IRVINE, Calif. (April 1, 2019) – The Iowa Economic Development Authority (IEDA) has approved the addition of four new renewable chemicals to the list of those eligible under its first-in-the-nation renewable chemical production tax credit program. Vertimass technology allows the sustainable production of the four newly approved chemicals – Benzene, Toluene, Ethyl Benzene, and Toluene (BTEX) – from ethanol in high yields that can significantly reduce greenhouse gas emissions compared to sourcing these chemicals from petroleum. These chemicals, BTEX for short, are widely used building blocks that can be transformed into hundreds of consumer products ranging from pharmaceuticals to paints and plastics.
Vertimass Ethanol-to-BTEX technology offers ethanol producers new opportunities to diversify their product slate and protect revenues when ethanol prices are low. In addition to improving competitiveness, BTEX from ethanol can accelerate the transition to sustainable chemicals and improve rural economies.
“Iowa’s renewable chemical production tax credit is recognized as the leading incentive of its kind in the U.S. so it is exciting to hear these chemicals are now on the list of those eligible,” said Dr. John Hannon, Chief Operating Officer of Vertimass. “Combined with already elevated chemical prices, the credit can create favorable business opportunities for companies producing sustainable chemicals like Vertimass.”
The Vertimass technology provides ethanol producers the flexibility to convert some or all of their ethanol into higher value products and provides a new hedge for responding to low ethanol price environments. Vertimass has advanced its technology to broaden the benefits of sustainable products and has identified Iowa ethanol producers as a target market for commercializing the technology.
“We will encourage our Iowa commercial partners to contact IEDA so they can plan to utilize the credit in future application rounds,” said Hannon.
Vertimass President and CEO Dr. Charles Wyman noted, “Renewable chemical production is critically important to reducing greenhouse gas emissions and we’re glad to see the State of Iowa is prioritizing plant sources over petroleum as well. Vertimass is just getting started in the space. This groundbreaking technology could be used in the future for converting ethanol into the gasoline, jet and diesel fuel blendstocks needed to fuel a sustainable society.”
About Vertimass LLC
Vertimass LCC is based in Irvine, Calif. The mission of Vertimass LLC is 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. For more information, visit http://www.vertimass.com/
This is neither an offer to sell nor a solicitation of an offer to buy any security. Such an offer may only be made by means of an offering document that must accompany or precede this information. There is no assurance that this strategy will succeed to meet its objectives. An investment in this type of product involves a high degree of risk including loss of investment, and is illiquid with an uncertain illiquidity date. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC.
For more information on the Renewable Chemicals Production Tax Credit please visit: