Gevo Inc (NASDAQ: GEVO) has signed a Heads of Agreement (HOA) with Viva Energy Australia Pty Ltd, one of the country's leading energy companies and the exclusive supplier of Shell fuels and lubricants in Australia.
The HOA will further solidify both parties’ intent to work collaboratively on activities in Australia to establish the technical and commercial feasibility of converting biomass into sustainable jet fuel and renewable gasoline from regionally sourced renewable resources.
Under the non-binding HOA, both Gevo and Viva will develop and enhance commercial and advocacy relationships to further foster the use of renewable hydrocarbons, including sustainable aviation fuel (SAF) in Queensland and, more broadly, the rest of Australia.
Ultimately the HOA will support and strengthen the efforts by Englewood, Colorado-based Gevo and the Queensland government under the Waste to Biofuels funding initiative.
"Viva Energy is a key player in the Australian energy industry with a refinery, more than 20 import terminals, and supplies more than 1,260 service stations across the country,” said Gevo CEO Patrick Gruber in a statement Thursday.
“Through their terminals in Brisbane and as the JV operator of the Brisbane Airport hydrant system, we have worked with Viva Energy on several occasions to supply SAF to Queensland-based flights. We are now advancing beyond just talk and demonstration of SAF, such that this HOA and collaborative partnership will not only strengthen our development efforts in Queensland but will also go a long way in making renewable jet fuel and gasoline a reality in Australia.”
Viva Energy CEO Scott Wyatt noted that his company has a strong commitment to supporting biofuel initiatives around the country, having invested more than $20 million into biofuel projects, including supply agreements with local biofuels producers and the construction and commissioning of a new biofuels blending facility in Queensland.
“Our partnership with Gevo and our investment to date in biofuel projects illustrates Viva Energy’s commitment towards supporting more sustainable fuels into the future,” he said.
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