DENVER, June 27,
2024 /PRNewswire/ -- BKV Corporation
(BKV) announced today that they signed a contract for the sale
and purchase of Carbon Sequestered Gas (CSG) with Kiewit
Infrastructure South Co., a subsidiary of Kiewit Corporation, one
of North America's largest and
most respected construction and engineering organizations. CSG is a
revolutionary, innovative, natural gas product that is Scope 1, 2
and 3 carbon-neutral, effectively mitigating the environmental
impact of natural gas consumption. This sales agreement brings
together two industry leaders dedicated to reducing greenhouse gas
emissions from their operations.
Under the gas purchase agreement, BKV will deliver CSG to Kiewit
beginning this fall for a premium over Henry Hub price. A
first-of-its-kind carbon-neutral natural gas, CSG is generated by
pairing low methane intensity natural gas and offsetting emissions
associated with the entire gas value chain which includes
production, gathering, boosting, processing, transmission,
distribution and use through permanent carbon sequestration via
BKV's carbon capture, utilization and sequestration (CCUS)
operations. BKV's end-to-end emissions calculation methodologies
combined with transparent, third-party blockchain-enabled
verification, provides potential buyers with confidence in the
emissions data associated with their purchase. CSG will provide a
fully decarbonized, emissions certified, and qualified fuel and
retired credits bundle that is a differentiated and premium
product.
BKV Chief Executive Officer Chris
Kalnin said, "We are thrilled to be able to provide this
first-of-its-kind, carbon-neutral natural gas product to Kiewit.
The introduction of CSG, and this sale to a world-class natural gas
end user, aligns with our mission to help create a better world
through our emission reduction and energy impact goals. We believe
that our production of CSG can scale to meet future energy needs of
many industries across the country and that this product will be
synergistic with other approaches to sustainable energy helping to
advance the reduction in greenhouse gas emissions."
Kiewit Infrastructure South's Fort Worth Maintenance Facility
will receive the gas directly from a pipeline being built to
service their facility as well as the entire Markum Business Park,
where the facility is located. The Markum Business Park is a
state-of-the-art industrial/flex space in south Fort Worth developed by Wilks Development, a
preeminent Texas-based commercial
real estate company.
Wilks Development Co-Founder and CEO Kyle Wilks said, "Wilks Development's mission is
to create high-quality, community focused real estate projects that
serve the needs of the people who inhabit them and contribute to a
vibrant, sustainable future for their tenants and the communities
they serve. We're excited to be able to offer locally-produced,
abundant, affordable energy (in the form of natural gas and CSG),
directly to businesses at the Markum Business Park. An easy way for
us to help our customers meet their energy needs and sustainability
goals."
"Carbon Sequestered Gas represents an opportunity for end-users
to purchase verified differentiated natural gas that is emissions
certified and registered using blockchain technology. We believe
this level of transparency and trust is critical for the energy
transition. We are hopeful that additional tenants at Markum
Business Park will utilize CSG and join us in the journey to
emissions reductions as well," said Kalnin. "We are committed to
leading the way in the production of carbon-neutral natural gas and
look forward to future sales and are eager to partner with
additional end users on their energy needs and their emissions
reduction goals as we continue to grow our CCUS business and the
availability of CSG for the market."
BKV has previously demonstrated their commitment to carbon
reduction activities, by launching a dedicated CCUS business
line, BKV dCarbon Ventures, and equipping it with the resources
needed to evaluate CCUS projects more efficiently and build a
pipeline of feasible projects going forward. BKV dCarbon Ventures
has a strategic focus on permanent sequestration of point-source
emissions and is focused on driving CCUS innovations and
project development. Production of CSG is enabled by BKV's Barnett
Zero project, launched November 2023.
It is among the nation's first purpose-drilled, Class II commercial
carbon sequestration well injecting CO2 waste from
natural gas processing plants in the United States. With approvals from both the
Texas Railroad Commission and the United States Environmental
Protection Agency (EPA), the project expects to permanently
sequester an average of 185,000 metric tons of CO2
emissions annually while providing a compelling model for future
Class II and Class VI wells.
CSG is available for any industry that uses natural gas and is
looking to decarbonize their operations. If you would like to learn
more about BKV's carbon sequestered natural gas offerings, please
contact Brian Binford at
brianbinford@bkvcorp.com.
About BKV Corporation
Headquartered in Denver, Colorado, BKV Corporation (BKV) is a
forward-thinking, growth-driven energy company focused on creating
value for its stockholders. BKV's core business is to produce
natural gas from its owned and operated upstream businesses. BKV
(and its predecessor entity) was founded in 2015, and BKV and its
employees are committed to building a different kind of energy
company. BKV is one of the top 20 gas-weighted natural gas
producers in the United States and
the largest natural gas producer by gross operated volume in the
Barnett Shale. BKV Corporation is the parent company for the BKV
family of companies.
About Wilks Development
Wilks Development is a
visionary leader in Texas real
estate development and investment, committed to creating
exceptional spaces that enrich the lives of communities. Founded in
2012 by brothers and third-generation masons Kyle and Josh Wilks, along with their cousin
Jess Green, Wilks Development has
meticulously built a diverse portfolio that includes sturdy stone
storefronts, vibrant multi-family communities, sleek commercial
offices, and thriving, walkable neighborhoods.
As an intentional and innovative company, Wilks Development
continues to pioneer with a focus on sustainable growth and
community enhancement, ensuring that every project contributes
positively to the areas it serves. For more information about Wilks
Development, visit our website at wilksdevelopment.com or follow us
on LinkedIn, Facebook, and Instagram at @wilksdevelopment.
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SOURCE BKV Corporation