Brightmark LLC and Chevron U.S.A. Inc. today (Oct 7) announced the formation of a joint venture, Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane, a renewable natural gas (RNG).
Equity investments by each company in the new venture will fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural gas. Marathon Capital acted as exclusive financial advisor to Brightmark in establishing the partnership with Chevron.
"Chevron is committed to improving how affordable, reliable, ever-cleaner energy is developed and delivered, investing in companies addressing GHG emissions and progressing lower-carbon technologies," said Andy Walz, president of Americas Products for Chevron. "We are increasing renewables in support of our business, making targeted investments and establishing partnerships as we evaluate emerging sources of energy and the role they will play in our portfolio. This investment builds on our other RNG initiatives, such as our joint venture with California Bioenergy and our Adopt-a-Port initiative with Clean Energy Fuels. We are excited about the long-standing experience Brightmark has in this area and look forward to working with them and the opportunities ahead."
"Our mission at Brightmark is to reimagine waste by creating innovative solutions like RNG projects," said Bob Powell, CEO and founder of Brightmark. "This joint venture is a powerful partnership that will accelerate Brightmark's ambition to achieve a global net-zero carbon future. It is imperative that Brightmark develop these lifecycle carbon negative projects all over the world, and this is a huge step forward in that process. Our RNG projects also deliver a true win-win' in terms of driving sustainable agriculture with significantly less waste and improving economic development in rural communities."
About Chevron
Chevron U.S.A. Inc. is a subsidiary of Chevron Corporation, one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, Chevron Corp is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, CA. More information about Chevron is available at www.chevron.com.
About Brightmark
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet's most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on plastics renewal (plastic waste-to-fuel) and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
Contacts
Cory Ziskind, Brightmark External Affairs
Cory.Ziskind@icrinc.com
t. 646-277-1232
Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com
t. (925) 549-8686
