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 would initially plan to sequester a minimum of 100,000
MT per year of CO2 from Verde’s facility at the CTV I carbon storage
vault. This proposed new facility would be 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).