Business
Verde Clean Fuels, Inc. Announce Completion of Business Combination between CENAQ Energy Corp. and Bluescape Clean Fuels
Verde Positioned to be Leading Provider of Renewable Gasoline Verde Announces Joint Venture with Diamondback Energy in Permian Basin HOUSTON--(BUSINESS
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":"\nVerde Positioned to be Leading Provider of Renewable Gasoline\n\nVerde Announces Joint Venture with Diamondback Energy in Permian Basin\n\n HOUSTON--(BUSINESS WIRE)--\nVerde Clean Fuels, Inc. (“Verde”), a company focused on becoming leading supplier of gasoline and other fuels derived from renewable feedstocks or natural gas, today announced the completion of the previously announced business combination between CENAQ Energy Corp. (NASDAQ: CENQ) (“CENAQ”) and Bluescape Clean Fuels Intermediate Holdings, LLC. Shares of Class A common stock of Verde will be traded on the NASDAQ Capital Markets starting on February 16, 2023 under the symbol “VGAS” along with the public warrants under the symbol “VGASW.”\n\nVerde developed and owns a proprietary syngas-to-gasoline (“STG+®”) technology which is designed to produce renewable gasoline utilizing waste feedstocks that are otherwise landfilled. The renewable gasoline can result in more than a 60% reduction in carbon intensity versus traditional hydrocarbon-based gasoline based on GREET-style Carbon Intensity analysis. Verde’s process also can produce a lower carbon gasoline from flared or economically disadvantaged natural gas. Verde’s multi-patented technology has been developed over the past 15 years and tested at its demonstration facility in New Jersey.\n\n“Traditional gasoline used today is refined from crude oil and makes up over half of greenhouse gas emissions produced by the U.S. transportation sector. We believe our proprietary STG+® system will enable everyday consumers of gasoline to seamlessly and materially participate in the decarbonization of our atmosphere, without changing their automobiles or fueling habits,” said Ernie Miller, co-founder and CEO of Verde. “Our renewable and lower carbon gasoline will work within the existing gasoline infrastructure and in the global fleet of internal combustion engines. We estimate that the replacement of conventional hydrocarbon-based gasoline with Verde's renewable gasoline would be comparable to removing six of every ten cars on the road today. The introduction of Verde’s renewable gasoline to reduce greenhouse gases is a new and significant solution to global decarbonization.”\n\nThe STG+® process is highly flexible and efficiently turns syngas, regardless of feedstock, into gasoline that does not require any additional refining....