ENGLEWOOD, Colo., Aug. 07, 2019 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) announced today the successful completion of the City of Seattle’s Phase I trial pilot of fleet vehicles utilizing Gevo’s low carbon, renewable drop-in isobutanol blended gasoline to reduce greenhouse gas emissions form its fleet of vehicles.
The City confirmed they saw 18 metric tons of carbon reduction during the Phase I pilot trial using Gevo’s low carbon, renewable fuel and zero adverse effects to their fleet vehicles.
The trial, initially set to last four months, focused on the effects of the renewable blended fuel in four standard combustible engines vehicles. The positive testing results were quickly realized. All fleet vehicles housed at Seattle’s Cedar Falls Fleet location were moved into the program, monitored by the on-site maintenance team and used Gevo’s blended fuel. “The outcome of the trial was overwhelmingly positive. The testing vehicles saw no adverse effects on their engines, filters, driving performance, driver satisfaction, nor the existing fuel pipelines. We are now ready to move to a higher blended fuel and begin Phase II ahead of schedule.” said, Timothy J. Cesarek, Chief Commercial Officer of Gevo.
Philip Saunders, the City of Seattle’s Green Fleet Manager, continues to support the City’s top goals to reduce emissions by 50 percent by 2025 for the Seattle fleet and be fossil fuel-free by 2030. To do this, the City is focusing on three major undertakings: fleet electrification, reduction in fossil fuel use, and using fossil-free fuels as much as possible. These must all coincide together to stay on budget and to capture true environmental benefits. Mr. Cesarek added, “Seattle takes great pride in being a leader in green fleet management. Phillip and his team are continuously researching and implementing green fleet initiatives to reduce the City’s greenhouse gas emissions. We are proud to be a part of this important equation.”
Patrick R. Gruber, Chief Executive Officer of Gevo, said, “This pilot with the City of Seattle has shown the measurable reduction in pollution with a renewable blended fuel. Imagine replacing the whole gallon of gasoline with low-carbon renewable gasoline that has high performance, yet would reduce pollution and improve air quality more significantly.”
Gevo is a next generation “low-carbon” fuel company focused on the development and commercialization of renewable alternatives to petroleum-based products. Low-carbon fuels reduce the carbon intensity, or the level of greenhouse gas emissions, compared to standard fossil-based fuels across their lifecycle. The most common low-carbon fuels are renewable fuels. Gevo is focused on the development and production of mainstream fuels like gasoline and jet fuel using renewable feedstocks that have the potential to lower greenhouse gas emissions at a meaningful scale and enhance agricultural production, including food and other related products. In addition to serving the low-carbon fuel markets, through Gevo’s technology, Gevo can also serve markets to produce chemical intermediate products for solvents, plastics, and building block chemicals. Learn more at our website: www.gevo.com
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, including, without limitation, statements related to Gevo’s collaboration and activities with the City of Seattle as described in this press release, 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, 2018, as amended, 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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