Verde Clean Fuels, Inc. Announces Participation in Consortium Awarded US Department of Energy Funding for Study of Zero Emission Methanol Production Technology
- Verde Clean Fuels, Inc. is awarded funding by the US Department of Energy to participate in a study on green methanol production technology.
- The consortium, led by TDA Research, Inc., will design a direct air capture process to produce green methanol.
- Verde plans to use its STG+ technology to convert CO2 and green hydrogen into green methanol.
- The total funding for the project is $500,000, with a project period until the end of 2024.
- The project aims to showcase Verde's innovative e-fuel technology and support the decarbonization of methanol production.
- None.
Verde Clean Fuels’ proprietary STG+® process could be utilized to turn carbon, captured directly from the air, and green hydrogen into methanol
Under the award, TDA will design a direct air capture (DAC) process for sourcing of CO2 from the atmosphere and lead the integration of the DAC with the methanol plant. Verde plans to design and model the methanol production unit using its proprietary STG+ technology, with the goal to utilize CO2 from the DAC, and hydrogen from a carbon-free source, to produce green methanol. Several other consortium partners will also contribute. The University of
The award and project period will last to the end of calendar year 2024. Total funding under the award to the consortium is
The project provides another demonstration opportunity for the versatility and application of Verde’s STG+ technology.
“We are thrilled for the opportunity to showcase our STG+ technology in a system we believe could include direct air carbon capture and green hydrogen to make a liquid fuel. This opportunity allows us to participate in an exciting, leading edge project of e-fuel technology development, and we look forward to working together with all of our consortium partners,” said Ernest Miller, CEO of Verde. “Energy transition requires not only new technologies, but new ways of thinking. This funding award from the DOE supports both – combining new technologies in novel ways to investigate decarbonization of methanol production. This is an exciting opportunity, and one we are proud to be a part of.”
As methanol is a broadly used chemical feedstock, the Company expects that green methanol will play a vital role in decarbonizing the chemical industry. Also, when used as a liquid fuel, green methanol may be one of the most viable renewable fuel options for the maritime industry.
About Verde Clean Fuels, Inc.
Verde Clean Fuels, Inc. is a renewable energy company focused on the development of commercial production plants to convert syngas, derived from diverse feedstocks including biomass or stranded or flared natural gas into gasoline through its innovative and proprietary liquid fuels technology, the STG+® process. Through its STG+® process, Verde converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending (“RBOB”) gasoline. To learn more, please visit www.verdecleanfuels.com.
Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Verde’s expectations and any future financial performance, as well as Verde’s strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “preliminary discussions,” “plans,” “potential,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Verde management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Verde disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Verde cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Verde. These risks include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the failure to realize the anticipated benefits of a particular transaction; the risks related to the growth of Verde’s business and the timing of expected business milestones; the ability of Verde to obtain financing in connection with a particular transaction or in the future; and the effects of competition on Verde’s future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that Verde presently do not know or that Verde currently believe are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact Verde’s expectations and projections can be found in Verde’s filings with the Securities and Exchange Commission (the “SEC”). Verde’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240422378695/en/
Investor Contact
Caldwell Bailey (ICR)
verdeIR@icrinc.com
Source: Verde Clean Fuels, Inc.
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