Gevo and Farmers Edge Partner to Verify Sustainable Fuels from Low-Carbon Grain through Verity Tracking
ENGLEWOOD, Colo. and WINNIPEG, Manitoba, April 05, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) and Farmers Edge Inc. (TSX: FDGE), a global leader in digital agriculture, announced today that they signed a memorandum of understanding to work together to deliver a one-of-a-kind, carbon inset management program. This collaboration is expected to support the sustainable development & full carbon lifecycle tracking of a carbon intensity (CI) score from low-carbon grain through renewable fuels production. The potential combination of Farmers Edge highly precise and proprietary datasets with Gevo's Verity Tracking platform and blockchain technology is expected to create value around agriculturally driven carbon impact. The companies plan to launch a program with US growers to measure and track carbon intensity scores for corn and soy in the production of sustainable aviation fuel and other low-carbon hydrocarbon fuels.
The focus of the collaboration is on extracting value from carbon insets, which represent the actions taken by an organization to fight climate change within its own value chain, as opposed to offsets, which are typically paying for a project to capture atmospheric carbon dioxide somewhere else. As businesses strive to deliver on the evolving needs of the enviro-cautious end-consumer, this collaboration is expected to create a unique opportunity for the transportation industry to reduce its carbon footprint, meet its sustainability goals, and increase transparency with customers.
“Companies around the world are looking for ways to reduce the amount of pollution they produce, and in transportation, fuels derived from crops are a major tool to make that happen,” says Wade Barnes, Farmers Edge CEO and founder. “Our comprehensive digital platform, in conjunction with Gevo's advanced validation tools, should provide reliable and verifiable ways for carriers around the world to not only reduce their carbon footprint, but to be able to prove it, positively impacting their relationships with the end-consumer.”
Dr. Paul Bloom, Gevo’s Chief Carbon and Innovation Officer, stated, “This pioneering collaboration with Farmers Edge is an industry first to scale-up carbon accounting for climate-smart agricultural practices across the full carbon life cycle from farm to food, fuels and sustainable products. We look forward to bringing the data-driven capabilities and technology of both organizations to help our value chain partners and customers prove their carbon footprint reductions on our collective journey to net-zero and beyond.”
“The goal of Verity Tracking is to increase market validation and liquidity for carbon-based digital assets, return this value in multiple forms back down to the farming level, and provide scientifically modeled, verifiable carbon impact scoring through Argonne GREET to the farmers,” commented David George, Gevo’s Senior Vice President of Verity Tracking. “This technology will allow farmers to track their feedstock-related CI score that can then be quantified through the value chain into biofuels like SAF, food products, energy, or consumer products. Verity Tracking’s capabilities coupled with Farmers Edge innovative technology and analytics should form the basis to make this a market reality.”
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 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 web page may constitute “forward-looking statements” regarding Gevo, Inc. (“Gevo”) 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 the collaboration and memorandum of understanding with Farmers Edge, whether Gevo and Farmers Edge will enter into any commercial definitive agreements, the capabilities of Verity Tracking and Verity Tracking’s technology. 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.
About Farmers Edge
Farmers Edge is a global leader in digital agriculture, revolutionizing the industry with a broad portfolio of proprietary technological innovations, spanning hardware, software, and services. Powered by a unique combination of connected field sensors, artificial intelligence, big data analytics, and agronomic expertise, the Company’s digital platform turns data into actions and intelligent insights, delivering value to all stakeholders of the agricultural ecosystem. Farmers Edge disruptive technologies accelerate digital adoption on the farm and beyond, protecting our global resources and ensuring sustainable food production for a rapidly growing population. For more information, please visit www.farmersedge.ca and SEDAR (www.sedar.com).
Forward-Looking Information for Farmers Edge
Certain statements in this press release constitute forward-looking information within the meaning of applicable securities legislation and reflect the Company’s current expectations regarding future events. Forward-looking information is based on a number of key expectations and assumptions made by Farmers Edge. Forward-looking information is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Those risks and uncertainties include, but are not limited to, the factors discussed under “Forward-Looking Information” and “Risk Factors” in the Company’s most recent Annual Information Form, and under the “Risk and Uncertainties” section in the Company’s management discussion and analysis filed March 25, 2022, each of which are available on the Company’s website (www.farmersedge.ca/investor-relations/) and on SEDAR (www.sedar.com). The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Gevo Media Inquiries:
Heather L. Manuel
Farmers Edge Media Relations:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dda54045-60f0-4783-926d-087dbbcdf6e4