JACKSONVILLE, Fla. & PARIS - Rayonier Advanced Materials Inc. (NYSE:RYAM) has announced a collaboration with Verso (NYSE:VRS) Energy to explore the production of sustainable aviation fuel (e-SAF) using renewable resources. The companies have signed a Memorandum of Understanding (MoU) to investigate the potential for creating e-SAF by combining biogenic carbon dioxide from Rayonier (NYSE:RYN)'s Tartas, France facility with green hydrogen.
This initiative aims to contribute to the reduction of global greenhouse gas emissions through Carbon Capture Utilization. The feasibility study, which is expected to span multiple years, may benefit from grants by the French government, supporting the project's funding.
De Lyle Bloomquist, President and CEO of Rayonier Advanced Materials, expressed optimism about the partnership, highlighting the unique attributes of Rayonier's Tartas plant and Verso Energy's renewable energy expertise as key to potentially developing new sustainable fuels.
Antoine Huard, CEO of Verso Energy, emphasized the significance of the agreement in addressing the challenge of decarbonizing the aviation sector, which faces strict decarbonization targets by 2030.
Rayonier Advanced Materials is a global leader in cellulose-based technologies, producing high purity cellulose specialties and other products for various industries, including paper and packaging. In 2023, the company reported an estimated revenue of $1.6 billion.
Verso Energy is a carbon-free energy company focusing on the development of renewable energy projects to facilitate a decarbonized and competitive energy mix.
The companies have cautioned that the forward-looking statements related to the partnership's outcomes are not guarantees of future performance. Actual results may differ materially from the anticipated outcomes, and Rayonier Advanced Materials does not undertake any obligation to update these statements unless required by law.
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