In a Collaboration with GoogleCloud, Gevo to Measure and Verify the Carbon Intensity of Biofuels Across the Supply Chain Utilizing Verity Tracking
06 Juni 2022 - 2:05PM
Gevo, Inc. (NASDAQ: GEVO) today announced that it has entered into
a partner agreement with Google Cloud to measure and verify the
efficacy of next-generation biofuels across the supply chain via
full lifecycle sustainability data tracking. Utilizing technology
developed by Verity Tracking (Verity), a division of Gevo, the
collaboration is expected to enable users to track and verify
emissions using datasets and analytics tools from Google Cloud. The
goal will be to help companies create a more data-driven approach
to understanding and lowering greenhouse gas intensity globally.
Together, Google Cloud and Verity expect to work on
product-level engagements to address market and customer needs.
Utilizing Google Cloud’s analytics tools and Google Earth Engine’s
multi-petabyte catalog of Earth observation data, Gevo and Verity
expect to provide measured verification of asset-level atmospheric
emissions reductions, renewable energy-powered electricity for
processing, and land-use changes with soil quality and water
impacts to support Gevo’s smart agriculture and carbon intensity
claims, from farm to flight.
“Data is the core issue in understanding carbon emissions. Many
organizations are prioritizing sustainability, but are unsure how
to track and measure climate data,” said Larry Cochrane, Director,
Global Energy Solutions, Google Cloud. “Gevo and Verity’s advanced
value chain solution, complemented by Google Cloud's leading data
platform and tools, is uniquely positioned to track emissions and
environmental factors across the full lifecycle, helping to
identify opportunities for continuous improvement. We are excited
about Verity’s technology, and partnering with Gevo to better
address this issue together with customers and drive a positive
impact on the planet.”
“Understanding the full sustainability life cycle, especially
that of greenhouse gasses is critical for energy transition because
it provides the insight to solve the real problems, show proof of
claims, and eliminate through data the speculation that occurs,”
said Dr. Patrick Gruber, CEO of Gevo. “Google Cloud and the Verity
team are focused on working together to close the data gaps between
smart agriculture at the farm level and measuring the carbon
intensity through the full carbon lifecycle. We expect to build the
technology and tools to track carbon intensity of renewable natural
gas, sustainable aviation fuel, renewable diesel, farming, and
eventually forestry and forest products.”
Verity is looking to move this into an even broader realm,
extending beyond biofuels for verification and tracking of Scope
1-3 emissions and environmental factors for all industries.
About GevoGevo’s mission is to transform
renewable energy and carbon into energy-dense liquid hydrocarbons.
These liquid hydrocarbons can be used for drop-in transportation
fuels such as gasoline, jet fuel and diesel fuel, that when burned
have the potential to yield net-zero greenhouse gas emissions when
measured across the full life cycle of the products. Gevo uses
low-carbon renewable resource-based carbohydrates as raw materials,
and is in an advanced state of developing renewable electricity and
renewable natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their life cycle). Gevo’s products
perform as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low-carbon products such as gasoline components, jet fuel and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion-dollar
business.
Gevo believes that the Argonne National Laboratory GREET model
is the best available standard of scientific-based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
About Google CloudGoogle Cloud accelerates
every organization’s ability to digitally transform its business.
We deliver enterprise-grade solutions that leverage Google’s
cutting-edge technology – all on the cleanest cloud in the
industry. Customers in more than 200 countries and territories turn
to Google Cloud as their trusted partner to enable growth and solve
their most critical business problems.
Forward-Looking StatementsCertain
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, without limitation, including the partner
agreement with Google Cloud and the collaboration between Gevo and
Google Cloud, Verity Tracking and its technology, whether the
collaboration with Google Cloud will lead to material commercial
agreements, Gevo’s technology and processes, 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, 2021,
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.
Gevo Media ContactHeather L. Manuel+1
303-883-1114IR@gevo.com
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