Ahead of White House Celebration of the Inflation Reduction Act Passage, World Energy Announces Commitment to Produce 500 Million Gallons of SAF Annually by 2026 Through Existing Operations

Who:

Gene Gebolys, CEO, World Energy, a carbon-net-zero solutions provider, to attend the White House celebration on the passage.

When:

Tuesday, September 13, 2022, from 11:45 a.m. – 2:45 p.m. EDT. President Biden expected to speak at 3:00 p.m. EDT.

Where:

The White House

Why:

World Energy is the world's first and North America's only commercial-scale producer of Sustainable Aviation Fuel (SAF) and has committed to delivering 500 million gallons of the low-carbon fuel by 2026 through existing operations and conversion projects in Paramount, Calif. and Houston, Texas. Upon completion, the facilities will deliver on more than half of World Energy's commitment, made just six months ago, to produce over a billion gallons a year by 2030. World Energy is proof positive that the bill works and will empower leaders to deliver on the scale, volume, and accessibility of low-carbon fuels to drive meaningful progress toward decarbonization.

Further, World Energy's contribution to the green economy is effecting positive change in regional job creation, while supporting climate and environmental goals. On June 29, 2022, the Los Angeles County Economic Development Corporation's (LAEDC) Institute for Applied Economics (IAE) released a multiregional economic impact analysis of World Energy's Paramount, Calif. facility. Described as the world's most advanced clean energy hub, the report stated that World Energy's ongoing operations and conversion will contribute $19.2 billion to the U.S. economy and generate more than 18,000 jobs.

The company's second project in Houston will double production getting World Energy to the 500 million gallons a year mark and spur economic growth and clean energy jobs in the region.

How:

The new legislation will serve as a catalyst for a global acceleration of the energy transition through the scaling of SAF, low-carbon hydrogen, renewable natural gas, biomass-based diesel fuels, and important new processes including carbon capture for sequestration or reuse.

The bill will help advance World Energy's future initiatives to use the successful Paramount model to build the additional SAF infrastructure and drive innovations that will dramatically reduce the carbon intensity of its production and use. In addition to the conversion projects in Paramount and Houston, the company's roadmap includes developing sites on the U.S. East Coast and in Europe and South East Asia. The company's recently launched Green Hydrogen project in Canada will be used in the production of SAF to create a fuel solution that starts green and ends green and provide an unlimited source of sustainable feedstock to decarbonize aviation.