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ENGLEWOOD, Colo., Oct. 25, 2022 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) is happy to announce a brand new gas gross sales settlement with Qatar Airways (Qatar). The settlement units forth the phrases for the acquisition of 5 million gallons per 12 months of sustainable aviation gas (SAF) for 5 years from Gevo’s future business operations. Gevo’s supply of SAF below this settlement is predicted to start in 2028 at varied airports in California.
Qatar is a member of oneworld® Alliance, and this settlement falls inside the purview of a memorandum of understanding (MoU) that oneworld Alliance members and Gevo signed in March 2022, laying the groundwork for the related world-class airways within the alliance to buy as much as 200 million gallons of SAF per 12 months from Gevo’s future business operations. The settlement with Qatar will additional improve Gevo’s world footprint for its sustainable gas merchandise and in addition helps Gevo’s efforts in pursuit of its acknowledged aim of manufacturing and commercializing a billion gallons of SAF by 2030.
“By working with farmers on regenerative agricultural practices, Gevo can sustainability source feedstock to produce sustainable aviation fuel, while also increasing soil health, sequestering carbon, and providing nutritional products to the food chain,” mentioned Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer. “By building sustainability into every step of our business system, from sustainably grown feedstock to using renewable energy for production, we are helping Qatar and other members of the oneworld Alliance to reach their emission reduction goals.”
Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, mentioned, “Qatar Airways continues to prioritize our commitment to net-zero flying by the middle of this century. Decarbonizing aviation requires the gradual incorporation of lower carbon and sustainable aviation fuels, and we are proud to collaborate on this global effort for a better future.”
The settlement with Qatar is topic to sure circumstances precedent, together with Gevo growing, financing and establishing a number of manufacturing amenities to supply the SAF contemplated by the settlement.
About Gevo
Gevo’s mission is to rework renewable vitality and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be utilized for drop-in transportation fuels corresponding to gasoline, jet gas and diesel gas, that when burned have the potential to yield net-zero greenhouse fuel emissions when measured throughout the complete life cycle of the merchandise. Gevo makes use of low-carbon renewable resource-based carbohydrates as uncooked supplies and is in a sophisticated state of growing renewable electrical energy and renewable pure fuel to be used in manufacturing processes, leading to low-carbon fuels with considerably lowered carbon depth (the extent of greenhouse fuel emissions in comparison with normal petroleum fossil-based fuels throughout their life cycle). Gevo’s merchandise carry out as properly or higher than conventional fossil-based fuels in infrastructure and engines, however with considerably lowered greenhouse fuel emissions. In addition to addressing the issues of fuels, Gevo’s expertise additionally allows sure plastics, corresponding to polyester, to be made with extra sustainable substances. Gevo’s potential to penetrate the rising low-carbon fuels market is dependent upon the value of oil and the worth of abating carbon emissions that might in any other case enhance greenhouse fuel emissions. Gevo believes that it possesses the expertise and know-how to transform varied carbohydrate feedstocks by means of a fermentation course of into alcohols after which remodel the alcohols into renewable fuels and supplies, by means of a mixture of its personal expertise, know-how, engineering, and licensing of expertise and engineering from Axens North America, Inc., which yields the potential to generate challenge and company returns that justify the build-out of a multi-billion-dollar business..
Gevo believes that the Argonne National Laboratory GREET mannequin is the most effective accessible normal of scientific-based measurement for all times cycle stock or LCI. Learn extra at Gevo’s web site: www.gevo.com
About Qatar Airways
A a number of award-winning airline, Qatar Airways was introduced because the ‘Airline of the Year’ on the 2021 World Airline Awards, managed by the worldwide air transport score group, Skytrax. It was additionally named ‘World’s Best Business Class’, ‘World’s Best Business Class Airline Lounge’, ‘World’s Best Business Class Airline Seat’, ‘World’s Best Business Class Onboard Catering’ and ‘Best Airline in the Middle East’. The airline continues to face alone on the prime of the trade having received the primary prize for an unprecedented sixth time (2011, 2012, 2015, 2017, 2019 and 2021). Qatar Airways at the moment flies to greater than 150 locations worldwide, connecting by means of its Doha hub, Hamad International Airport, voted by Skytrax because the ‘World’s Best Airport’ 2022.
Qatar Airways acknowledges the significance of environmental sustainability in aviation. They are dedicated to being on the forefront and dealing in collaboration with our world and regional companions on reaching the trade’s decarbonization targets.
Forward-Looking Statements
Certain statements on this press launch could represent “forward-looking statements” inside the which means of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a wide range of issues, with out limitation, together with the settlement with Qatar, Gevo’s potential to supply SAF, Gevo’s potential to develop, finance and assemble a number of manufacturing amenities to supply the SAF contemplated by the settlement with Qatar, the timing of Gevo producing the SAF for Qatar, Gevo’s expertise, the attributes of Gevo’s merchandise and different statements that aren’t purely statements of historic truth. These forward-looking statements are made on the premise of the present beliefs, expectations and assumptions of the administration of Gevo and are topic to important dangers and uncertainty. Investors are cautioned to not place undue reliance on any such forward-looking statements. All such forward-looking statements communicate solely as of the date they’re made, and Gevo undertakes no obligation to replace or revise these statements, whether or not because of new info, future occasions or in any other case. Although Gevo believes that the expectations mirrored in these forward-looking statements are affordable, these statements contain many dangers and uncertainties which will trigger precise outcomes to vary materially from what could also be expressed or implied in these forward-looking statements. For an additional dialogue of dangers and uncertainties that would trigger precise outcomes to vary from these expressed in these forward-looking statements, in addition to dangers referring to the business of Gevo normally, see the chance disclosures within the Annual Report on Form 10-Okay of Gevo for the 12 months ended December 31, 2021, and in subsequent studies on Forms 10-Q and 8-Okay and different filings made with the U.S. Securities and Exchange Commission by Gevo.
Media Contact
Heather L. Manuel
+1 303-883-1114
[email protected]
