Gevo’s Verity and ClearFlame Announce Transportation Decarbonization Collaboration
May 07 2024 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO), along with its wholly owned subsidiary,
Verity Holdings, LLC, (“Verity”), and ClearFlame Engine
Technologies, Inc., (“ClearFlame”) announced today a collaboration
to drive decarbonization traceability from field-to-fleet for the
road freight transportation market in the United States, which
consumes an estimated 29 billion gallons of fuel every year.
Under this collaboration, the parties intend to use Verity’s
proprietary carbon accounting software to authenticate the carbon
intensity (CI) of biofuels derived from crops grown on U.S. farms
to their consumption in ClearFlame-equipped trucks. The Verity
platform would track environmental attributes from field-to-fleet.
At the field level, data regarding the greenhouse gas (GHG)
emissions required to grow a crop are tracked to calculate a CI
score for the crop, e.g., corn. That corn is then processed by an
ethanol plant where the energy usage, potential carbon capture and
other carbon abatement efforts would be quantified to deliver
low-carbon ethanol for use by ClearFlame and their customers.
By replacing diesel fuel with engines that run on 100% ethanol,
ClearFlame has shown greenhouse gas emissions reductions of 42%,
helping companies to meet their ESG goals while supporting rural
communities. In addition, a ClearFlame retrofit changes fewer than
5% of parts on an existing vehicle. With the addition of access to
low-carbon ethanol that would be tracked and verified by Verity,
the ClearFlame technology has a path to deliver net zero solutions
to the freight industry.
“ClearFlame is the only engine and technology design offering
the lowest cost per mile and carbon output with performance
comparable to a diesel engine,” said BJ Johnson, CEO and cofounder
of ClearFlame Engine Technologies. “Customers have been looking for
a way to report these savings and secure emissions credits more
easily. Through our collaboration with Gevo and Verity, we are
making tracking carbon abatement easy, effective and
efficient.”
“Consumers are demanding real, authenticated steps toward
decarbonization. Verity’s end-to-end carbon accounting solution
(e.g., from the field to fuel producer to use in a fleet), enables
our partners to show verifiable progress in their decarbonization
efforts. We believe this will foster demand for low carbon
intensity biofuels, accelerate the transition to regenerative
agriculture practices and incentivize further investments in
decarbonization.” said Ron Zink, COO of Verity.
About Gevo and Verity: Gevo is a
next-generation "low-carbon" fuel company focused on developing and
commercializing renewable alternatives to petroleum-based products.
Low-carbon fuels, such as renewable fuels, reduce the carbon
intensity across their lifecycle compared to standard fossil-based
fuels. Gevo's focus lies in developing mainstream fuels like
gasoline and jet fuel from renewable feedstocks, which have the
potential to significantly lower greenhouse gas emissions and
enhance agricultural production.
Verity Holdings, LLC is a wholly owned subsidiary of Gevo,
dedicated to providing full-service carbon project development
through its proprietary digital MRV (Measure, Report, and Verify)
platform, powered by distributed ledger technology. Verity
specializes in carbon accounting and services aimed at maximizing
the value of environmental benefits throughout the entire supply
and business system.
About ClearFlame: ClearFlame Engines Inc.,
headquartered in Geneva IL, was founded in 2016 by engineering
entrepreneurs, Drs. BJ Johnson and Julie Blumreiter. The company's
patented solution provides the lowest cost of any scalable diesel
alternative, including EVs. This FuelAdaptive™ engine technology
reduces carbon and cuts costs with initial products in the trucking
and power generation markets, with expansion planned to the mining
and agricultural markets. The company has been recognized as
"Next Big Thing in Tech" by Fast Company, as one
of the "Most Promising Sustainability Startups in
Transportation by top venture capitalists
(VCs)" according to Business Insider, and one of the
"3 Truck Trends to Watch for in 2023" by Heavy
Duty Trucking.
For more information about ClearFlame, please visit
www.clearflame.com.
Forward Looking Statement 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, Verity Holdings
and ClearFlame, 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, 2023 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|Verity Media Contact Heather L
Manuel +1 303-883-1114 PR@gevo.com
ClearFlame Media Contact Jamie
Lasecke +1
650-823-9395 mediainquiries@clearflame.com
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