Read the full release on the Gevo Investor Relations site here.
PARTNERSHIP EXPECTS TO ENABLE USERS TO TRACK AND VERIFY EMISSIONS USING DATASETS AND ANALYTICS TOOLS FROM GOOGLE CLOUD
ENGLEWOOD, Colo., June 06, 2022 (GLOBE NEWSWIRE) — 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.
Gevo’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 Cloud
Google 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.
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, 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 Contact
Heather L. Manuel