-1000 proton exchange
membrane (PEM) electrolyzers to produce hydrogen. Cummins’
HyLYZER®-1000 product is currently in operation at a similar
facility in Becancour, Quebec, Canada. An electrolyzer splits water
into oxygen and hydrogen. When powered by renewable electricity,
the hydrogen produced is green and carbon free. This green hydrogen
can be stored as a compressed gas or a liquid and used as an
energy-dense, clean power source.
“This project builds on Cummins’ hydrogen
technology innovation and demonstrates the maturity and scalability
of our products to meet customer needs. We are proud to partner
with Gevo and Zero6 to provide zero-emission power to critical
applications,” said Alex Savelli, Managing Director Electrolyzers –
Americas for Cummins. “Cummins is committed to advancing the green
hydrogen economy, and our electrolyzer system is a turn-key
solution for projects like the Dakota Renewable Hydrogen
Project.”
Over 80% of the DRH hydrogen production capacity
will be directly piped to the Gevo NZ1 plant to be used in the
hydrocarbon refining process. The DRH will be located on the NZ1
plant property under a long-term lease agreement from Gevo.
About GevoGevo’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 it possesses the technology and know-how to convert various
carbohydrate feedstocks through a fermentation process into
alcohols and then transform the alcohols into renewable fuels and
materials, through a combination of its own technology, know-how,
engineering, and licensing of technology and engineering from Axens
North America, Inc., which 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.
About Zero6 EnergyZero6 Energy is an
established leader in the clean energy industry with 30 years of
experience delivering clean energy projects to customers and
investors. Formerly known as Juhl Energy, the company recently
updated its name and branding to match its mission to lead in the
decarbonization of energy systems and the clean energy
transition.
Zero6 Energy specializes in delivering turn-key solutions to
companies that seek to decarbonize facilities. Zero6 Energy does
this through an integrated approach that combines the ability to
develop, engineer, build, own, and operate clean energy projects.
The company draws on its deep expertise across energy technologies
to develop and invest in projects that draw on traditional power
generation sources while also pragmatically innovating in new areas
such as green hydrogen and carbon capture and storage.
Over its history, Zero6 Energy has successfully developed and
completed 400 MW of wind and solar assets and engineered over
3,000MW of renewable energy, natural gas and biomass electrical
generation, central heating/cooling plants, and cogeneration
projects. For over 12 years, the company has also raised and
managed investment vehicles that invest in and own portfolios of
clean energy assets such as wind, solar, and small
hydroelectric.
Zero6 Energy is a private company owned by its management team
and strategic partner, Faith Technologies Incorporated (FTI).
Leveraging the further capabilities of FTI, this combined team
provides engineering, design, installation and operations of energy
and electrical systems on a national scale. Zero6 Energy is
headquartered in Chanhassen, Minn., and has other offices in
Chicago, Milwaukee, and Madison. For more information, visit
www.zero6energy.com
Forward-Looking StatementsCertain 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, Gevo’s NZ1 project, the
successful completion of the Dakota Renewable Hydrogen Project on
the timing anticipated or at all, Gevo’s ability to successfully
develop, construct and finance its projects, Gevo’s ability to
decarbonize its fuels and achieve net zero emissions, the
integration of Cummins equipment into Gevo’s projects, and other
statements that are not purely statements of historical fact. These
forward-looking statements are made based on 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.
Gevo Media ContactHeather L.
Manuel+1 303-883-1114PR@gevo.com
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