leadf
logo-loader
viewGevo Inc

Gevo welcomes two announcements from Scandinavian region regarding Sustainable Aviation Fuel

As part of Sweden’s target to be fossil-free by 2040, the Swedish Government announced on September 11, 2020, its intention to introduce a greenhouse gas reduction mandate for aviation fuel

Gevo Inc -
Norway announced earlier this year plans to introduce a 0.5% biofuel blending mandate, with its ultimate target for a 30% share of biofuels in the aviation sector by 2030

Gevo, Inc. (NASDAQ:GEVO), which is commercializing the next generation of renewable premium gasoline, jet fuel and diesel fuel with the potential to achieve zero carbon emissions, has welcomed two announcements from the Scandinavian region regarding Sustainable Aviation Fuel (SAF).

The company noted that as part of Sweden’s target to be fossil-free by 2040, the Swedish Government announced on September 11, 2020, its intention to introduce a greenhouse gas (GHG) reduction mandate for aviation fuel. The reduction level is expected to be 0.8% in 2021 and gradually increase to 27% by 2030, with most of the savings expected to come from the use of SAF.

In addition to Sweden’s announcement, Norway announced earlier this year plans to introduce a 0.5% biofuel blending mandate. Norway’s ultimate target is for a 30% share of biofuels in the aviation sector by 2030.

READ: Gevo says it now has the financial resources to execute on strategy as it looks to close a project financing in next 12 months

In a statement, Patrick R. Gruber, Gevo's chief executive officer said: “These announcements in Scandinavia further highlight the mega-trend around the world to de-carbonize the transportation industry in every way possible. We are always elated to hear of these positive announcements to support the reduction of Greenhouse gases.

“Gevo’s mission is to produce transportation fuels that lower greenhouse emissions. Gevo’s SAF product is approved for use in commerce and has already been used to power numerous commercial flights. Gevo looks forward to increasing its production capabilities for SAF to help countries like Sweden and Norway in the battle to reduce Greenhouse gas emissions.”

For every gallon of SAF produced, Gevo also produces approximately 10 pounds of protein that goes into the food supply chain and can sequester up to 2 pounds of carbon dioxide as carbon into the soil, making it one of the only renewable jet fuel producers to produce both food and fuel while sequestering carbon dioxide and lowering the GHG emissions as compared to traditional fossil-based jet fuel. In addition to adding food back into the food chain, Gevo will also be more transparent with its sustainability practices by utilizing blockchain technology to track its sustainable agriculture efforts.

In April 2016, ASTM International completed its process of approving a revision of ASTM D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) to include alcohol to jet synthetic paraffinic kerosene derived from renewable isobutanol. This allows Gevo’s SAF to be used as a blending component in standard Jet A-1 fuel for commercial airline use in the US and around the globe.

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 company says it'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 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.

Contact the author at [email protected]

Quick facts: Gevo Inc

Price: 0.96 USD

NASDAQ:GEVO
Market: NASDAQ
Market Cap: $72.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Gevo Inc named herein, including the promotion by the Company of Gevo Inc in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Gevo well capitalized to advance efforts to develop production facilities...

Gevo Inc (NASDAQ:GEVO) CEO Patrick Gruber tells Proactive the group that's developing renewable alternatives to petrol, is well-capitalized and continues to advance its project financing efforts to establish production facilities so it can fulfill contracts for its green fuels. Gruber says...

on 09/09/2020

3 min read