Brightmark LLC, a global waste solutions company, and Chevron U.S.A. Inc. have formed a joint venture, Brightmark RNG Holdings LLC, to own projects across the U.S. to produce and market dairy biomethane, a renewable natural gas (RNG).
Equity investments by each company in the new venture will fund the construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron will purchase RNG produced from these projects and market it for use in vehicles operating on compressed natural gas (CNG).
Marathon Capital acted as exclusive financial advisor to Brightmark in establishing the partnership with Chevron.
“Chevron is committed to improving how affordable, reliable, ever-cleaner energy is developed and delivered, investing in companies addressing greenhouse gas (GHG) emissions and progressing lower-carbon technologies,” says Andy Walz, president of products in the Americas at Chevron. “We are increasing renewables in support of our business, making targeted investments and establishing partnerships as we evaluate emerging sources of energy and the role they will play in our portfolio. We are excited about the long-standing experience Brightmark has in this area and look forward to working with them and the opportunities ahead.”
Photo: Brightmark’s Ashley Plastics Renewal Facility