SAN
FRANCISCO and SAN RAMON,
Calif., May 31, 2023 /PRNewswire/
-- Brightmark RNG Holdings LLC is positioned to expand
renewable natural gas (RNG) production with five new anaerobic
digestion dairy farm projects in western Michigan, designed to convert animal waste to
renewable fuels.
Brightmark RNG Holdings LLC is a joint venture between
Chevron U.S.A. Inc., a subsidiary
of Chevron Corporation (NYSE: CVX), and Brightmark Fund Holdings
LLC, a subsidiary of Brightmark LLC. The Chevron-Brightmark
renewable natural gas joint venture operates a nationwide system of
RNG joint venture projects.
The Castor Project, which processes manure from one large
digester, is Brightmark and Chevron's second-largest RNG project.
Other Michigan projects in the
joint venture include Meadow Rock, Red
Arrow, Willow Point, and
SunRyz.
"We're excited to work with our partner Chevron and farmers in
Michigan to progress the
development of our RNG projects, which are designed to drive both
lower carbon intensity outcomes for organic waste and investments
in local farmers and their surrounding communities supporting lower
carbon solutions," said Bob Powell,
founder and chief executive officer of Brightmark LLC. "We are
growing our network of strategic relationships with farmers across
the country in order to advance the reduction of the agricultural
industry's carbon intensity by seeking renewable fuels from new
sources and considering circularity challenges at increasing
scale."
Anaerobic digestion is a circular technology that captures
animal manure from partner sites and converts it into renewable
natural gas, fertilizer, and water that can be recycled back into
agricultural and energy systems for reuse. Including these
Michigan projects, the
Chevron-Brightmark RNG joint venture has a total of 20 RNG projects
across the country.
"Transitioning to a lower carbon future is dependent, in part,
on ambitious innovations and pragmatic solutions," said
Andy Walz, president of Chevron
Americas Products. "Launching these anaerobic digestion projects
with Brightmark can help us develop new solutions for
transportation, industry, and customers who rely on our
products."
The net reduction of greenhouse gas emissions from the manure
processed at the anaerobic digestion dairy farm projects in
Michigan is equivalent to planting
over 179,000 acres of forest each year. Additionally, these
projects are expected to reduce land application of raw manure and
improve odor, water quality, and nutrient management practices at
farms.
"We have always strived to be stewards to our land, community,
and industry. Brightmark is our valued partner in our efforts to
advance a lower carbon energy business." stated Greg Stahl, lead farmer of The Castor Project.
"We look forward to working with Brightmark and Chevron on these
renewable natural gas projects in our shared pursuit to create
value from underutilized resources."
For more information on Brightmark RNG Holding LLC's renewable
natural gas projects, please visit here.
About Brightmark
Brightmark LLC is a circular
innovation company with a mission to Reimagine Waste,
developing solutions that make a positive environmental impact on
the world and communities where it operates. Brightmark's
established anaerobic digestion and proprietary plastics renewal
technologies make the company a veteran in a burgeoning
marketplace. The company works across sectors, including
agriculture, healthcare, manufacturing, and transportation to
decarbonize operations, displace reliance on virgin fossil fuels,
and solve circularity challenges at scale.
Committed to systems change in waste, Brightmark works
collaboratively to address gaps where traditional methods fall
short through its innovative closed-loop approach to recycling and
renewables. To date, Brightmark has repurposed more than four
million pounds of landfill-bound plastics and reduced 500,000 tons
of CO2eq from the atmosphere through anaerobic digestion. The
company is also deeply committed to conservation, education, and
sustainability career training by partnering with local and
national organizations that help protect land and oceans. For more
information, visit www.brightmark.com.
About Chevron
Chevron is one of the world's leading
integrated energy companies. We believe affordable, reliable, and
ever-cleaner energy is essential to enabling human progress.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals, and additives;
and develops technologies that enhance our business and the
industry. We aim to grow our traditional oil and gas business,
lower the carbon intensity of our operations, and grow new lower
carbon businesses in renewable fuels, hydrogen, carbon capture,
offsets, and other emerging technologies. More information about
Chevron is available at www.chevron.com.
About The Castor Project
Three Western Michigan farms have each signed supply
agreements indicating their intent to provide the company with
dairy manure from their herds that will serve as feedstock for new
anaerobic digesters to be built on Beaver Creek Farm. The digesters
will capture, extract, and clean the methane in the manure, then
convert it into renewable natural gas (RNG) and inject it into a
nearby gas grid pipeline. The project is part of the recently
announced joint venture Brightmark RNG Holdings LLC, between
Brightmark Fund Holdings LLC and Chevron U.S.A. Inc.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR"
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
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reductions in corporate liquidity and access to debt markets; the
receipt of required Board authorizations to implement capital
allocation strategies, including future stock repurchase programs
and dividend payments; the effects of changed accounting rules
under generally accepted accounting principles promulgated by
rule-setting bodies; the company's ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading "Risk
Factors" on pages 20 through 26 of the company's 2022 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
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SOURCE Brightmark