HUNTINGTON BEACH, Calif. and PITTSBURGH, July 14,
2022 /PRNewswire/ -- Newlight Technologies, Inc.
(Newlight) and CNX Resources Corporation (NYSE: CNX) today
announced that the companies have entered into a 15-year agreement
to capture and utilize methane emissions for the production of
Aircarbon®, a naturally-occurring molecule also known as PHB that
replaces plastic but is carbon-negative and biologically degrades
in natural environments.
![](https://mma.prnewswire.com/media/1858967/CNXlogo_TM_Logo.jpg)
Under the agreement, CNX and Newlight will work together to
capture waste methane from third party industrial activity that
would typically be vented to atmosphere. CNX will gather, process,
and deliver the methane through new and existing natural gas
pipeline infrastructure, and Newlight will acquire contractual
rights to a portion of the captured methane to support the
production of Aircarbon, similar to how solar, wind, and renewable
natural gas are delivered contractually through new and existing
grid infrastructure. Combined, by using greenhouse gas as a
resource to make a naturally-occurring material that replaces
plastic, the agreement will enable the large-scale reduction of
both carbon emissions and plastic pollution.
"CNX is a world leader in methane capture and processing, and by
partnering with their exceptional team, we will have the
opportunity to meaningfully reduce the amount of carbon going into
the air and plastic going into the ocean," said Newlight CEO
Mark Herrema. "Our goal is to abate
methane emissions at world scale through the application of
biological carbon capture, and this agreement takes us another step
closer to that goal. We're thrilled to have a strategic
growth partner in CNX that shares our commitment to sustainable
solutions and environmentally responsibly outcomes."
The strategic partnership, with CNX capturing methane gas to
support Newlight's manufacturing needs, is expected to result in
several manufacturing facilities in the Appalachian region and
advance critical decarbonization goals while boosting area economic
activity, capital investment, and job growth. The initial 15-year
contract aligns with CNX's commercial and capital allocation
strategies in the decarbonization space and further solidifies
Newlight's position as a leader in carbon capture
technology.
Newlight has recently announced plans to build a carbon
capture-based manufacturing facility in partnership with Long Ridge
Energy Terminal, a subsidiary of Fortress Transportation and
Infrastructure Investors LLC (NASDAQ: FTAI) in Hannibal, Ohio, and Newlight's contractual
rights to methane emissions derived from Newlight's agreement with
CNX will be used to create a portion of the Aircarbon being
produced at the new Ohio facility.
The greenhouse gas feedstock that will support production at the
Ohio facility is also expected to
include, over time, methane from anaerobic digestion of food and
agricultural waste, as well as carbon dioxide from energy
facilities and direct air capture.
"For years, government and economic development officials have
worked to leverage the vast energy resources found in the
Appalachian basin as a catalyst for economic growth and new
manufacturing," said CNX President of New Technologies
Ravi Srivastava. "CNX is excited
to work with Newlight to immediately accelerate those efforts. Our
Tangible, Impactful, Local ESG approach clearly demonstrates that
assets and technologies unique to CNX and Appalachia can be
leveraged to positively impact environmental and socio-economic
challenges – from local to global – while ensuring that our region
and the middle class are strengthened and supported in the process.
We believe that is the definition of sustainability."
Mr. Srivastava continued, "Like our recently announced
partnership with Pittsburgh
International Airport, our work alongside Newlight will showcase
CNX's unique combination of assets, innovative technologies, and
proven operational expertise that are poised to help lead the
sustainable energy revolution. "
Launching its first commercial-scale Aircarbon production
facility in 2020, today Newlight's customers and partners include
consumer brands such as Shake Shack, Nike, Target, H&M, Ben and
Jerry's, Sumitomo, U.S. Foods, and Sysco.
About Newlight:
Newlight Technologies, Inc. ("Newlight") is a nature-based
technology company converting air and greenhouse gas into a
biomaterial called Aircarbon®. Aircarbon is a
high-performance, carbon-negative PHB biomaterial produced by
naturally-occurring microorganisms that is being used to replace
plastic in industrial segments ranging from foodware to
fashion. Newlight's mission is to help end plastic pollution
and climate change by replacing plastic with Aircarbon, creating
global-scale economic and environmental value. For more
information about Newlight and Aircarbon, visit
www.aircarbon.com.
About CNX Resources:
CNX Resources Corporation (NYSE: CNX) is unique. We are a
premier, low carbon intensive natural gas development, production,
midstream, and technology company centered in Appalachia, one of
the most energy abundant regions in the world. With the benefit of
a 158-year regional legacy, substantial asset base, leading core
operational competencies, technology development and innovation,
and astute capital allocation methodologies, we responsibly develop
our resources and deploy free cash flow to create long-term per
share value for our shareholders, employees, and the communities
where we operate. As of December 31,
2021, CNX had 9.63 trillion cubic feet equivalent of proved
natural gas reserves. The company is a member of the Standard &
Poor's Midcap 400 Index. Additional information is available at
www.cnx.com.
Cautionary Statements
We are including the following
cautionary statement in this press release to make applicable and
take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for any forward-looking
statements made by, or on behalf of us. With the exception of
historical matters, the matters discussed in this press release are
forward-looking statements (as defined in 21E of the Securities
Exchange Act of 1934 (the "Exchange Act")) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Accordingly, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. These forward-looking statements may include
projections and estimates concerning the timing and success of
specific projects and our future production, revenues, income, and
capital spending. When we use the words "believe," "intend,"
"expect," "may," "should," "anticipate," "could," "estimate,"
"plan," "predict," "project," "will," or their negatives, or other
similar expressions, the statements which include those words are
usually forward-looking statements. When we describe a strategy
that involves risks or uncertainties, we are making forward-looking
statements. The forward-looking statements in this press release
speak only as of the date of this press release; we disclaim any
obligation to update these statements. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies, and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. Specific factors that could cause future actual results to
differ materially from the forward-looking statements are described
in detail under the captions "Forward-Looking Statements" and "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2021 filed with the
Securities and Exchange Commission (SEC) and any subsequent reports
filed with the SEC. Those risk factors discuss, among other
matters, pricing volatility or pricing decline for natural gas and
NGLs; local, regional and national economic conditions and the
impact they may have on our customers; the impact of events beyond
our control, including a global or domestic health crisis;
dependence on gathering, processing and transportation facilities
and other midstream facilities owned by others; conditions in the
oil and gas industry; our current long-term debt obligations, and
the terms of the agreements that govern that debt; strategic
determinations, including the allocation of capital and other
resources to strategic opportunities; cyber-incidents targeting our
systems, oil and natural gas industry systems and infrastructure,
or the systems of our third-party service providers; and changes in
safety, health, environmental and other regulations.
![Newlight's Eagle 3 Facility Newlight's Eagle 3 Facility](https://mma.prnewswire.com/media/1858858/Newlight_Eagle_3.jpg)
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SOURCE Newlight Technologies