Brightmark, Chevron expand US joint venture
Brightmark and Chevron U.S.A. (Chevron) have further expanded their joint venture (JV), Brightmark RNG, which aims to own projects across the US, producing and marketing dairy biomethane.
Brightmark RNG’s subsidiaries currently own RNG projects in New York, Michigan, Florida, South Dakota and Arizona. Additional equity investments by each firm in the JV will fund the construction of infrastructure and commercial operation of 10 dairy biomethane projects, including new sites in Iowa and Wisconsin.
Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on CNG.
“Brightmark’s expanded partnership with Chevron is another positive step forward in the decarbonisation of the farming industry,” said Bob Powell, founder and CEO of Brightmark.
“Our carbon-negative projects are successfully reimagining waste and 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.”
Andy Walz, president of Chevron’s Americas Fuels & Lubricants, commented: “This latest expansion with Brightmark advances our strategy of higher returns and lower carbon.
“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.”
Brightmark RNG’s subsidiaries currently own RNG projects in New York, Michigan, Florida, South Dakota and Arizona. Additional equity investments by each firm in the JV will fund the construction of infrastructure and commercial operation of 10 dairy biomethane projects, including new sites in Iowa and Wisconsin.
Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on CNG.
“Brightmark’s expanded partnership with Chevron is another positive step forward in the decarbonisation of the farming industry,” said Bob Powell, founder and CEO of Brightmark.
“Our carbon-negative projects are successfully reimagining waste and 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.”
Andy Walz, president of Chevron’s Americas Fuels & Lubricants, commented: “This latest expansion with Brightmark advances our strategy of higher returns and lower carbon.
“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.”
