Gevo Supplies Avfuel with Sustainable Aviation Fuel for Banyan Air Service
ENGLEWOOD, Colo., Jan. 31, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), a leading sustainable aviation fuel (SAF) producer, announced today it has supplied SAF to further support carbon neutrality goals in the aviation industry.
Gevo’s customer and global fuel supplier, Avfuel Corporation, delivered SAF to Banyan Air Service (KFXE) in Fort Lauderdale, Florida where they stated that the fuel accounts for a two metric ton reduction in lifecycle CO2 emissions, furthering sustainability goals for Banyan Air Service and Avfuel. The fuel was allotted to operators via commitments prior to its delivery.
“Avfuel continues to work diligently to source, test, blend and ship Gevo’s SAF which continues to raise the awareness of SAF. These efforts are important because they show the viability of SAF and express to corporations that they have a choice when flying their corporate jets. This education shows other fixed based operators what they provide their customers,” stated Patrick Gruber, Chief Executive Officer of Gevo.
“We’re thankful to work with our longstanding partners like Banyan on sustainability initiatives,” said Joel Hirst, vice president of sales for Avfuel. “The Banyan team provides exceptional services and we’re proud to help them provide this exclusive, environmentally-friendly product—via Gevo as a supply point—to its customers, once again demonstrating that aircraft can safely fly with SAF.”
To supply the fuel, Avfuel acquires a concentrated delivery of SAF from Gevo and blends it with petroleum-based jet fuel. This mixture is then tested for fuel quality and to ensure it meets all standards associated with jet fuel.
The product has a net benefit to the environment across its lifecycle. Created from corn starch, for every one million gallons of the concentrated SAF that is produced, approximately 10 million pounds of animal feed and protein is sold into the food chain, and the final jet fuel product burns cleaner, reducing carbon emissions released into the atmosphere.
Gevo is commercializing the next generation of gasoline, jet fuel and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need of reducing greenhouse gas emissions with sustainable alternatives. 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 lifecycle). 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. Learn more at www.gevo.com.
Avfuel provides fuel and services to the global aviation industry and is the leading independent supplier in the United States. Established as a supply and logistics company more than 45 years ago, Avfuel is core competent in every aspect that surrounds the delivery of fuel – from refinery to wingtip. Avfuel combines global access with personalized service throughout a fueling network of more than 3,000 locations worldwide and 650+ Avfuel-branded dealers. Our 100% dedication to aviation demonstrates our passion and commitment to a global community that prospers on the movement of goods and services around the world.
Investor and Media ContactShawn M. SeversonIntegra Investor Relations+1 415-226-7747 firstname.lastname@example.org