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.
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.
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.
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.
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This news release contains forward-looking statements relating to Chevron's operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "aspires" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material 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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