ENGLEWOOD, Colo., Sept. 13, 2022 (GLOBE NEWSWIRE) — 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.
Gevo’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
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, 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.
Heather L. Manuel