Gevo Signs Agreement with Viva Energy to Develop Renewable Hydrocarbons in Australia
March 05 2020 - 09:00AM
Gevo, Inc. (NASDAQ: GEVO) has signed a Heads of Agreement (HOA)
with Viva Energy Australia Pty Ltd, one of Australia’s leading
energy companies and the exclusive supplier of Shell fuels and
lubricants in Australia.
The HOA will further solidify both parties’ intent
to work collaboratively on activities in Australia to establish the
technical and commercial feasibility of converting biomass into
sustainable jet fuel and renewable gasoline from regionally sourced
renewable resources Under the HOA both Gevo and Viva will develop
and enhance commercial and advocacy relationships to further foster
the use of renewable hydrocarbons, including sustainable aviation
fuel (SAF) in Queensland and, more broadly, the country of
Australia. Ultimately this HOA will support and strengthen
the efforts by Gevo and the Queensland government under the Waste
to Biofuels funding initiative.
"Viva Energy is a key player in the Australian
energy industry with a refinery, more than 20 import terminals, and
supplies more than 1260 service stations across the country.
Through their terminals in Brisbane and as the JV operator of the
Brisbane Airport hydrant system, we have worked with Viva Energy on
several occasions to supply SAF to Queensland based flights. We are
now advancing beyond just talk and demonstration of SAF, such that
this HOA and collaborative partnership will not only strengthen our
development efforts in Queensland but will also go a long way in
making renewable jet fuel and gasoline a reality in Australia,"
said Patrick Gruber, CEO of Gevo.
"This HOA presents as an exciting opportunity for
our business to work together with Gevo on investigating the
feasibility of the commercialization of biofuels from regionally
sourced renewable resources within Australia. Viva Energy has
already shown a strong commitment in supporting biofuel initiatives
around the country having invested more than $20 million into
biofuel projects, including supply agreements with local biofuels
producers and the construction and commissioning of a new biofuels
blending facility in Queensland.
Our partnership with Gevo and our investment to
date in biofuel projects illustrates Viva Energy’s commitment
towards supporting more sustainable fuels into the future,” stated
Viva Energy CEO, Scott Wyatt.
About GevoGevo is commercializing
the next generation of jet fuel, gasoline and diesel fuel with the
potential to achieve zero carbon emissions and address 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. As a result, Gevo is able to produce
low-carbon fuels with substantially reduced carbon intensity (as
measured by 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 environmental problems of fossil-based carbon 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 that enables the use of a variety of
low-carbon sustainable feedstocks to produce price-competitive, low
carbon products, such as jet fuel, gasoline components like
isooctane and isobutanol 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.
About Viva EnergyViva Energy is
one of Australia's leading energy companies and supplies
approximatelya quarter of the country's liquid fuel requirements.
It is the exclusive supplier of high- quality Shell fuels and
lubricants in Australia through an extensive network of more than
1,260 service stations across the country. Viva Energy Australia
owns and operates the strategically located Geelong Refinery in
Victoria, and operates bulk fuels, aviation, bitumen, marine,
chemicals and lubricants businesses supported by more than 20
terminals and 50 airports and airfields across the
country. www.vivaenergy.com.au
Forward-Looking StatementsCertain
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 Viva and Gevo's HOA, Gevo’s and Viva’s plans to develop
and build a biorefinery in Queensland and to expand into Australia,
Gevo’s ability to generate project and corporate returns 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
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.
Investor and Media ContactShawn M. SeversonIntegra
Investor Relations+1 415-226-7747info@integra-ir.com
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