Gevo and Praj to Commercialize Sustainable Aviation Fuel in India (2022)

Gevo and Praj to Commercialize Sustainable Aviation Fuel in India (1)

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Gevo, Inc. (NASDAQ: GEVO) and Praj Industries Ltd. have announcedthat they have signed a binding, definitive Master FrameworkAgreement (MFA) to collaborate on providing renewable, low carbon,low particulate, Sustainable Aviation Fuel (SAF) and renewablepremium gasoline in India and neighboring countries. This followsan earlier announcement in April 2019 between both partiesregarding the commercialization of renewable isobutanol, SAF andrenewable premium gasoline.

Gevo will license its technology and Praj willprovide technology, plant equipment and EPC services to sugar millsand ethanol plants to produce renewable isobutanol from 1Gfeedstock (cane juice, cane molasses, sugar syrup, etc.) and 2Gfeedstock (cellulosic biomass like straws, bagasse, etc.) Therenewable isobutanol will be aggregated and transferred to variousrefineries. Gevo will also license its technology and Praj willprovide technology, plant equipment and EPC services to refineriesfor converting renewable isobutanol into Sustainable Aviation Fueland premium gasoline through the ASTM-approved pathway ofAlcohol-to-Jet (ATJ).

According to Apte Research Group, University ofCalifornia, Berkley, particle air pollution in South Asia ranksamong the most severe in the world. In India alone, hundreds ofmillions of people are exposed to PM2.5 concentrations, an order ofmagnitude greater than World Health Organization guidelines. Theuse of SAF, blended with aviation turbine fuel, can contributesignificantly to mitigating the risk associated with particulateair pollution.

SAF should find applications in commercialaviation as well as in the defense sector in India. Praj and Gevosupplied the sample of SAF produced by Gevo to the Indian Air Force(IAF). The Indian Air Force tested the sample and found it to bemeeting the desired specifications as per relevant ASTM standards.Further tests are underway at IAF.

“Jet fuel and gasoline made with our technologyare made from renewable resources, reduce greenhouse gasses, andeliminates particulates,” said Patrick Gruber, CEO of Gevo. “We arepleased to be working with Praj, moving down the commercializationpath and that the Indian Air Force has the vision to see that thedomestic supply of jet fuel makes sense. We also recognize thatproducts like ours have the potential to reduce air pollution.”

Speaking on the occasion, Dr. Pramod Chaudhari,Executive Chairman, Praj Industries, said, “We are happy to partnerwith Gevo, a leading renewable chemicals and advanced biofuelscompany to expand the commercial-scale use of SAF in India. Praj’senfinityTM technology under Bio-MobilityTMplatform, combined with Gevo’s ATJ, will create a winning solutionto address the growing need of sustainable decarbonization. Thiswill also help India in achieving energy security, reducing importbill and meeting climate change goals.”

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Pursuant to the terms of the MFA, Gevo isproviding a license to Praj, which will allow the latter to carryout basic engineering and design package services, supplyequipment, build plants and use jointly developed process designpackage to produce renewable isobutanol for plant operators who arelicensed by Gevo.

In addition, Gevo is also providing a license toPraj, which will allow the latter to carry out basic engineeringand design package services, supply equipment and build plants toconvert renewable isobutanol into renewable gasoline and SAF forplant operators who are licensed by Gevo.

A copy of the MFA has been filed with the U.S.Securities and Exchange Commission on Form 8-K.

About Gevo
Gevo is commercializing the next generation of renewable premiumgasoline, jet fuel and diesel fuel with the potential to achievezero carbon emissions, addressing the market need of reducinggreenhouse gas emissions with sustainable alternatives. Gevo useslow-carbon renewable resource-based carbohydrates as raw materials,and is in an advanced state of developing renewable electricity andrenewable natural gas for use in production processes, resulting inlow-carbon fuels with substantially reduced carbon intensity (thelevel of greenhouse gas emissions compared to standard petroleumfossil-based fuels across their lifecycle). Gevo’s products performas well or better than traditional fossil-based fuels ininfrastructure and engines, but with substantially reducedgreenhouse gas emissions. In addition to addressing the problems offuels, Gevo’s technology also enables certain plastics, such aspolyester, to be made with more sustainable ingredients. Gevo’sability to penetrate the growing low-carbon fuels market depends onthe price of oil and the value of abating carbon emissions thatwould otherwise increase greenhouse gas emissions. Gevo believesthat its proven, patented, technology enabling the use of a varietyof low-carbon sustainable feedstocks to produce price-competitivelow carbon products such as gasoline components, jet fuel, anddiesel fuel yields the potential to generate project and corporatereturns that justify the build-out of a multi-billion dollarbusiness. Learn more at our website:www.gevo.com

About Praj IndustriesLimited:

Praj, India’s most accomplished processengineering company in the Bioeconomy, is driven by innovation andintegration capabilities. Over the past three decades, Praj hasfocused on the environment, energy, and agri-process industry, withover 750 customer references spanning 75 countries across 5continents.

Bio-mobilityTM andBio-PrismTM are the mainstays of Praj’s contribution tothe global Bioeconomy. The Bio-MobilityTM portfoliooffers technology solutions globally to produce renewabletransportation fuel, thus ensuring sustainable decarbonizationthrough circular bio-economy. The company’s Bio-PrismTMportfolio comprises of renewable chemicals and materials solutionspromise sustainability while reimagining nature. Praj Matrix, thestate-of-the-art R&D facility, forms the backbone for thecompany’s endeavors towards a clean energy-based Bioeconomy.

Praj’s diverse portfolio comprises Bio-energyplants, Zero liquid discharge plants, Critical process equipment& skids for oil & gas industries, Breweries and High puritywater systems. Led by an accomplished and caring leadership, Prajis a socially responsible corporate citizen. Praj is listed on theBombay and National Stock Exchanges of India. More information atwww.praj.net

Forward-Looking Statements
Certain statements in this press release may constitute“forward-looking statements” within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These forward-lookingstatements relate to a variety of matters, including, withoutlimitation, statements related to Gevo’s partnership with Praj,Master Framework Agreement (MFA), Gevo’s technology, Praj’stechnology, demand for Gevo’s isobutanol, ATJ and isooctane inIndia and elsewhere and the timing of activities contemplated inthis press release, and other statements that arenot purely statements of historical fact. These forward-lookingstatements are made based on the current beliefs, expectations andassumptions of the management of Gevo and are subject tosignificant risks and uncertainty. Investors are cautioned not toplace undue reliance on any such forward-looking statements. Allsuch forward-looking statements speak only as of the date they aremade, and Gevo undertakes no obligation to update or revise thesestatements, whether as a result of new information, future eventsor otherwise. Although Gevo believes that the expectationsreflected in these forward-looking statements are reasonable, thesestatements involve many risks and uncertainties that may causeactual results to differ materially from what may be expressed orimplied in these forward-looking statements. For a furtherdiscussion of risks and uncertainties that could cause actualresults to differ from those expressed in these forward-lookingstatements, as well as risks relating to the business of Gevo ingeneral, see the risk disclosures in the Annual Report on Form 10-Kof Gevo for the year ended December 31, 2019 and in subsequentreports 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

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Gevo and Praj to Commercialize Sustainable Aviation Fuel in India (2)

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(Video) Theme 3: Future Fuels for Sustainable Transport

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FAQs

What companies produce sustainable aviation fuel? ›

Increase in application of sustainable aviation fuels result in reduction in carbon emissions compared to the traditional jet fuel as it replaces lifecycle of the fuel.
...
  • Aemetis Inc.
  • Avfuel Corporation.
  • Fulcrum Bioenergy.
  • Gevo.
  • Lanzatech.
  • Neste.
  • Preem AB.
  • Sasol.

Which airline uses sustainable aviation fuel first? ›

IndiGo today completed its first-ever flight which was flying using sustainable aviation fuel (SAF).

Is gevo a green company? ›

To make its energy-dense liquid hydrocarbons, Gevo uses low-carbon renewable resource-based carbohydrates as raw materials and is developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity.

Is there sustainable aviation fuel? ›

SAF stands for sustainable aviation fuel. It's produced from sustainable feedstocks and is very similar in its chemistry to traditional fossil jet fuel. Using SAF results in a reduction in carbon emissions compared to the traditional jet fuel it replaces over the lifecycle of the fuel.

Which company supplies aviation fuel in India? ›

Bharat Petroleum Corporation Limited (BPCL) is pioneer in providing aviation fuel services in India.

What are the 4 pillars of aviation sustainability? ›

State action plans/assistance to States, 2. Sustainable alternative fuels for aviation, 3. Market based measures, 4. Global aspiration goals.

Which Indian airline used biofuel first? ›

Spicejet was the first Indian airline company that used biofuel as ATF in August 2018.

What are the two types of aviation fuel? ›

Shell Aviation fuels fall into two basic groups: Aviation gasoline – Used in reciprocating or piston engines. Aviation turbine fuels (jet fuels) – Used in turbo-fan, turbo-jet, and turbo-prop engines.

Who produces the most aviation fuel? ›

The United States of America is the top country by output of jet fuel in the world. As of June 2022, output of jet fuel in the United States of America was 1,665.2 thousand barrels per day. The top 5 countries also includes Republic of Korea, India, Netherlands, and Japan.

What is the future of Gevo stock? ›

The 3 analysts offering 12-month price forecasts for Gevo Inc have a median target of 10.00, with a high estimate of 18.00 and a low estimate of 10.00. The median estimate represents a +314.94% increase from the last price of 2.41.

Does gevo produce ethanol? ›

Gevo has purchased an ethanol production facility in Luverne, Minnesota. This plant is expected to provide 18 million gallons per year of production capacity for chemicals and fuels customers.

Who is investing in Gevo? ›

Top 10 Owners of Gevo Inc
StockholderStakeShares owned
BlackRock Fund Advisors7.69%18,078,479
The Vanguard Group, Inc.4.55%10,709,367
BlackRock Advisors (UK) Ltd.2.54%5,974,623
Sabby Management LLC2.33%5,486,831
6 more rows

What is a 100% sustainable fuel? ›

It means that the engines do not add anything to the carbon dioxide in the atmosphere.

Who produces SAF fuel? ›

SAF is a cleaner, direct replacement for fossil jet fuel and reduces greenhouse gas (GHG) emissions by up to 80%* compared to fossil jet fuel. Today, Neste produces 100,000 tons of SAF and production will increase to 1.5 million tons (around 1.875 billion litres) annually by the end of 2023.

What is the cost of sustainable aviation fuel? ›

After all, the cost is a prime reason why several airlines have been slow in adopting SAF. In 2020, the overall cost of jet fuel was $0.5 per liter. Meanwhile, the cost of SAF was $1.1 per liter. So, SAF was more than double the price of conventional jet fuel.

Who supplies fuel to IndiGo? ›

The airline said in a release informed, "IndiGo - has taken delivery of its first aircraft operating on Sustainable Aviation Fuel (SAF) from Airbus.

Where does India buy its fuel from? ›

Although, Brazil, Colombia and Gabon already supply crude to India, the quantity is not significant and India is now looking to increase the imports from these countries. According to data from the ministry of commerce, India imported crude oil worth $722.54 million from Brazil in April-July 2022.

Where does India buy fuel from? ›

Oil imports by source country
RankCountryImport value
1Iraq$25.1 billion
2Saudi Arabia$17.9 billion
3United Arab Emirates$11.7 billion
4United States$10.4 billion
11 more rows

What are the 5 C's in aviation? ›

Five C's:
  • Circle: If able, you want to minimize your travel so you can orient to the location without anything changing and not get any further off track.
  • Confess: Admit that you are lost and need some form of assistance. ...
  • Climb: "Climb to cope" ...
  • Conserve: ...
  • Communicate: ...
  • Comply:

What are the 5 P's in aviation? ›

One such approach involves regular evaluation of: Plan, Plane, Pilot, Passengers, and Programming. The point of the 5P approach is not to memorize yet another aviation mnemonic. You might simply write these words on your kneeboard, or add a reference to 5Ps to your checklist for key decision points during the flight.

What are the 3 P's in aviation? ›

Perceive, Process, Perform (3P) Model:
  • Perceive the given set of circumstances for a flight.
  • Process by evaluating their impact on flight safety.
  • Perform by implementing the best course of action.

Who invented biofuel in India? ›

His associates, R Venudevi, S Chinnasamy, R Rajasegaran and S K Bharat have also been sentenced to the same period and a total fine of Rs 30,000. In the 1990's a man called Ramar Pillai From Tamil Nadu created headlines after he claimed to have invented a 'herbal petrol'.

Who is the father of Indian aviation industry? ›

JRD Tata became the first Indian citizen to get a commercial pilot's license on February 10, 1929. Popularly renowned as 'Father of Indian aviation' , he had contributed a great deal with his extensive work in the field. JRD Tata was a trustee of Dorabji Tata Trust for 50 years .

Which airline has first commercial test flight with bio fuel? ›

A Bombardier Q400 aircraft, partially using biojet fuel, took off from Dehradun and landed at the airport in the national capital. NEW DELHI: No-frills airline SpiceJet today operated India's first test flight powered by biojet fuel, marking a new chapter in the fast-growing domestic aviation sector.

What is another name for aviation fuel? ›

Jet fuel (Jet A-1, kerosene)

Jet fuel (Jet A-1 type aviation fuel, also called JP-1A) is used globally in the turbine engines (jet engines, turboprops) in civil aviation. This is a carefully refined, light petroleum. The fuel type is kerosene. Jet A-1 has a flash point higher than 38°C and a freezing point of -47°C.

What is the difference between jet fuel and aviation fuel? ›

AVGAS, or aviation gasoline, is used for piston-engine aircraft. These types of aircraft fly through the rotation of the propellers which generate the thrust. While Jet Fuel is used for aircraft with turbine-engine jets. These fly with the thrust of expelled air.

Who dominates the aviation industry? ›

No company dominates the airline industry, but the current US leader is American Airlines, with 19.3% domestic market share. Southwest and Delta are second and third, at 17.4% and 15.5% respectively.

Who exports the most jet fuel? ›

Jet Fuel Exports by Country
RankCountryExports (Thousand Barrels per Day)
1Korea, Republic Of251.00
2United States132.00
3Netherlands123.00
4Singapore104.00
60 more rows

Which country is famous for aviation industry? ›

List of countries by aircraft and spacecraft exports
#CountryCountry's main aircraft and spacecraft manufacturers
1United StatesBoeing, Lockheed Martin, Sikorsky Aircraft, Gulfstream Aerospace
2FranceAirbus, Dassault Aviation, Safran, ATR, Arianespace
3GermanyAirbus
4CanadaBombardier, Viking Air
17 more rows

Is Gevo a strong buy? ›

The Gevo stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock.

Is Gevo stock undervalued? ›

Gevo Inc retains a regular Real Value of $5.4 per share. The prevalent price of the firm is $2.14. Based on Macroaxis valuation methodology, the firm appears to be undervalued.

Should I invest in Gevo Inc? ›

Gevo has received a consensus rating of Buy. The company's average rating score is 3.00, and is based on 1 buy rating, no hold ratings, and no sell ratings.

Which company makes ethanol fuel? ›

Shree Renuka is one of India's top ethanol manufacturers, with a total sugarcane crushing capacity of TCD 35000 and an ethanol distillation capacity of 930 KLPD. Fuel-grade ethanol is the majority of the company's output, which is sold to oil firms.

Can ethanol be used as aviation fuel? ›

Ethanol can come from a variety of sustainable sources and as such is an increasingly important raw material for sustainable aviation fuel.

Can petrol engine run on ethanol? ›

Due to similar combustion characteristics, ethanol can be used in petrol engines. While some engines use petrol blended with a small percentage of ethanol, others are ethanol-only. There are several advantages of adding ethanol to petrol. Reduction in emissions is one of the key advantages of using ethanol.

Is Gevo a profitable company? ›

Gevo is bordering on breakeven, according to the 2 American Oil and Gas analysts. They expect the company to post a final loss in 2023, before turning a profit of US$64m in 2024. The company is therefore projected to breakeven around 2 years from now.

Why did Gevo stock drop? ›

The drop came after the company announced a massive public offering. The renewable fuel start-up has entered an agreement with a number of institutional investors for the purchase of 33,333,336 Gevo shares.

Is Gevo making money? ›

On Feb. 24, Gevo said it expects to generate biogas revenues starting in Q2 2022. It will also sell renewable energy credits in the second half of 2022. Moreover, it reported restricted cash and marketable securities of $475.8 million compared to $522.4 as of the end Q3 2021.

Who is the largest producer of sustainable aviation fuel? ›

1. Neste (Finland) Among the most important sustainable aviation fuel companies, Finnish billion-dollar refiner Neste is the world's leading company and is set to become the world's largest provider of renewable fuels with global capacity and a production footprint in North America, Asia, and Europe.

Who produces the most aviation fuel? ›

The United States of America is the top country by output of jet fuel in the world. As of June 2022, output of jet fuel in the United States of America was 1,665.2 thousand barrels per day. The top 5 countries also includes Republic of Korea, India, Netherlands, and Japan.

Where is SAF produced? ›

The first production of SAF sustainable aviation fuel developed in Canada.

What is the most sustainable fuel source? ›

Renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy are generally far more sustainable than fossil fuel sources.

What is the biggest biofuel company? ›

Renewable Energy group (REG) is the leading biodiesel producer by production capacity in the United States. As of January 2022, REG had an annual capacity of 345 million gallons.

What are the 3 large aircraft manufacturing companies within the aviation industry? ›

The world's only major large passenger aircraft manufacturers are Boeing and Airbus. Boeing's and Airbus's established jet brands are the 7-series and A-series, respectively. Up-and-coming large passenger airplane makers include Comac in China, Mitsubishi in Japan, and UAC in Russia.

Which Indian airline used biofuel first? ›

Spicejet was the first Indian airline company that used biofuel as ATF in August 2018.

What are the two types of aviation fuel? ›

Shell Aviation fuels fall into two basic groups: Aviation gasoline – Used in reciprocating or piston engines. Aviation turbine fuels (jet fuels) – Used in turbo-fan, turbo-jet, and turbo-prop engines.

Who supplies fuel to IndiGo? ›

The airline said in a release informed, "IndiGo - has taken delivery of its first aircraft operating on Sustainable Aviation Fuel (SAF) from Airbus.

Who dominates the aviation industry? ›

No company dominates the airline industry, but the current US leader is American Airlines, with 19.3% domestic market share. Southwest and Delta are second and third, at 17.4% and 15.5% respectively.

Is SAF more expensive than jet fuel? ›

In fact, IATA estimates SAF in all its iterations generally costs two to four times as much as any aviation fuel. Typically for airlines, fuel accounts for about 20 to 30 percent of operational costs.

What is SAF in India? ›

SAF is a clean substitute for fossil jet fuels. Rather than being refined from petroleum, SAF is produced from sustainable resources such as waste oils from a biological origin, agri residues, municipal solid wastes or algae.

Is SAF really sustainable? ›

Sustainable Aviation Fuel: Safe, Reliable, Low Carbon

Depending on the feedstock and technologies used to produce it, SAF can reduce life cycle GHG emissions dramatically compared to conventional jet fuel. Some emerging SAF pathways even have a net-negative GHG footprint.

What does 100% sustainable fuel mean? ›

Formula 1 has announced that its engines arriving in 2025 will be powered by a 100 percent sustainable fuel, meaning it will have zero net carbon dioxide emissions.

What is the most promising fuel of the future? ›

In theory, hydrogen is the dream fuel. In practice, things are trickier. Derived from the most abundant element in the universe, hydrogen fuel is clean, flexible, and energy-efficient. Current projections indicate that by 2030 the hydrogen economy could be worth $500bn.

Which fuel is the greenest fuel? ›

Sustainable Energy: 5 Eco-Friendly Types of Fuel
  1. Bioethanol. Bioethanol is a popular fuel used to improve air quality by limiting pollution and increase vehicle performance. ...
  2. Biodiesel. Biodiesel is another one of the alternative fuels because it can be made with edible oils. ...
  3. Dimethyl Ether. ...
  4. Natural Gas. ...
  5. Electricity.
15 Aug 2020

Videos

1. Faster and Cheaper Ethanol-to-Jet-Fuel on the Horizon
(Pacific Northwest National Laboratory)
2. Clean Aviation Fuel with Steve Csonka | Climate Now Podcast Ep. 1.16
(Climate Now)
3. Dr Pramod Kumbhar's Presentation - Innovation Journey of Praj in Biomobility (TM)
(Praj India)
4. Three steps to tackle our footprint
(Virgin Atlantic)
5. The Role of the Oil and Gas Industry in the Development of SAF - SAFI UAE Series
(Khalifa University)
6. Dr. Pramod Chaudhari delivers keynote address at ABLC 2021
(Praj India)

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