Gevo Applauds India’s First Commercial Flight Using Sustainable Aviation Fuel Utilizing Gevo’s Alcohol to Jet Technology
May 19 2023 - 11:00AM
Gevo, Inc. (NASDAQ: GEVO) a global leader in renewable chemicals
and advanced biofuels, celebrates a momentous achievement in the
decarbonization of the aviation sector as India successfully
completes its first commercial passenger flight using an
indigenously produced Sustainable Aviation Fuel (SAF) blend.
AirAsia India flight i5-767, powered by a blend of indigenous SAF
supplied by Indian Oil Corporation Ltd. (IOCL) in partnership with
Praj Industries Ltd. (Praj), successfully completed the journey
between Pune and New Delhi.
The SAF sourced for this initiative by Praj Industries was made
possible through a partnership with Gevo using Gevo’s
Alcohol-to-Jet (ATJ) technology to produce SAF using bio-based
feedstock. Praj Industries produced SAF samples at its
state-of-the-art R&D facility, Praj Matrix, which underwent
rigorous testing at IOCL laboratories before being blended for the
special flight.This remarkable milestone represents a significant
step forward in India's commitment to sustainable aviation and
showcases the dedication of the Air India group, IOCL, and Praj
Industries. With unwavering support and guidance from the Ministry
of Civil Aviation and the Ministry of Petroleum and Natural Gas,
these organizations are diligently working to develop and propagate
indigenous solutions that mitigate the environmental impact of
aviation and pave the way for widespread adoption of SAF in India.
Dr. Patrick Gruber, CEO of Gevo, emphasized the importance of
carbohydrate feedstock and its impact on agricultural communities,
stating, "This historic achievement for the country of India of
flying with carbohydrate based alcohol to jet SAF showcases the
incredible potential of utilizing locally sourced feedstock. It
highlights the critical role of the farming community in India's
journey towards energy independence and sustainable growth. Gevo is
proud to partner with Praj Industries in developing innovative
solutions that contribute to a greener future."
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 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.
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, the partnership with Praj Industries, our business
plans, our business development activities, 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, 2022
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 ContactHeather L.
Manuel+1 303-883-1114PR@gevo.com
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From May 2024 to Jun 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Jun 2023 to Jun 2024