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The Sustainable Aviation Fuel Grand Challenge – The Plan and The Participants

 

The U.S. Department of Energy (DOE), U.S. Department of Transportation (DOT), and U.S. Department of Agriculture (USDA) are launching a government-wide Sustainable Aviation Fuel Grand Challenge (Grand Fuel Challenge). The purpose is to reduce the cost, enhance sustainability, and expand the use and production of sustainable aviation fuel (SAF). The challenge is to achieve a minimum of 50% in lifecycle greenhouse gases (GHG) over conventional aviation fuel. And to supply enough aviation fuel to meet 100% of all aviation fuel demand by 2050.

The Grand Challenge and increased production of SAF is intended to play a critical role in broader U.S. activity to reduce the aviation sector’s emissions consistent with net-zero emission for the economy. And for aviation to be fully decarbonized by 2050.

 

Wider Purpose

The activities driven by the Grand Challenge are intended to be an investment in America that reduces aviation’s environmental impact and supports energy independence while creating jobs in agriculture, forestry, infrastructure, research and development, and other production areas.

Who is Involved?

In a White House “Fact Sheet” released on September 9, many corporate citizens were named in addition to the above federal and public sector departments.  They have specifically committed, pledged, or announced they’d meet a 2030 goal of reducing current carbon emissions by half by 2030 and continue thereafter to advance sustainability across their operations.

• United Airlines (UAL) announced a new goal to reduce its carbon emissions intensity 50% , compared to 2019, by 2035. United Airlines and Honeywell (HON) also announced a new multi-million-dollar investment in Alder Fuels to produce carbon-negative sustainable aviation fuel at scale. Under the agreement, Honeywell and Alder Fuels will jointly commercialize the technology that could demonstrate greater than 100% lifecycle GHG emissions reductions for aviation fuel. United Airlines has committed to purchasing 1.5 billion gallons of this new SAF over the next 20 years.
• Delta Airlines (DAL) is committed to replacing 10% of its current jet fuel use with SAFs by 2030 and has agreements with three SAF producers, Neste, Gevo, and Northwest Advanced Bio-Fuels. Delta also recently announced a new SAF emissions pilot project with Chevron and Google to increase industry SAF transparency. 
• American Airlines (AAL) plans to procure 10 million gallons of SAF from Prometheus Fuels by 2025 through a process that produces fuels from captured CO₂ and renewable electricity.
• Alaska Airlines (ALK) offers purchases of SAF to offset corporate travel on key routes and has agreements in place with SAF producers including SkyNRG Americas and Neste.
• Southwest Airlines (LUV) is partnering with the National Renewable Energy Lab to develop and commercialize SAF.
• JetBlue (JBLU) is committed to electric and hydrogen aircraft development in partnership with Joby Aviation and Universal Hydrogen.

In the category of air freight, the Cargo Airline Association (CAA) members are purchasing new, fuel-efficient aircraft, electrifying ground equipment, promoting and using SAF, and developing the use of electric short-haul cargo aircraft.

• FedEx (FDX) is conserving fuel and improving the efficiency of aircraft through their FedEx Fuel Sense program while continuing to invest in the development of SAF.
• Atlas Air (AAWW) is driving operating efficiencies with its FuelWise program, which works in conjunction with flight planning software to optimize speeds, altitudes, routes, and flight path segments.
• Amazon AIR (AMZN) is investing in electro-fuels, hydrogen fuel cell aircraft, and electric vertical take-off and landing aircraft development. Amazon Air has purchased 6 million gallons of SAF
• DHL Express (DPSGY) has pledged to use 30% SAF by 2030 and is partnering with other stakeholders on a demonstration project in Northern Kentucky to produce and supply SAF to the region.
• UPS (UPS) is investing in efficient, electric vertical take-off and landing aircrafts for moving smaller loads.

 

Fuel Providers

Current levels of domestic SAF production are approximately 4.5 million gallons per year, with rapid growth in demand and production expected. Scaling up domestic SAF production will involve a wide variety of different feedstocks and pathways, and the industry will continue to explore a diverse set of options, including the potential to convert biofuels such as ethanol into jet fuel. To help achieve the 2030 goals, several fuel providers have announced domestic SAF production targets.

• Gevo (GEVO) plans to produce over 150 million gallons of SAF per year by 2025 from crop residue to ethanol by Alcohol-to-jet processing.
• LanzaJet (owned by Royal Dutch Shell) plans to produce 1 billion gallons of SAF per year 2030 from ethanol derived from waste sources by Alcohol-to-Jet processing.
• World Energy (XWES) plans to produce 150 million gallons of SAF per year by 2024 from fats, oils, and greases by hydroprocessing.
• Fulcrum plans to produce more than 33 million gallons of SAF per year by 2022 from MSW processed by Fischer-Tropsch processing.
• Velocys plans to produce 300 million gallons of blended SAF per year from waste woody biomass and MSW processed by the Fischer-Tropsch process.
• New announcements of potential SAF production scale-up include those from BP, Virent, Honeywell, Shell, Neste, Marquis, Green Plains Inc., ADM, Prometheus, Aemetis, and members of the Renewable Fuels Association and members of Growth Energy.

 

Airports Operational Efficiency Improvements

Many airports are committed to sustainable operations. The members of Airports Council International-North America (ACI-NA) have been commited to reach net-zero carbon emissions by 2050 since May.
SAF is already commercially available and regularly used on passenger flights at Los Angeles, CA (LAX) and San Francisco, CA (SFO); and several airports are pursuing the infrastructure required to enable SAF deliveries in the future. Many airports are pursuing operational efficiency and emissions reduction efforts, they include the following. 

• Indianapolis, IN has one of the largest solar farms on any airport property in the world, in addition to being a leader in electric airport shuttle bus fleets.
• Philadelphia, PA has established comprehensive air quality initiatives and launched a series of energy efficiency and benchmarking initiatives that include terminal facilities and ground support equipment.
• Salt Lake City, UT generates 7 percent of its energy from renewable sources, including on-site solar.
• San Diego, CA (SAN) is the first U.S. airport to establish a regular sustainability report in order to measure progress on a range of environmental goals.
• Dallas-Fort Worth, TX has set a goal of achieving Net Zero Carbon by 2030.
• A number of U.S. airports have individual road maps to achieve net-zero emissions and are actively participating in the Airport Carbon Accreditation certification program.

Take-Away

As part of the U.S. government’s commitment to substantially reduce overall carbon emissions by promoting SAF and greener airports, there is collaboration of the DOT, DOE, and USDA. The aviation industry is also getting on board with firm commitments and promises.

Some of the companies involved are large. Many of these large companies will benefit from the groundwork already done by smaller companies in the biofuels space as well as other alternative fuels. As always, where there is change, there is opportunity. Many high potential opportunities exist for small and microcap alternative fuel companies. You can explore many of these opportunities through the information provided here on Channelchek.

 

Suggested Reading:

Finding Replacements for Petroleum-Based Chemicals

Biofuels, Biodiversity, and Climate Change

Is Biden Tightening the Reins on Large Companies

The Future of Electric Vehicles

 

Sources:

https://www.whitehouse.gov/briefing-room/statements-releases/2021/09/09/fact-sheet-biden-administration-advances-the-future-of-sustainable-fuels-in-american-aviation/

https://www.energy.gov/sites/default/files/2021-09/S1-Signed-SAF-MOU-9-08-21.pdf

 

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White House Coordinates Efforts of Departments of Energy, Transportation, and Agriculture to Meet the Grand Challenge: Reduce Aviation Carbon Footprint by 50 Percent by 2050

 

ENGLEWOOD, Colo., Sept. 13, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) is pleased to share the news that the U.S. Department of Energy (DOE), the U.S. Department of Transportation (DOT), and the U.S. Department of Agriculture (USDA) entered into memorandum of understanding (MOU) outlining the Sustainable Aviation Fuel Grand Challenge (the Grand Challenge). The Grand Challenge spells out action steps to reduce the cost, enhance the sustainability, and expand the production and use of Sustainable Aviation Fuel (SAF) that achieves a minimum of a 50 percent reduction in lifecycle greenhouse gas (GHG) compared to conventional fuel to meet a goal of supplying sufficient SAF to meet 100 percent of aviation fuel demand by 2050.

Secretary Jennifer M. Granholm of the DOE, Secretary Pete Buttigieg of the DOT, and Secretary Tom Vilsack of the USDA, along with NASA Administrator Bill Nelson and the Department of Defense represented by Secretary Frank Kendall III of the Air Force, all participated in the roundtable to discuss the details of the Grand Challenge. The MOU states that, “increased production of SAF will play a critical role in a broader set of actions by the United States Government and the private sector to reduce the aviation sector’s emissions in a manner consistent with the goal of net­zero emissions for our economy, and to put the aviation sector on a pathway to full decarbonization by 2050. In recognition of the critical role that drop-in synthesized hydrocarbon fuels from waste streams, renewable energy sources, or gaseous carbon oxides—or SAF—will play in addressing our climate change crisis and its role for jobs and the economy, the Parties undertake this MOU to ensure the highest level of collaboration and coordination across our Agencies.”

Dr. Patrick Gruber, chief executive officer of Gevo, shared his thoughts at a virtual White House Roundtable to discuss the future of SAF, along with other industry leaders. As a near-term goal, government and aviation stakeholders pledged to try to achieve 3 billion gallons of SAF production and reduce aviation-related emissions by 20 percent by 2030.

“This is an exciting time for our industry,” Gruber said. “We are both honored and thankful to have been included in this collaborative event. Through Gevo’s current off-take agreements with Delta Airlines, Trafigura, Haltermann Carless, Air Total, and SAS, as well as the proposed collaboration with Chevron, we are ready to take on the Grand Challenge, and are already approaching a potential combined off-take of 250 million gallons per year of advanced hydrocarbon products, which include SAF.”

According to the MOU, “The activities underlying this MOU represent an investment in America that not only reduces our environmental impact, but also supports energy independence and creates jobs in agriculture, forestry, infrastructure, research and development and other areas where America already excels at production. This MOU also supports a just transition of the energy industry to a low carbon future. Environmental responsibility, equity and economic sensibility go hand in hand with this effort.”

“The Grand Challenge is a roadmap to a future that allows transportation growth to continue while flattening related carbon emissions,” says Gruber. “It’s only through this type of cross-discipline effort that the effects are multiplied. Our Net-Zero 1 Project is expected to be the first of its kind to be convert renewable energy into SAF and other energy-dense, liquid hydrocarbons and we don’t expect to stop there. Our vision is to reach a billion gallons by 2030, which will require additional facilities with the potential to achieve net-zero GHG emissions across the lifecycle of the fuel.”

For agricultural based feedstocks, Gevo believes in working with farmers as partners, to encourage sustainable farming and regenerative agriculture and were delighted to hear Secretary Vilsack’s thoughts about agriculture. Secretary Vilsack said during the event, “USDA and American agriculture will make sustainable aviation possible in concert with our federal and industry partners and their stakeholders. We can expand our ability to power the nation’s aviation sector with fuel grown right here at home by hard-working Americans, while creating economic opportunity for American farmers, business owners and rural communities. Participating in SAF supply chains is also a big win for the aviation business, consumers and the planet.”

In addition to Gevo’s approach to utilizing sustainable field corn as a feedstock for producing SAF and renewable gasoline, Gevo also believes in the technology to utilize cellulosic feedstock, such as wood residues.

Gevo believes that the U.S. Department of Energy’s (DOE) Argonne National Laboratory model utilizes the most up to date, scientific carbon accounting. Argonne GREET is the premier science-based life cycle inventory model for determining GHGs and other sustainability attributes across the life cycle of a fuel. Gevo believes that by rewarding farmers to improve their agricultural practices, by capturing carbon, by reducing run-off, and by producing large amounts of protein, Gevo can address several problems at once. Gevo believes it is possible to make this world a better place, with better nutrition, while eliminating fossil based GHGs.

A link to the White House fact sheet can be found here .

About Gevo

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 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

Forward-Looking Statements

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 Gevo’s technology, the White House fact sheet and virtual roundtable, the production of SAF, the attributes of Gevo’s products, 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, 2020, 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.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

 

Capstone Green Energy To Provide Ontario Greenhouse with Clean Combined Heat and Power Microgrid Solution

 

Microgrid To Be Built Around Capstone’s Low Emission C1000S Microturbine System

VAN NUYS, CA / ACCESSWIRE / September 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that its North American distributor, Vergent Power Solutions, has signed an agreement to provide an energy efficient, low emission, one-megawatt Combined Heat and Power (CHP) microturbine for a large greenhouse expansion in Ontario, Canada.

Fueled by high pressure clean burning natural gas, the new off-grid system featuring Capstone’s C1000S will provide 24/7/365 power to the farm’s 100-acre indoor greenhouse expansion, an operation that requires a high degree of uptime and low maintenance. The design will feature inverter-based electronics to synchronize with a solar photovoltaic (PV) array in a standalone microgrid. Capstone microturbines should allow the site to have virtually 100% availability, resulting in seamless greenhouse operations. Further, the system will be designed to use the microturbines’ waste heat to both produce hot water and to provide clean carbon dioxide to the greenhouse. The systems is planned for commissioning in spring 2022, and is expected to achieve a total system energy efficiency of close to 90%.

“As Ontario’s greenhouse industry has continued to expand, its power requirements have outpaced the capabilities of the local electric utilities. This has resulted in many greenhouses going off-grid and using CHP as the primary source of energy for their operations,” said Justin Rathke, President of Vergent Power Solutions. “The customer chose Capstone due to the technology’s high uptime, low maintenance requirements, redundant bay design and clean emissions,” added Mr. Rathke.

“Modern farming practices are evolving in exciting new ways, and their energy strategies need to evolve with them,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Capstone solutions deliver essential power reliability and energy efficiency that indoor farming operations require, which, in turn, improves their return on investment. At the same time, our systems lower their carbon footprint, which critically important for an industry dependent on a healthy environment,” concluded Mr. Jamison.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

 

Capstone Green Energy To Provide Ontario Greenhouse with Clean Combined Heat and Power Microgrid Solution

 

Microgrid To Be Built Around Capstone’s Low Emission C1000S Microturbine System

VAN NUYS, CA / ACCESSWIRE / September 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that its North American distributor, Vergent Power Solutions, has signed an agreement to provide an energy efficient, low emission, one-megawatt Combined Heat and Power (CHP) microturbine for a large greenhouse expansion in Ontario, Canada.

Fueled by high pressure clean burning natural gas, the new off-grid system featuring Capstone’s C1000S will provide 24/7/365 power to the farm’s 100-acre indoor greenhouse expansion, an operation that requires a high degree of uptime and low maintenance. The design will feature inverter-based electronics to synchronize with a solar photovoltaic (PV) array in a standalone microgrid. Capstone microturbines should allow the site to have virtually 100% availability, resulting in seamless greenhouse operations. Further, the system will be designed to use the microturbines’ waste heat to both produce hot water and to provide clean carbon dioxide to the greenhouse. The systems is planned for commissioning in spring 2022, and is expected to achieve a total system energy efficiency of close to 90%.

“As Ontario’s greenhouse industry has continued to expand, its power requirements have outpaced the capabilities of the local electric utilities. This has resulted in many greenhouses going off-grid and using CHP as the primary source of energy for their operations,” said Justin Rathke, President of Vergent Power Solutions. “The customer chose Capstone due to the technology’s high uptime, low maintenance requirements, redundant bay design and clean emissions,” added Mr. Rathke.

“Modern farming practices are evolving in exciting new ways, and their energy strategies need to evolve with them,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Capstone solutions deliver essential power reliability and energy efficiency that indoor farming operations require, which, in turn, improves their return on investment. At the same time, our systems lower their carbon footprint, which critically important for an industry dependent on a healthy environment,” concluded Mr. Jamison.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Thursday, September 09, 2021

InPlay Oil (IPOOF)(IPO:CA)
New 2022 Guidance Highlights Value of Stock, Price Target Raised

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

InPlay management gave updated end-of-the-year and initial 2022 production and cash flow guidance. Guidance was above our expectations, reflecting the strong performance of recent wells drilled in the Pembina Cardium. Production guidance for 2021 at the high end of the previous range of 5,500-5,750 boe/d is above our model assumptions of 5,613 boe/d. Initial guidance for 2022 is even more impressive at 6,300-6,550 boe/d versus our assumptions of 5,894 boe/d. The company has increased its capital budget and clearly expects favorable drilling results at Pembina to continue.


Favorable production means higher cash flow.  Management estimates that based on current energy prices, it will generate Adjusted Funds Flow of C$71.5-$74.5 million in 2022. This is significantly above our estimate of C$47.3 million and is roughly equal to the current market capitalization of the company on the Canadian exchange. Estimated free cash flow of C$38-$40 million will allow the company to …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Chevron, Gevo Announce Intent to Pursue Sustainable Aviation Fuel Investment

 

SAN RAMON, Calif. and ENGLEWOOD, Colo., Sept. 09, 2021 (GLOBE NEWSWIRE) — Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Gevo, Inc. (NASDAQ: GEVO) today announced a letter of intent to jointly invest in building and operating one or more new facilities that would process inedible corn to produce sustainable aviation fuel, which can lower the lifecycle carbon intensity of fuels used in the aviation industry. The new facilities would also produce proteins and corn oil.

Through the proposed collaboration, Gevo would operate its proprietary technology to produce sustainable aviation fuel and renewable blending components for motor gasoline to lower its lifecycle carbon intensity. In addition to co-investing with Gevo in one or more projects, Chevron would have the right to offtake approximately 150 million gallons per year to market to customers.

“Chevron is providing our customers with next-generation renewable fuels that can help them lower their overall carbon footprint,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “This potential investment leverages Gevo’s innovative approach to producing sustainable aviation fuel, complementing other renewable fuels investments we are making as part of our higher returns, lower carbon strategy.”

“We are pleased to collaborate with Chevron, who is willing to co-invest in building out Gevo’s capacity to produce renewable, high-performing hydrocarbons that can be used in existing equipment and engines. Chevron’s advantaged market position would allow it to offtake production from this venture, helping to place sustainable aviation fuel with airline customers,” commented Dr. Patrick Gruber, chief executive officer of Gevo.

The proposed investment is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval. Further information regarding the letter of intent between Gevo and Chevron U.S.A. can be found in the Current Report on Form 8-K filed by Gevo with the U.S. Securities and Exchange Commission on September 9, 2021.

Contacts

Tyler Kruzich, Chevron

Phone: 925-549-8686

Email: tkruzich@chevron.com

Gevo Investor and Media Contact

Phone: (720) 647-9605

Email: IR@gevo.com

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com .

About Gevo, Inc.

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 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

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company’s 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Forward-Looking Statements Regarding Gevo, Inc.

Certain statements in this press release may constitute “forward-looking statements” regarding Gevo, Inc. (“Gevo”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to expectations of the agreements between Gevo and Chevron, the potential investment in Gevo’s projects, and the volume of sustainable aviation fuel to be produced under the agreement, Gevo’s technology, Gevo’s products, 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, 2020, 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.

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Chevron Announces Multiple Green Energy Collaborations

 

In three big announcements, Chevron, a company that dates back to 1879, is demonstrating it will aggressively partner with and develop initiatives to reduce hydrocarbons in aviation, rail, shipping, and stationary power. The company is paving the way to provide customers with the new energy sources they believe will take us into a cleaner energy future.

The collaborations, proposed partnerships, and equity ownership are with Gevo (GEVO), a maker of corn-based aircraft and other fuels, Aces Delta, LLC, which is an advanced clean energy storage project owned by Mitsubishi Power and Magnum Development. And a collaboration with Caterpillar to build a hydrogen demonstration project for transportation and stationary power.

 

Chevron / GEVO – Intent to Pursue Aviation Fuel

In a letter of intent, dated September 9, Gevo and Chevron say they are expected to agree to jointly invest in building and operating one or more new facilities that would process corn to produce sustainable aviation fuel. The result is expected to lower the lifecycle carbon intensity of fuels used in the aviation industry. The new facilities would also produce proteins and corn oil.

Under the proposed collaboration, Gevo would operate its proprietary technology to produce sustainable aviation fuel and renewable blending components for motor gasoline. In addition to co-investing with Gevo, Chevron would have the right to offtake approximately 150 million gallons per year to market to customers.??

The proposed investment is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval.

 

Chevron / Caterpillar Hydrogen Collaboration Agreement

In a press release announcing a collaboration agreement dated September 8, Caterpillar, and Chevron outline initiatives in hydrogen demonstration projects. The projects include transportation, stationary power, and prime power.

The goal of the collaborative effort is to confirm the feasibility and performance of hydrogen for use as a commercially viable alternative to traditional fuels for rail and marine use. They also will work to demonstrate hydrogen’s use as a main source of stationary power production.

As part of the collaboration, Progress Rail, a Caterpillar company, agreed to demonstrate a hydrogen-fueled locomotive along with hydrogen-fueling infrastructure support. The rail project is expected to begin immediately at various locations across the United States.

 

Chevron /
Mitsubishi / Magnum Development Hydrogen Production and Storage

Chevron’s announcement on September 9 that it will acquire an equity interest in ACES Delta is another step the energy giant is making toward being a part of tomorrow’s cleaner energy.  Aces Delta is a joint venture between Mitsubishi Power and Magnum Development that owns the Advanced Clean Energy Storage project. This project will produce, store and transport clean electron hydrogen at utility-scale for power generation, transportation, and industrial applications in the western United States.

The initial venture is located in Utah, adjacent to the Intermountain Power Plant, which will use clean hydrogen to produce electricity with lower lifecycle carbon emissions. Future anticipated projects include the expansion of green hydrogen supply to other Western states and the construction of connecting hydrogen infrastructure to build a regional hydrogen production, transportation, and supply network.

Chevron is working to build demand for hydrogen and the supporting technologies in heavy-duty transportation and industrial sectors where decreasing greenhouse gases has proven itself difficult.  

 

Take-Away

The energy sector (XLE) is up 1.50% after an hour of trading (September 9), Chevron is up 1%, while the S&P rose only .33%. The combination of Chevron’s size, strength, and relationships, coupled with the technologies of companies it is partnering with to transition to more alternative fuels should help those fuels become more mainstream.

Traditional energy companies like Chevron were among the most challenged last year as transportation was brought to a crawl with the pandemic. Growing clean energy initiatives since then have continued to weigh on companies like the 140-year-old Chevron. The rapid-fire announcements this week that they have found clean energy “wingmen” would seem to benefit all involved.

 

Suggested Reading:

Hydrogen Powered Transportation May Include Planes by 2025

Lithium Battery vs Hydrogen Fuel Cell Batteries

Investment Opportunities in Hydrogen

Are There Enough ESG Stocks to Go Around?

 

Sources:

https://www.chevron.com/stories/chevron-caterpillar-announce-collaboration-agreement-on-hydrogen?utm_source=twitter&utm_medium=social&utm_campaign=downstream

https://www.chevron.com/stories/chevron-agrees-on-framework-to-join-hydrogen-jv-with-magnum-development-and-mitsubishi-power?utm_source=twitter&utm_medium=social&utm_campaign=corporate

https://www.chevron.com/stories/chevron-gevo-announce-intent-to-pursue-sustainable-aviation-fuel-investment?utm_source=twitter&utm_medium=social&utm_campaign=downstream

 

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Chevron, Gevo Announce Intent to Pursue Sustainable Aviation Fuel Investment

 

SAN RAMON, Calif. and ENGLEWOOD, Colo., Sept. 09, 2021 (GLOBE NEWSWIRE) — Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Gevo, Inc. (NASDAQ: GEVO) today announced a letter of intent to jointly invest in building and operating one or more new facilities that would process inedible corn to produce sustainable aviation fuel, which can lower the lifecycle carbon intensity of fuels used in the aviation industry. The new facilities would also produce proteins and corn oil.

Through the proposed collaboration, Gevo would operate its proprietary technology to produce sustainable aviation fuel and renewable blending components for motor gasoline to lower its lifecycle carbon intensity. In addition to co-investing with Gevo in one or more projects, Chevron would have the right to offtake approximately 150 million gallons per year to market to customers.

“Chevron is providing our customers with next-generation renewable fuels that can help them lower their overall carbon footprint,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “This potential investment leverages Gevo’s innovative approach to producing sustainable aviation fuel, complementing other renewable fuels investments we are making as part of our higher returns, lower carbon strategy.”

“We are pleased to collaborate with Chevron, who is willing to co-invest in building out Gevo’s capacity to produce renewable, high-performing hydrocarbons that can be used in existing equipment and engines. Chevron’s advantaged market position would allow it to offtake production from this venture, helping to place sustainable aviation fuel with airline customers,” commented Dr. Patrick Gruber, chief executive officer of Gevo.

The proposed investment is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval. Further information regarding the letter of intent between Gevo and Chevron U.S.A. can be found in the Current Report on Form 8-K filed by Gevo with the U.S. Securities and Exchange Commission on September 9, 2021.

Contacts

Tyler Kruzich, Chevron

Phone: 925-549-8686

Email: tkruzich@chevron.com

Gevo Investor and Media Contact

Phone: (720) 647-9605

Email: IR@gevo.com

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com .

About Gevo, Inc.

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 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

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company’s 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Forward-Looking Statements Regarding Gevo, Inc.

Certain statements in this press release may constitute “forward-looking statements” regarding Gevo, Inc. (“Gevo”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to expectations of the agreements between Gevo and Chevron, the potential investment in Gevo’s projects, and the volume of sustainable aviation fuel to be produced under the agreement, Gevo’s technology, Gevo’s products, 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, 2020, 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.

Thursday, September 09, 2021

InPlay Oil (IPOOF)(IPO:CA)
New 2022 Guidance Highlights Value of Stock, Price Target Raised

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

InPlay management gave updated end-of-the-year and initial 2022 production and cash flow guidance. Guidance was above our expectations, reflecting the strong performance of recent wells drilled in the Pembina Cardium. Production guidance for 2021 at the high end of the previous range of 5,500-5,750 boe/d is above our model assumptions of 5,613 boe/d. Initial guidance for 2022 is even more impressive at 6,300-6,550 boe/d versus our assumptions of 5,894 boe/d. The company has increased its capital budget and clearly expects favorable drilling results at Pembina to continue.


Favorable production means higher cash flow.  Management estimates that based on current energy prices, it will generate Adjusted Funds Flow of C$71.5-$74.5 million in 2022. This is significantly above our estimate of C$47.3 million and is roughly equal to the current market capitalization of the company on the Canadian exchange. Estimated free cash flow of C$38-$40 million will allow the company to …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, September 08, 2021

enCore Energy Corp. (ENCUF)(EU:CA)
enCore Combines with Azarga Uranium

enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties. The company holds the Marquez project in New Mexico as well as the dominant land position in Arizona with additional other properties in Utah and Wyoming. The firm also owns or has access to North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher’s Exploration databases in addition to a collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

enCore Energy and Azarga Uranium agree to merge. The merger will combine enCore’s leading position as an aggregator of domestic uranium assets and controller of in-situ processing plants with Azarga’s ownership of several high-grade, low-cost in-situ exploratory projects. We think the combination makes sense for both companies and see the announcement as a continuation of enCore’s goal of becoming the leading uranium ISR producer in the U.S.


Why it makes sense for Azarga.  Azarga shareholders receive 0.375 shares worth $0.71 per share, a 31% premium. Azarga gains a partner with experience as a uranium aggregator, a strong balance sheet (C$5m cash + C$12m inventory and no debt), and control of permitted processing plants. Azarga was going to need to bring in a partner to develop its Dewey Burdock project (initial capital costs of US32m) …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Gevo Announces Plans for Hydrocarbon-Process Pilot Unit at Luverne Facility

 

ENGLEWOOD, Colo., September 7, 2021 — Gevo, Inc. (NASDAQ: GEVO), announced that it plans to install an alcohol-to-hydrocarbon process pilot unit at its facility located in Luverne, Minnesota (the “Luverne Facility”). The pilot unit is being designed to produce market development quantities of sustainable aviation fuel (“SAF”), renewable premium gasoline, other renewable fuel products, as well as provide capability to supply market development quantities of chemical products. The installation is estimated to begin in Q3 2022 with startup demonstration production expected in Q4 2022.

In addition, we expect to test and evaluate certain potential unit operations that may be incorporated into Gevo’s state-of-the-art Net-Zero 1 production facility that is expected to begin production in 2024 in Lake Preston, South Dakota. Installation of the pilot unit at the Gevo-Luverne facility is part of the plan to use the facility as a technology development and piloting site. The pilot unit will also be used in training of employees for Net-Zero 1 and other future projects.

“The work we do at the Luverne facility will be critical in establishing a smooth startup of Net-Zero 1 and future Net-Zero projects for ramping up capacity right out of the gate,” stated Dr. Paul Bloom, Chief Carbon & Innovation Officer of Gevo. Dr. Bloom continued, “We also plan to use the new pilot capability to support our robust pipeline of new renewable fuel and chemical projects in the future, which is also a first step in converting Luverne into a hydrocarbon facility. We couldn’t do that effectively without the support we’ve received from the City of Luverne and the State of Minnesota. We’re excited to bring more high-quality jobs to the area and to continue to be a part of the Luverne community.”

Agri-Energy, LLC, Gevo’s wholly-owned subsidiary that owns the Luverne Facility, rehired multiple former employees in the beginning of August, and is in the process of hiring additional employees to produce the isobutanol (IBA) that is the feedstock for the hydrocarbon pilot unit. Additional operations staff will be required for the hydrocarbon production, though a certain number cannot yet be attributed to it.

About Gevo
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 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

Forward-Looking Statements
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 Luverne Facility, the Luverne Facility’s ability to produce IBA, SAF or other products, the Net-Zero 1 project, Gevo’s technology, Gevo’s products, 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, 2020, 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.

 

Investor and Media Contact
IR@gevo.com

+1 720-647-9605

Gevo Announces Plans for Hydrocarbon-Process Pilot Unit at Luverne Facility

 

ENGLEWOOD, Colo., September 7, 2021 — Gevo, Inc. (NASDAQ: GEVO), announced that it plans to install an alcohol-to-hydrocarbon process pilot unit at its facility located in Luverne, Minnesota (the “Luverne Facility”). The pilot unit is being designed to produce market development quantities of sustainable aviation fuel (“SAF”), renewable premium gasoline, other renewable fuel products, as well as provide capability to supply market development quantities of chemical products. The installation is estimated to begin in Q3 2022 with startup demonstration production expected in Q4 2022.

In addition, we expect to test and evaluate certain potential unit operations that may be incorporated into Gevo’s state-of-the-art Net-Zero 1 production facility that is expected to begin production in 2024 in Lake Preston, South Dakota. Installation of the pilot unit at the Gevo-Luverne facility is part of the plan to use the facility as a technology development and piloting site. The pilot unit will also be used in training of employees for Net-Zero 1 and other future projects.

“The work we do at the Luverne facility will be critical in establishing a smooth startup of Net-Zero 1 and future Net-Zero projects for ramping up capacity right out of the gate,” stated Dr. Paul Bloom, Chief Carbon & Innovation Officer of Gevo. Dr. Bloom continued, “We also plan to use the new pilot capability to support our robust pipeline of new renewable fuel and chemical projects in the future, which is also a first step in converting Luverne into a hydrocarbon facility. We couldn’t do that effectively without the support we’ve received from the City of Luverne and the State of Minnesota. We’re excited to bring more high-quality jobs to the area and to continue to be a part of the Luverne community.”

Agri-Energy, LLC, Gevo’s wholly-owned subsidiary that owns the Luverne Facility, rehired multiple former employees in the beginning of August, and is in the process of hiring additional employees to produce the isobutanol (IBA) that is the feedstock for the hydrocarbon pilot unit. Additional operations staff will be required for the hydrocarbon production, though a certain number cannot yet be attributed to it.

About Gevo
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 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

Forward-Looking Statements
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 Luverne Facility, the Luverne Facility’s ability to produce IBA, SAF or other products, the Net-Zero 1 project, Gevo’s technology, Gevo’s products, 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, 2020, 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.

 

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