Vertimass EMEA Signs Agreement to Acquire European Renewable Fuel Company Ekobenz

(Vertimass EMEA/PR Newswire) The acquisition will bring together companies with complementary technological capabilities, an existing production plant and customer relationships, making Vertimass one of the leading renewable fuels companies in operation for the conversion of alcohols to hydrocarbons.

Vertimass EMEA B.V. announced today that it has signed a purchase agreement to acquire all outstanding shares of Ekobenz, a Poland-based company that commercially produces high-quality renewable gasoline, liquefied petroleum gas (LPG), and other fuels. The Ekobenz facility will also provide a commercial-scale platform on which to build near-term introduction of the Vertimass Consolidated Alcohol Deoxygenation and Oligomerization (CADO) process for renewable hydrocarbons of which sustainable aviation fuel (SAF) production will be a main feature. In addition, this acquisition will facilitate expansion of markets for Vertimass products beyond those in the United States.

"Ekobenz is one of the first advanced biorefineries at a commercial scale in Europe," explained Vertimass Chairman William A. Shopoff. "By acquiring this company and plant, we will be able to immediately produce fuel commercially and scale the Vertimass technology to ultimately provide significant volumes of sustainable aviation fuel that help meet the 2035 climate change goals of the EU and U.S."

Ekobenz was founded in 2006 with the goal of creating high-quality synthetic fuel derived from renewable sources and significantly reduce carbon dioxide (CO2) emissions that contribute to climate change. The Ekobenz sustainable fuel plant, with a designed annual production capacity of 8 million gallons (22,500 tons), became operational in 2018 and produces sustainable fuel with an average 80% reduction in CO2 emissions. The company is a certified and regulated producer of hydrocarbons, bio-gasoline, and bio-LPG in Europe. The production plant is sited on more than 5.5 hectares that also includes a support building, warehouse, laboratory, and equipment.

Vertimass President and CEO Dr. Charles Wyman noted, "This acquisition is an important step for Vertimass technology and will move Vertimass into a commercial arena. Proof of concept on such a significant scale will allow the technology to expand to additional plants in the forthcoming period, both in the EMEA region and the U.S."

The parties scheduled the signing of the final sales and purchase agreement for December 31, 2023.

About Vertimass Technology
Vertimass technology sustainably produces vital jet, gasoline, and diesel fuels and chemicals from ethanol, methanol, and other renewable alcohols with high yields that can dramatically reduce greenhouse gas emissions compared to sourcing these products from petroleum. The simplicity of the Vertimass single reaction system results in low capital and operating costs. The compatibility of Vertimass fuels and chemicals with the existing infrastructure makes possible production of low-cost, low-carbon fuels for everything, everyone, and everywhere. This Consolidated Alcohol Deoxygenation and Oligomerization (CADO) technology originated from Oak Ridge National Laboratories operated by UT-Battelle, with Vertimass obtaining worldwide exclusive rights in 2014 and advancing the technology for commercial applicability.

Through a simple bolt-on of Vertimass technology, existing and future ethanol producers can break through the blend wall that currently limits ethanol use in gasoline. And the low cost Vertimass bolt-on opens up entirely new jet, diesel, and chemical markets. In addition, application of Vertimass technology to produce fuels and chemicals from methanol and other alcohols made through capture of carbon dioxide from ethanol production, electrical power generation, cement manufacture, and other operations can further reduce greenhouse gas footprints. Beyond lowering carbon footprints, jet, diesel, and gasoline fuels and chemicals derived from renewable alcohols can improve strategic security, rural economies, and international competitiveness.

About Vertimass LLC
Vertimass LLC is based in Irvine, California with the mission to develop and widely license breakthrough technologies that substantially expand production of sustainable transportation fuels and chemicals that reduce greenhouse gas emissions and improve energy security and domestic economies. Commercialization of proprietary Vertimass technology can overcome the blend wall that currently impedes expansion of ethanol production from multiple sources of biomass and open up large new markets for aircraft and heavy-duty vehicle fuels and for chemicals not currently amenable to ethanol or other alcohols. For more information, visit http://www.vertimass.com/.