U.S. Department of Agriculture Selects Gevo’s Climate-Smart Farm-to-Flight Proposal with a Funding Ceiling of $30MM
September 19 2022 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) is pleased to announce that the U.S.
Department of Agriculture has selected Gevo’s Climate-Smart Farm to
Flight proposal for funding with an award ceiling of up to $30
million. Gevo’s project was one of the 70 projects selected by the
USDA under the first pool of the Partnerships for Climate-Smart
Commodities funding opportunity totaling $2.8 billion. The project
aims to create critical structural climate-smart market incentives
for low carbon-intensity corn as well as to accelerate the
production of sustainable aviation fuel to reduce the sector’s
dependency on fossil-based fuels.
“We are honored that our proposal was selected for funding as
part of this historic partnership for Climate-Smart Commodities
from the U.S. Department of Agriculture,” says Dr. Paul Bloom,
Chief Carbon Officer and Chief Innovation Officer for Gevo. “We
look forward to working with the great team of partners we’ve
assembled to lower our carbon footprint throughout the entire SAF
business system while delivering high-quality carbon accounting and
rewarding growers for their contributions.”
The project will also focus on the importance of immutable
tracking and tracing of the carbon-intensity score starting at the
farm production level, through biofuels production, all the way to
the sale to an airline company. Gevo plans to accomplish this with
further development and implementation of Verity Tracking, a
blockchain enabled solutions platform for carbon tracking through
the entire business system.
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 the 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 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 Gevo’s technology, U.S.
Department of Agriculture, 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, 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.
Investor and Media ContactHeather L.
Manuel303-883-1114IR@gevo.com
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