Verde Clean Fuels, Inc. Announces Participation in Consortium Awarded US Department of Energy Funding for Study of Zero Emission Methanol Production Technology
Verde Clean Fuels' proprietary STG+® process could be utilized to turn carbon, captured directly from the air, and green hydrogen into methanol
Verde Clean Fuels, Inc. (NASDAQ:VGAS) ("Verde" or the "Company"), a renewable energy company focused on the development of commercial production facilities to convert syngas derived from diverse feedstocks into gasoline, today announced that a consortium led by TDA Research, Inc. ("TDA"), and including Verde, has been awarded funding from the US Department of Energy (DOE) to complete a conceptual design study for a system having the potential of capturing and utilizing ambient CO2 to produce "green" methanol.
Under the award, TDA will design a direct air capture (DAC) process for sourcing of CO2 from the atmosphere and lead the integration of the DAC with the methanol plant. Verde plans to design and model the methanol production unit using its proprietary STG+ technology, with the goal to utilize CO2 from the DAC, and hydrogen from a carbon-free source, to produce green methanol. Several other consortium partners will also contribute. The University of Colorado – Denver will carry out a lifecycle analysis using process input from TDA. As reflected in the overall project plan, TDA and Verde Clean Fuels plan to complete conceptual design and review the technoeconomic and technology gap analyses and develop the technology maturation plan.
The award and project period will last to the end of calendar year 2024. Total funding under the award to the consortium is $400,000. An additional $100,000 is expected to come from non-DOE sources, for aggregate funding of up to $500,000 for the project. Based on the results of the study, other project phases may follow.
The project provides another demonstration opportunity for the versatility and application of Verde's STG+ technology.
"We are thrilled for the opportunity to showcase our STG+ technology in a system we believe could include direct air carbon capture and green hydrogen to make a liquid fuel. This opportunity allows us to participate in an exciting, leading edge project of e-fuel technology development, and we look forward to working together with all of our consortium partners," said Ernest Miller, CEO of Verde. "Energy transition requires not only new technologies, but new ways of thinking. This funding award from the DOE supports both – combining new technologies in novel ways to investigate decarbonization of methanol production. This is an exciting opportunity, and one we are proud to be a part of."
As methanol is a broadly used chemical feedstock, the Company expects that green methanol will play a vital role in decarbonizing the chemical industry. Also, when used as a liquid fuel, green methanol may be one of the most viable renewable fuel options for the maritime industry.
About Verde Clean Fuels, Inc.
Verde Clean Fuels, Inc. is a renewable energy company focused on the development of commercial production plants to convert syngas, derived from diverse feedstocks including biomass or stranded or flared natural gas into gasoline through its innovative and proprietary liquid fuels technology, the STG+® process. Through its STG+® process, Verde converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending ("RBOB") gasoline. To learn more, please visit www.verdecleanfuels.com.
Forward-Looking Statements
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