Gevo Wins Bid to Supply Renewable Gasoline to the City of Seattle
November 04 2019 - 4:05PM
Gevo, Inc. (NASDAQ: GEVO), a leading renewable fuels and chemicals
manufacturer, announced today it has made the winning bid in a
competitive process conducted by the City of Seattle to provide
renewable gasoline to its fleet vehicles. Gevo has been
awarded a four (4) year contract, with three (3) two-year
extensions, to supply at minimum 200,000 gallons/year of renewable
isobutanol and 600,000 gallons/year renewable isooctane (“renewable
gasoline”) to the City of Seattle to displace fossil-based
gasoline. The bidding process was part of Seattle’s Green Fleet
Action Plan (GFAP) authored by Philip Saunders, Seattle’s Green
Fleet Program Manager, to tackle its fleet emissions
aggressively.
The City of Seattle has stated that in the Puget Sound region,
transportation accounts for over 60 percent of the greenhouse gas
(GHG) emissions. Therefore, it’s acutely focused on reducing
emissions from the citywide fleet in support of its Climate Action
Plan. Seattle has made “greening the fleet” part of its GFAP, a
significant effort over the last ten years and has clearly
articulated two simple and measurable goals: 1. Reduce GHG
emissions by 50 percent by 2025. 2. Use only fossil-fuel-free (F3)
fuel by 2030.
“The City of Seattle is making a measurable difference, and
together, we can reach the goals of its Green Fleet Action Plan.
The city is again illustrating what is possible; to break away from
fossil-based fuels and to reduce CO2 and particulate emissions, as
well as other related pollution,” stated Patrick Gruber, Chief
Executive Officer of Gevo. “These volumes are a great initial
starting point to make some real change. Gevo will again
supply isobutanol then migrate into our renewable gasoline through
the use of isooctane, once the Luverne plant is expanded up to
10-12MGPY.”
For this program, Gevo has partnered with certified veteran and
minority-owned small businesses, Scooter J Logistics and Small and
Sons Oil Distribution Company, to deliver the final blended
renewable gasoline products. These businesses will coordinate the
blending, logistics, and delivery of the final product to the City
of Seattle.
About Gevo
Gevo is a next-generation “low-carbon” fuel company focused on
the development and commercialization of renewable alternatives to
petroleum-based products. Low-carbon fuels reduce the carbon
intensity, or the level of greenhouse gas emissions, compared to
standard fossil-based fuels across their lifecycle. The most common
low-carbon fuels are renewable fuels. Gevo is focused on the
development and production of mainstream fuels like gasoline and
jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets to produce chemical
intermediate products for solvents, plastics, and building block
chemicals. Learn more at our website: www.gevo.com
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, statements related to Gevo’s collaboration and
activities with the City of Seattle and its ability to perform
under the contract successfully, if at all, the attributes of
Gevo’s products, Gevo’s ability to contribute to a reduction in GHG
emissions, Gevo’s ability to expand or continue production of
isobutanol and renewable gasoline at its production facility in
Luverne, Minnesota, 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, 2018
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 Shawn
M. Severson Integra Investor Relations +1 415-226-7747
info@integra-ir.com |
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