ENGLEWOOD, Colo., May 08, 2019 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today that as a part of the Seattle Climate Action plan, adopted in June 2013, the City of Seattle will utilize a blend of Gevo’s renewable isobutanol with conventional gasoline in its pilot program to reduce the Carbon Intensity (CI) levels of fuels used in Seattle’s fleet vehicles. For this program, Gevo has partnered with Hughes Group LLC, a Washington-based, Certified Service-Disabled Veteran Owned Business (SDVOB), to coordinate the blending, logistics, and delivery of the final product to the City. Additionally, Gevo is collaborating with the City to supply a renewable drop-in gasoline on an on-going basis to further reduce the Carbon Intensity of the fleet.
According to the city, two thirds of emissions in Seattle come from road transportation. Seattle is doing their part to reduce single occupancy vehicle trips by encouraging citizens to utilize different personal transportation choices such as taking public transit, bicycling, and walking. This program further illustrates that the City of Seattle is leading by example, to reduce the climate and air pollution from Seattle’s municipal cars and trucks.
“Seattle has approximately 4,100 fleet vehicles, 38% of which currently use gasoline. Utilizing Gevo’s blend of isobutanol will help convert these once high emitting vehicles into low emitting vehicles, with minimal cost to the taxpayers,” said Timothy J. Cesarek, Chief Commercial Officer of Gevo. “Government leadership is key as fleets not only in Washington but around the nation realize that fossil-based fuels are becoming a thing of the past. Future solutions like the fuels offered by Gevo are creating new opportunities to decarbonize our environment.”
Patrick R. Gruber, Chief Executive Officer of Gevo, said, “The City of Seattle has the potential to lead the way in showing what is possible in breaking away from fossil-based fuels and related pollution. We see that the Pacific Northwest, with its abundance of wood resources is a great area for the development and commercialization of fossil free fuel production plants. Imagine replacing the whole gallon of gasoline with low-carbon renewable gasoline that has high performance, yet would reduce pollution. The potential is to use low-carbon, clean fuels to get off of fossil-based fuels and their pollution, and to establish new business systems that create jobs that cut across sectors from forestry, to bio-processing, to refining, is huge. We look forward to the Seattle and the State of Washington to becoming an attractive place to produce and market advanced biofuels.”
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
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 as described in this press release, the attributes of Gevo’s products, 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, as amended, 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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