Business
Verde Clean Fuels, Inc. Reports Second Quarter 2023 Financial Results and Announces Filing of Form 10-Q
HOUSTON--(BUSINESS WIRE)-- Verde Clean Fuels, Inc. (“Verde” or the “Company"), an emerging leader in the production of renewable gasoline derived from
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nVerde Clean Fuels, Inc. (“Verde” or the “Company\"), an emerging leader in the production of renewable gasoline derived from renewable and natural gas feedstocks, today reported second quarter 2023 GAAP diluted loss per share of $(0.12). The loss consists of ongoing general and administrative, and research and development expenses related to the Company’s continuing focus on development of its first commercial facility based on Verde’s proprietary STG+® technology which is designed to produce gasoline utilizing either stranded natural gas or waste feedstocks that are otherwise landfilled.\n\n\nBusiness Update Highlights\n\n\n\nSigning of a Carbon Capture Agreement with Carbon TerraVault. Verde has entered into a non-binding agreement with Carbon TerraVault JV HoldCo, LLC, a carbon management partnership focused on carbon capture and sequestration, formed between Carbon TerraVault, a subsidiary of California Resources Corporation (“CRC”) (NYSE: CRC), and Brookfield Renewable (NYSE: BEP). The agreement provides for a plant location at CRC’s Net Zero Industrial Park in Kern County, California where Verde proposes to produce over 7 million gallons of renewable gasoline from agricultural waste while sequestering over 100,000 metric tons of carbon dioxide per year. The resulting fuel is expected to have a negative carbon intensity as a result of the carbon capture and sequestration. Gasoline produced at the Elk Hills facility is expected to qualify for the federal D3 RIN, California’s LCFS credit, and the EPA’s 45-Q carbon sequestration credit.\n\n\n\n\nSelection of the site for Verde’s proposed natural gas-to-gasoline facility in West Texas. Verde and Cottonmouth Ventures have completed a preliminary evaluation of several possible Permian Basin locations, including a review of natural gas supply and available utilities, and the parties have selected the first development location for a potential joint project. The proposed facility would utilize undervalued Permian Basin gas and mitigate flaring and pipeline congestion in the region. Verde expects to enter into a Joint Development Agreement with Cottonmouth Ventures to proceed with Front End Engineering and Design (FEED), permitting, and other development activities required for Final Investment Decision (FID).\n\n\n\n\nHolding of additional potential cus...