Business
U.S. Department of Agriculture Selects Gevo’s Climate-Smart Farm-to-Flight Proposal with a Funding Ceiling of $30MM
ENGLEWOOD, Colo., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) is pleased to announce that the U.S. Department of Agriculture has selected
About this update from Gevo, Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) is pleased to announce that the U.S. Department of Agriculture has selected Gevo’s Climate-Smart Farm to Flight proposal for funding with an award ceiling of up to $30 million. Gevo’s project was one of the 70 projects selected by the USDA under the first pool of the Partnerships for Climate-Smart Commodities funding opportunity totaling $2.8 billion. The project aims to create critical structural climate-smart market incentives for low carbon-intensity corn as well as to accelerate the production of sustainable aviation fuel to reduce the sector’s dependency on fossil-based fuels. “We are honored that our proposal was selected for funding as part of this historic partnership for Climate-Smart Commodities from the U.S. Department of Agriculture,” says Dr. Paul Bloom, Chief Carbon Officer and Chief Innovation Officer for Gevo. “We look forward to working with the great team of partners we’ve assembled to lower our carbon footprint throughout the entire SAF business system while delivering high-quality carbon accounting and rewarding growers for their contributions.” The project will also focus on the importance of immutable tracking and tracing of the carbon-intensity score starting at the farm production level, through biofuels production, all the way to the sale to an airline company. Gevo plans to accomplish this with further development and implementation of Verity Tracking, a blockchain enabled solutions platform for carbon tracking through the entire business system. About GevoGevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have the potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. 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, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better tha...