Chevron creates new venture to supply renewable fuel for transport
Brightmark LLC and Chevron U.S.A. Inc. announced the formation of a joint venture, Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane.
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 renewable natural gas produced from these projects and market the volumes for use in vehicles operating on CNG. 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 renewable natural gas 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 renewable natural gas projects,” said Bob Powell, CEO and founder of Brightmark. “This joint venture is a powerful partnership that will accelerate our 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 renewable natural gas projects also deliver a true ‘win-win’ in terms of driving sustainable agriculture with significantly less waste and improving economic development in rural communities.”