Gevo and Farmers Edge Partner to Verify Sustainable Fuels from Low-Carbon Grain through Verity Tracking
ENGLEWOOD, Colo. and WINNIPEG, Manitoba, April 05, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. and Farmers Edge Inc., a global leader in digital agriculture, announced today that they signed a memorandum of understanding to work together to deliver a one-of-a-kind, carbon inset management program. This collaboration is expected to support the sustainable development & full carbon lifecycle tracking of a carbon intensity (CI) score from low-carbon grain through renewable fuels production. The potential combination of Farmers Edge highly precise and proprietary datasets with Gevo's Verity Tracking platform and blockchain technology is expected to create value around agriculturally driven carbon impact. The companies plan to launch a program with US growers to measure and track carbon intensity scores for corn and soy in the production of sustainable aviation fuel and other low-carbon hydrocarbon fuels.
The focus of the collaboration is on extracting value from carbon insets, which represent the actions taken by an organization to fight climate change within its own value chain, as opposed to offsets, which are typically paying for a project to capture atmospheric carbon dioxide somewhere else. As businesses strive to deliver on the evolving needs of the enviro-cautious end-consumer, this collaboration is expected to create a unique opportunity for the transportation industry to reduce its carbon footprint, meet its sustainability goals, and increase transparency with customers.
“Companies around the world are looking for ways to reduce the amount of pollution they produce, and in transportation, fuels derived from crops are a major tool to make that happen,” says Wade Barnes, Farmers Edge CEO and founder. “Our comprehensive digital platform, in conjunction with Gevo's advanced validation tools, should provide reliable and verifiable ways for carriers around the world to not only reduce their carbon footprint, but to be able to prove it, positively impacting their relationships with the end-consumer.”
Dr. Paul Bloom, Gevo’s Chief Carbon and Innovation Officer, stated, “This pioneering collaboration with Farmers Edge is an industry first to scale-up carbon accounting for climate-smart agricultural practices across the full carbon life cycle from farm to food, fuels and sustainable products. We look forward to bringing the data-driven capabilities and technology of both organizations to help our value chain partners and customers prove their carbon footprint reductions on our collective journey to net-zero and beyond.”
“The goal of Verity Tracking is to increase market validation and liquidity for carbon-based digital assets, return this value in multiple forms back down to the farming level, and provide scientifically modeled, verifiable carbon impact scoring through Argonne GREET to the farmers,” commented David George, Gevo’s Senior Vice President of Verity Tracking. “This technology will allow farmers to track their feedstock-related CI score that can then be quantified through the value chain into biofuels like SAF, food products, energy, or consumer products. Verity Tracking’s capabilities coupled with Farmers Edge innovative technology and analytics should form the basis to make this a market reality.”
