Gevo and Avfuel Partner to Supply Sustainable Jet Fuel for the Business Jets Fuel Green Event at Van Nuys Airport
January 17 2019 - 5:30PM
Gevo, Inc. (NASDAQ: GEVO) announced today that it
is supplying its sustainable and renewable alcohol-to-jet fuel
(ATJ) to Avfuel Corporation for use at the Business Jets Fuel
Green: A Step Toward Sustainability event, scheduled for January
17, 2019, at the Van Nuys Airport (VNY) in Southern
California.
This event is a first of a kind in the general
and business aviation sector marking Gevo and Avfuel’s entrance
into the space with 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.
Traditional petroleum-based jet fuel, blended with Gevo’s ATJ, will
be available from Avfuel for use at the airport during the event,
as operators fuel up and fly with Gevo’s sustainable product.
The general and business aviation space has
committed to carbon neutrality from 2020 and beyond and converting
some of the approximate 2.4 billion gallons per year of jet fuel in
North America to sustainable jet fuel is a key to this
goal. As leaders in advancing renewable jet
fuel in the general aviation and business sector, Gevo and Avfuel
announced earlier this year their collaboration to grow the use of
Gevo’s ATJ with a multi-year supply agreement. Avfuel and
Gevo will look to sell fuel to large corporations with corporate
jets that want to lower their greenhouse gas (GHG) emissions and
become better environmental stewards through the use of renewable
jet fuel like Gevo’s ATJ.
“There are more than 210,000 aircraft in the
general and business aviation sector in the U.S. alone. With
more than 650 Avfuel-branded locations and 3,000-plus fueling
locations, our partnership with Avfuel has allowed us to begin to
effectively support this market and the market goals to achieve
carbon neutrality from 2020 and beyond,” said Patrick R. Gruber,
Gevo’s Chief Executive Officer. Mr. Gruber continued, “this
event demonstrates our partnership and mutual commitment with
Avfuel to feed the world, sequester carbon dioxide and reduce
greenhouse gas emissions.”
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 10 pounds of protein and
can sequester up to 2 pounds 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.
“Avfuel Corporation is committed to bringing
truly sustainable and scalable alternative jet fuel to
market. Gevo and Avfuel are leaders in this space and share a
long-term commitment to lowering the overall carbon footprint of
the industry,” said Keith Sawyer, manager of alternative fuels for
Avfuel Corporation.
Van Nuys Airport ranks as one of the world’s
busiest general aviation airports. With more than 231,000
aircraft movements recorded in 2017, the Business Jets Fuel Green:
A Step Toward Sustainability event is drawing support from
corporate fleets, charter companies, government operators and
others. Support for the event is also being provided by the
following:
- Van Nuys Airport Association (VNAA)
- General Aviation Manufactures Association (GAMA)
- International Business Aviation Council (IBAC)
- National Air Transportation Association (NATA)
- National Business Aviation Association (NBAA)
- Bombardier Business Aircraft
- Phillips 66
- World Fuel Services
- Aircraft Owners and Pilots Association (AOPA)
- Experimental Aircraft Association (EAA)
- European Business Aviation Association (EBAA)
- Los Angeles World Airports (LAWA)
- World Energy
- Gulfstream Aerospace
- Signature Flight Support
- Jet Aviation
- Clay Lacy
- Castle & Cooke Aviation
About Gevo
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 Avfuel Corporation
Avfuel provides fuel and services to the global
aviation industry and is the leading independent supplier in the
United States. Established as a supply and logistics company 45
years ago, Avfuel is core competent in every aspect that surrounds
the delivery of fuel—from refinery to wingtip. Avfuel combines
global access with personalized service throughout a fueling
network of more than 3,000 locations worldwide and 650+
Avfuel-branded FBOs. Our 100% dedication to aviation demonstrates
our passion and commitment to a global community that prospers on
the movement of goods and services around the world.
Forward-Looking Statements
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 Business
Jets Fuel Green: A Step Toward Sustainability event, Gevo’s ATJ,
Gevo’s partnership with Avfuel Corporation, the marked 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, 2017,
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
+1 415-226-7747 gevo@integra-ir.com |
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