Chevron and Brightmark LLC announced this Tuesday they have expanded their previously announced partnership in Brightmark RNG Holdings LLC; their joint venture focused on renewable natural gas (RNG) from dairy farmers.
Firstly, the expansion of the partnership involves that its joint venture now can own RNG and biomethane projects all across the U.S. According to the statement, Brightmark RNG Holdings LLC’s subsidiaries currently own RNG projects in New York; also, Michigan, Florida, South Dakota and Arizona.
Secondly, additional equity investments by each company in the joint venture will fund construction of infrastructure; and also, commercial operation of 10 dairy biomethane projects, including new sites in Iowa and Wisconsin; and additional sites in Michigan and South Dakota.
Thirdly, Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural gas.
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Moreover, about the relevance of the expanded partnership for Chevron, Andy Walz, president of the company’s division for fuels and lubricants, said. “This latest expansion with Brightmark advances our strategy of higher returns and lower carbon.”
He also remarked. “Opportunities like these not only reaffirm our commitment to investing in ways that are good for the environment; our consumers and our stockholders, they also bolster our previously announced objective to increase RNG volumes tenfold by 2025 over 2020 volumes.”
On the other hand, Bob Powell, founder and chief executive officer of Brightmark, said. “Brightmark’s expanded partnership with Chevron is another positive step forward in the decarbonization of the farming industry.”
Finally, he also commented. “Our carbon-negative projects are successfully reimagining waste; and also, delivering significant environmental benefits, while improving economics for our dairy farm partners. We look forward to executing on these new RNG projects with Chevron; and partnering with dairy farmers to expand our RNG footprint across the country.”
