Powder River Basin RNG and carbon sequestration project is expected to contribute an aggregate $631 million to Wyoming's GDP over 20 years
DENVER and GILLETTE, Wyo., Nov. 13, 2023 /PRNewswire/ -- Cowboy Clean Fuels, LLC ("CCF", "we," "us," "our," or "the Company"), a premier energy technology company formed to simultaneously, permanently sequester carbon dioxide removed from the atmosphere and produce carbon-negative, renewable natural gas ("RNG") from readily available agricultural byproducts utilizing proprietary, patented technology, today announced that Wyoming's Center for Business and Economic Analysis ("CBEA") has completed an independent analysis of the Company's initial project in the Power River Basin, confirming the significant impact of the project to the state of Wyoming's economy.
The comprehensive CBEA analysis of the anticipated economic impact of CCF's first project located outside of Gillette, Wyoming concluded that in 2025 the project will support 221 direct and indirect jobs, including 168 jobs in construction alone. By 2027, when the project is fully scaled up, it will result in $8.8 million in tax revenues to state and local governments and support 66 jobs. In addition, the CBEA also estimates that CCF's business operations in 2028-2043 will contribute over $36 million of added value to Wyoming's GDP every year, including $7.4 million in annual wages.
CCF's innovative, field-tested process utilizes non-producing Coal Bed Methane ("CBM") wells and the existing infrastructure in the Powder River Basin to permanently sequester carbon dioxide and produce renewable methane through a naturally occurring biogenic process, similar to anaerobic digestion, that occurs in deep, geologic formations. The CBM industry was historically a significant economic contributor to Wyoming but has entered into an irreversible decline that has rendered much of the $10 billion of existing energy infrastructure and the remaining CBM hydrocarbon resource uneconomic due to historically low natural gas prices. CCF's technology and process for the sequestration of carbon dioxide and production of renewable natural gas has the potential to restore economic viability to the area's energy infrastructure, restore jobs and continue to support Gillette, Johnson and Campbell Counties, ranchers, and other landowners through payment of mineral royalties, taxes and surface rents.
The Company's proprietary technology was developed by Cowboy Clean Fuels Co-Founder and Chief Technology Officer, Dr. Michael Urynowicz, Ph.D, at, and exclusively licensed from, the University of Wyoming's Center for Biogenic Natural Gas Research. The Company's world class leadership team has over 100 years of experience in clean energy technology commercialization, upstream gas operations, and large-scale energy project development. Carbon Dioxide Removal ("CDR") and RNG are important and quickly growing sectors addressing climate change, attracting billions in investment capital supporting the energy transition in recent years. The Company's technology is the first clean energy-positive process to result in the actual removal and sequestration of atmospheric carbon dioxide rather than simply reducing or preventing future emissions and has broad reaching environmental benefits.
Ryan Waddington, Cowboy Clean Fuels Chief Executive Officer stated, "It is an exciting time at Cowboy Clean Fuels as we work to commercialize our first RNG and CDR project in the Powder River Basin. We are pleased that the CBEA's independent analysis verifies the substantial economic impact we will have on Wyoming. We are also proud to be contributing to Wyoming's economic growth and to the development of its vast potential for carbon sequestration and clean energy."
David Aadland, Director of the Center for Business and Economic Analysis and the University of Wyoming College of Business commented, "The estimates in this CBEA study show that not only will CCF's initial project contribute significantly to Wyoming's economy and create a meaningful number of high quality jobs, it will do so in a much more sustainable way than conventional natural gas extraction."
ABOUT COWBOY CLEAN FUELS
Cowboy Clean Fuels is a Denver, Colorado-based emerging renewable energy technology company formed in 2020. Cowboy Clean Fuels' innovative, field-tested process utilizes non-producing Coal Bed Methane ("CBM") wells and infrastructure to produce renewable natural gas (RNG) from agricultural byproducts through a naturally-occurring biogenic process, similar to anaerobic digestion, that occurs in deep, geologic formations. Coincident with RNG production, the process results in permanent sequestration of CO2 that was removed from the atmosphere in the same deep, geologic formations. The Company's proprietary and patented technology was developed by Cowboy Clean Fuels Co-Founder and Chief Technology Officer, Dr. Michael Urynowicz, Ph.D, at, and exclusively licensed from, the University of Wyoming's Center for Biogenic Natural Gas Research. The Company's world class leadership team has over 100 years of experience in clean energy technology commercialization, upstream gas operations, and large-scale energy project development.
ABOUT THE WYOMING CENTER FOR BUSINESS AND ECONOMIC ANALYSIS
The Center for Business and Economic Analysis supports the economic growth and diversification of Wyoming's economy through applied economic and business analytics for communities, industries, and entrepreneurs who desire a thriving and prosperous Wyoming. The center was established in 2019 as a unit within the College of Business at the University of Wyoming. The CBEA is a member of the Association for University Business and Economic Research and has experience in the areas of economic development, education economics, energy economics, and environmental economics, among others. The CBEA mainly provides the following activities: Amenities Valuation, Data Analytics, Economic and Fiscal Impact, Economic Modeling and Forecasting
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SOURCE Cowboy Clean Fuels