Verde CDMA

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CRC has entered into a Carbon Dioxide Management Agreement (CDMA) between Carbon TerraVault JV HoldCo, LLC (CTV JV) and Verde Clean Fuels Inc. (Verde), a company that utilizes an innovative and proprietary liquid fuels technology to produce renewable and lower-carbon gasoline and other liquid fuels from feedstocks such as biomass, agricultural waste, or flared natural gas. The CDMA contemplates that Verde will build a new renewable gasoline production facility at the proposed CTV Clean Energy Park at Elk Hills in Kern County, California. CTV JV initially plans to sequester a minimum of 100,000 MT per year of CO2 from Verde’s facility at the CTV I carbon storage vault. This new facility is expected to produce approximately 21,000 gallons per day of renewable gasoline from biomass and other agricultural waste feedstock to help support decarbonization of California’s economy and its transportation sector. For more information, read the full press release and presentation (PDF).

Project Updates

Verde CDMA announced.