Business
Verde Clean Fuels Announces Carbon Capture Agreement for Renewable Gasoline Plant in California
Project aims to produce approximately 7MM gallons of renewable gasoline and sequester over 100,000 metric tons of CO2 per annum by 2027 HOUSTON--(BUSINESS
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":"\nProject aims to produce approximately 7MM gallons of renewable gasoline and sequester over 100,000 metric tons of CO2 per annum by 2027\n\n\n HOUSTON--(BUSINESS WIRE)--\nVerde Clean Fuels (“Verde”) (Nasdaq: VGAS), a company focused on becoming the leading supplier of gasoline and other fuels derived from renewable feedstocks or natural gas, today announced a Carbon Dioxide Management Agreement (CDMA) between Verde and Carbon TerraVault JV HoldCo, LLC (“CTV JV”), a carbon management partnership focused on carbon capture and sequestration development formed between Carbon TerraVault, a subsidiary of California Resources Corporation (“CRC”) (NYSE: CRC), and Brookfield Renewable (NYSE: BEP).\n\n\nUnder the terms of the agreement, Verde will construct a new renewable gasoline production facility at CRC’s existing Net Zero Industrial Park in Kern County, California. CTV JV initially plans to sequester a minimum of 100,000 metric tons (MT) per year of carbon dioxide (CO2) from Verde’s facility at the CTV I carbon storage vault. This emissions avoidance is the equivalent of taking nearly 22,000 passenger vehicles off the road. This new facility is expected to produce approximately 21,000 gallons per day of renewable gasoline (fully refined, finished fuel) from biomass and other agricultural waste feedstock to help support the further decarbonization of California’s economy and its transportation sector.\n\n\n“Traditional gasoline used today is refined from crude oil and makes up over half of greenhouse gas emissions generated by the U.S. transportation sector, the largest contributor to GHG emissions. We believe our proprietary technology and scientific approach will further enable California’s consumers of gasoline to seamlessly and materially participate in the critical decarbonization of our atmosphere and help achieve California’s climate goals,” said Ernest Miller, Chief Executive Officer of Verde. “Our partnership with CTV marks a significant step towards fulfilling our domestic growth ambitions and represents a concrete pathway to decarbonizing the transportation sector. By teaming up with the leading carbon management business in the U.S., we are poised to make a substantial impact.”\n\n\n“Doubling the CO2 storage opportunities under CDMAs at our Net Zero Industrial Park at Elk Hills in a matter of eight months further undersc...