World Fuel to Supply Gevo's Sustainable Jet Fuel for First of its Kind European Demonstration Event
ENGLEWOOD, Colo., May 17, 2019 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today that it is supplying its sustainable and renewable alcohol-to-jet fuel (ATJ) to World Fuel Services Corporation, for use in business jets at the first ever European Fueling the Future: SAJF demonstration held at TAG Farnborough Airport.
Although World Fuel has delivered nearly 17k tons of sustainable alternative jet fuel (SAJF) to business aviation and over 440k tons to commercial customers since 2015, this event is a first of a kind in the general and business aviation sector in Europe marking Gevo and World Fuel’s entrance into a drop-in alternative to today’s fossil-based jet fuel. The purpose of the event is to demonstrate that renewable jet fuel, including Gevo’s ATJ, can become a mainstream, drop-in alternative for today’s general aviation aircraft. JET A1, blended with Gevo’s ATJ, that meet ASTM D1655 and DefStan 91-091 standards will be available from World Fuel for use at the Farnborough during the event, for operators to fuel up and fly with Gevo’s sustainable product.
In addition to producing ATJ, Gevo’s production process produces protein to the animal feed market. For every gallon of ATJ produced, Gevo also produces approximately 5kgs of protein and can sequester up to 1kg of carbon dioxide as carbon into the soil, making it one of the only renewable jet fuels to produce both food and fuel while sequestering carbon dioxide and lowering the GHG emissions as compared to traditional fossil-based jet fuel.
“I like our collaboration with World Fuel, as it has allowed us to begin to effectively support the European market and the aviation market goals to achieve carbon neutrality from 2020 and beyond,” said Patrick R. Gruber, Gevo’s Chief Executive Officer. Mr. Gruber continued, “Done right, like we are intending, we believe that decarbonizing transportation fuels can lead to a better food supply chain and better agricultural systems. This alliance with World Fuel helps bring awareness of this fact to new European customers.”
Mike Szczechowski at World Fuel Services said: “We were an early supporter of alternative fuel technology, and now an industry leader in promotion and distribution of SAJF. We invested early and continue our full support on SAJF to reduce CO2 emissions. While SAJF is new to business aviation, we all have a responsibility to help drive its acceptance and utilization. Working with Gevo’s ATJ to reduced emissions and lower carbon emissions for our customers, while building knowledge and confidence with this fuel, which meets all industry standards.”
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 for the production of chemical intermediate products for solvents, plastics, and building block chemicals. Learn more at our website: www.gevo.com
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide. For more information, call 305-428-8000 or visit www.wfscorp.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 the event, European Fueling the Future: SAJF demonstration held at TAG Farnborough Airport, Gevo’s ATJ, Gevo’s partnership with World Fuel Services Corporation, the market and demand for renewable jet fuel, including Gevo’s ATJ, 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.
|Investor and Media Contact|
Shawn M. Severson
Integra Investor Relations