The Gevo NW Iowa RNG Project Achieves Important EPA Milestone Ahead of Schedule
September 13 2022 - 9:00AM
Gevo, Inc. (NASDAQ: GEVO) is pleased to announce that its Northwest
Iowa Renewable Natural Gas project, Gevo NW Iowa RNG, LLC (Gevo
RNG), was granted registration approval by the Environmental
Protection Agency (EPA), allowing Gevo RNG to participate in the
Renewable Fuel Standard (RFS) program.
Gevo previously estimated that approval for RFS Renewable
Identification Numbers (RINS) through RFS and carbon credits
through California’s Low Carbon Fuel Standard (LCFS) program would
happen in late 2022 or early 2023. This early approval is a result
of the quality work by Gevo’s expert operations, sustainability,
and compliance teams as well as Gevo’s dedicated project
partners.
“The work we are doing at the Northwest Iowa RNG operations is
critical to Gevo’s work in the reduction of the carbon intensity of
fuels. While Gevo RNG is just one piece of the circular economy
that Gevo is building, the capture of manure to make RNG in the
production of transportation fuels is a very important component,
said Dr. Chris Ryan, President and Chief Operating Officer at Gevo,
Inc. Meeting the EPA registration requirements ahead of schedule is
the direct result of the efforts of a dedicated team of
hard-working individuals who demonstrate our collective commitment
to this mission.”
The RNG Project generates renewable natural gas captured from
dairy cow manure. The manure for the RNG Project is supplied by
three dairy farms located in Northwest Iowa totaling over 20,000
milking cows. At full operational capacity, the RNG Project is
expected to generate approximately 355,000 MMBtu of RNG per year,
which is marketed by BP Canada Energy Marketing Corp. and BP
Products North America Inc. (collectively, “bp”) in California on
behalf of Gevo.
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 RNG, the EPA
registration approval, Gevo’s production of renewable natural gas,
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.
Media ContactHeather L.
Manuel+1 303-883-1114IR@gevo.com
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