Gevo Partners with Engineering, Procurement, and Construction (EPC) Giant, Kiewit, on its Net-Zero 1 Project
October 07 2021 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) is pleased to announce it has engaged
Kiewit Energy Group Inc. to lead the Front End Engineering Design
(FEED) effort for its Net-Zero 1 Project in Lake Preston, South
Dakota. Kiewit Energy Group Inc. is part of Kiewit Corporation, one
of the top five contractors in the U.S. with vast experience in
virtually every energy segment. This includes extensive work on
energy-transition projects such as biofuel plants, geothermal
plants, solar farms, and building the first offshore wind
substation project in the U.S., as well as a wide range of projects
for large oil-and-gas companies. Gevo expects Kiewit Energy Group
Inc. will fulfill the engineering, procurement, and construction
(EPC) role in the project once the FEED phase is complete.
“Kiewit’s comprehensive construction and engineering
capabilities match its tremendous project experience in the energy
sector, specifically the clean energy sector,” said Dr. Chris Ryan,
President and Chief Operating Officer of Gevo, Inc. “Working with a
firm like this, we expect to reduce execution risk on the Net-Zero
1 Project while increasing our capability to build out multiple net
zero plants as the market demands—good news for our growing list of
customers, shareholders, and folks who care about the
environment.”
Kiewit is considered one of the leading construction and
engineering firms in North America. Founded in 1884, the company
has grown to more than 27,000 dedicated staff and skill craft
workers. Active in markets across the industrial, mining, energy,
building and transportation sectors, Kiewit had revenues of $12.5
billion in 2020 and has extensive experience delivering small-scale
projects up to multi-billion-dollar programs.
”We’re very pleased that Gevo selected us to bring our design,
engineering and construction expertise to support this innovative,
important clean energy project,” said Ben Bentley, executive vice
president, Kiewit Energy Group Inc. “We’ve seen firsthand Gevo’s
strategic plans and commitment to help bring this and other net
zero plants to market. We’re excited to deliver on this contract
and expand our partnership in the coming years with a leader in
this growing sector.”
Kiewit is a leader in safety and quality and committed to
environmental stewardship. Kiewit is led by experienced managers at
all levels, and its LEED®-accredited professionals are trained to
achieve green objectives and support green designs. The firm has
delivered more than 500 energy transition projects in virtually
every energy market segment ranging from renewable and alternative
fuels to energy storage and carbon capture, to chemical recycling
and renewable power. With deep expertise in, and an understanding
of, the technology necessary to build first-of-its-kind facilities,
Kiewit is known for its leadership and ability to deliver complex
projects. The company also has one of the largest and most modern,
privately owned equipment fleets in North America.
“Kiewit’s ability to self-perform set them apart for us,” Dr.
Ryan says. “And because the firm is large enough to take on
multiple large projects, it will be capable of meeting our needs as
we enter the expected next phase of our business.”
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.
Learn more at Gevo’s website: www.gevo.com
About KiewitKiewit is one of North America’s
largest and most respected construction and engineering
organizations. With its roots dating back to 1884, the
employee-owned organization operates through a network of
subsidiaries in the United States, Canada, and Mexico. Kiewit
offers construction and engineering services in a variety of
markets including transportation; oil, gas and chemical; power;
building; water/wastewater; industrial; and mining. Kiewit had 2020
revenues of $12.5 billion and employs 27,000 staff and craft
employees.
Learn more at Kiewit’s website: www.kiewit.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, without limitation, including Kiewit engineering and
construction for Net-Zero 1 FEED phase and beyond, the production
of 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, 2020,
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 Contact+1
720-647-9605IR@gevo.com
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