Chevron USA, Brightmark form dairy biomethane joint venture
Equity investments by each company in the new venture will fund the 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.
Andy Walz, president of Americas Products for Chevron, said: “Chevron is committed to improving how affordable, reliable, ever-cleaner energy is developed and delivered, investing in companies addressing greenhouse gas emissions and progressing lower-carbon technologies.
“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.”
Bob Powell, CEO and founder of Brightmark, added that the company’s mission is to “re-imagine” waste by creating innovative solutions like RNG projects. “This joint venture is a powerful partnership that will accelerate Brightmark’s ambition to achieve a global net-zero carbon future," said Powell.
“It is imperative that Brightmark develop these life-cycle 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.”