ENGLEWOOD, Colo., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), a leading sustainable aviation fuel (SAF) producer, welcomed the news of Alaska Airlines’ and Washington state Governor Inslee’s support of Washington’s low carbon fuel legislation.
“The Pacific Northwest, and the Seattle area in particular, is a leader to make our world more sustainable. The value to decarbonize and reduce greenhouse gas emissions is real,” stated Patrick Gruber, Chief Executive Officer of Gevo “The legislation that Governor Inslee proposes, which is supported by Alaska Airlines, would be expected to make the Pacific Northwest more attractive for, and a production location of, the new generation of fuels. We see that there are potential attractive production sites in the region given the abundance of renewable resources available. In 2016 Gevo was the first to make and supply wood based jet fuel that was used by Alaska Airlines. In 2019 we were awarded the opportunity to supply the City of Seattle with advanced low carbon fuels for their fleet automobiles. We see tremendous potential in the state of Washington. Every drop of sustainable low-carbon fuel we get into the market is a win and helps to change the conversation about what is possible for the future.”
In November 2019, the Biotechnology Innovation Organization (BIO) and the Low Carbon Fuel Coalition (LCFC) launched a joint initiative to drive adoption of renewable fuel policies in US states. The organizations will work to advance policies that will support green energy breakthroughs to decarbonize transportation, which leads all other sectors in greenhouse gas emissions.
California has also been leading the way in decarbonizing its transport sector. Since implementing its comparable low carbon fuel standard in 2011, the state has prevented over 50 million tons of carbon from being emitted. The California LCFS program has made a tremendous impression on other communities attempting to reduce their carbon footprint. There are several states, such as New York, that have already adopted, or are considering adoption of, LCFS-like programs.
Gevo is commercializing the next generation of gasoline, jet fuel and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need of reducing greenhouse gas emissions with sustainable alternatives. 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 lifecycle). 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. Learn more at 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, which include statements relating to potential production sites in Washington, 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.
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