SOUTH SAN FRANCISCO, Calif. and
RICHMOND, Va., Aug. 20, 2015 /PRNewswire/ -- Intrexon
Corporation (NYSE: XON), a leader in synthetic biology, today
announced that Intrexon Energy Partners (IEP), and Dominion Energy,
a subsidiary of Dominion Resources (NYSE: D), have entered into an
agreement to explore the potential for commercial-scale biological
conversion of natural gas to isobutanol, a drop-in fuel with
numerous advantages over other clean burning gasoline
blendstocks.
Intrexon's proprietary methanotroph bioconversion platform has
the potential to transform the gas-to-liquids (GTL) industry
through use of optimized microbial cell lines to convert natural
gas into higher carbon compounds such as isobutanol and farnesene
under ambient temperatures and pressures. This novel approach
avoids costly, resource intensive thermochemical GTL conversion
methods, and offers a biofuel that does not utilize sugar or other
plant-based feedstock, which are expensive carbon sources that
compete with food crops for arable land. Additionally, through the
substantial yield advantage of the methanotroph over other
microbes, Intrexon's bioconversion platform has a favorable
economic profile that, based on current targets, will allow even
small scale demonstration plants to achieve profitability within
the first year of production.
"We are excited to partner with IEP and help realize the promise
of their GTL platform to harness a plentiful feedstock in natural
gas for the bio-production of isobutanol. Dominion is
committed to being a good environmental steward while providing
reliable, affordable energy services for our customers," said
Diane Leopold, President of Dominion
Energy.
Conversion of methane to isobutanol provides economic and
environmental advantages upon which the collaboration will look to
build. In comparison to other gasoline substitutes, isobutanol
offers cleaner burning combustion with less corrosion, holds more
of gasoline's energy content allowing longer travel, is cheaper to
blend with gas, and its compatibility with the current petroleum
infrastructure offers a dramatic improvement in efficient transport
of the fuel itself. These positive attributes are driving
investment in butanol plants which may reach $6 billion by 2020 according to Bloomberg New
Energy Finance.
"Dominion's operational leadership in natural gas processing and
transport along with their extensive geographic footprint makes
them an ideal partner to scale-up and commercialize IEP's
bioconversion platform," commented Robert
F. Walsh, Senior Vice President and Head of Intrexon's
Energy Sector. "We believe our innovative biological solution
for converting low cost natural gas into higher valued fuels,
lubricants and chemicals will transform the gas to liquids
field."
Under the terms of the agreement, IEP will be required to meet
specific development milestones prior to initiation of certain
commercialization activities, which are subject to board approval
by both parties. Dominion will be the exclusive partner to
construct, own, operate, and maintain the production facilities in
the Marcellus and Utica Shale Basins located in eastern
North America via potential
long-term services agreements with IEP. Within this
geographic region, the collaboration plans to build natural gas
bioconversion facilities leading to the creation of job
opportunities and generation of local and state tax revenue.
About Intrexon Corporation
Intrexon Corporation (NYSE:
XON) is Powering the Bioindustrial Revolution with Better
DNA™ to create biologically-based products that improve
the quality of life and the health of the planet. The
Company's integrated technology suite provides its partners across
diverse markets with industrial-scale design and development of
complex biological systems delivering unprecedented control,
quality, function, and performance of living cells. We call
our synthetic biology approach Better DNA®, and we
invite you to discover more at www.dna.com.
About Dominion
Dominion is one of the nation's
largest producers and transporters of energy, with a portfolio of
approximately 24,600 megawatts of generation, 12,200 miles of
natural gas transmission, gathering and storage pipeline, and 6,455
miles of electric transmission lines. Dominion operates one
of the nation's largest natural gas storage systems with 928
billion cubic feet of storage capacity and serves utility and
retail energy customers in 13 states. For more information about
Dominion, visit the company's website at www.dom.com/.
Trademarks
Intrexon, Powering the Bioindustrial
Revolution with Better DNA, and Better DNA are trademarks of
Intrexon and/or its affiliates. Other names may be trademarks
of their respective owners.
Safe Harbor Statement
Some of the statements made in
this press release are forward-looking statements. These
forward-looking statements are based upon our current expectations
and projections about future events and generally relate to our
plans, objectives and expectations for the development of our
business. Although management believes that the plans and
objectives reflected in or suggested by these forward-looking
statements are reasonable, all forward-looking statements involve
risks and uncertainties and actual future results may be materially
different from the plans, objectives and expectations expressed in
this press release.
For more information contact:
Intrexon
Corporation:
Corporate Contact:
Marie Rossi, Ph.D.
Senior Manager, Technical Communications
Tel: +1 (301) 556-9850
publicrelations@intrexon.com
Investor Contact:
Christopher Basta
Vice President, Investor Relations
Tel: +1 (561) 410-7052
investors@intrexon.com
Dominion:
Media Relations Contact:
Jim Norvelle
Tel: +1 (804) 771-3176
Jim.Norvelle@dom.com
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SOURCE Intrexon Corporation