Evolve Transition Infrastructure and HOBO renewable diesel announce agreement to develop renewable fuels projects.
Evolve Transition Infrastructure LP (“Evolve”) (NYSE American: SNMP), a publicly traded limited partnership focused on the acquisition, development and ownership of infrastructure critical to the transition of energy supply to lower carbon sources, and HOBO Renewable Diesel, LLC (“HOBO”), a renewable fuel project developer, announced an agreement for Evolve to fund the construction of HOBO’s initial project that is expected to produce more than 120 million gallons of renewable fuels annually (the “Fuels Project”).
In furtherance of the Fuels Project and to support Evolve’s energy transaction focus, key members of the HOBO leadership team will join Evolve’s management team effective December 1st, 2021.
HOBO Co-Founder and Chief Executive Officer Randy Gibbs will join Evolve as the new Chief Executive Officer of, and as a member of the board of directors of Evolve’s general partner, HOBO Co-Founder and President Mike Keuss will join Evolve as the new President and Chief Operating Officer of Evolve’s general partner, and HOBO’s Chief Financial Officer Jonathan Hartigan will join Evolve as the new President and Chief Investment Officer of Evolve’s general partner.
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Each of Messrs. Gibbs, Keuss and Hartigan will accept employment with Evolve’s general partner effective November 3, 2021, and will transition to their respective director and executive roles effective December 1, 2021. Messrs. Gibbs, Keuss and Hartigan have each had long and successful careers in both the fossil fuel and renewable energy spaces and bring extensive experience in project development, engineering, operations, and financing to Evolve’s management team.
Gerald Willinger, the current Chief Executive Officer of Evolve’s general partner, plans to resign on December 1st but will assist in the onboarding of new management in November to ensure a smooth transition. Charles Ward, the current Chief Financial Officer of Evolve’s general partner, will continue in his role along with other existing Evolve employees.
Subject to the satisfaction of certain conditions, including HOBO securing a long-term strategic offtake agreement for the Fuels Project, Evolve will exclusively fund the development and construction of the Fuels Project and future renewable fuels projects that can produce renewable diesel and sustainable aviation fuel (“SAF”) and contribute to the advancement of the transition to a low-carbon world.
Renewable diesel and SAF are unique drop-in fuels that are immediately consumable by existing automotive and airplane engines and reduce carbon emissions relative to petroleum based products. These drop-in fuels are in increasingly high demand by customers, including the US federal government, as more organizations embrace de-carbonization.
HOBO and Evolve are also considering incorporation of additional carbon reduction opportunities into the Fuels Project and future projects which the management teams believe could result in the production of some of the lowest carbon intensity fuels in the US.
Chuck Ward, Chief Financial Officer of Evolve.
We believe the initial and future HOBO projects are extremely attractive opportunities to execute on our previously announced business strategy shift to focus on the acquisition and development of infrastructure critical to the transition of energy supply to lower carbon sources.
“Randy, Mike and Jonathan are proven leaders and their skill sets and experience will be tremendous complements to our existing team.”
Michael Bricker, a member of the board of directors of Evolve’s general partner and Managing Director at Stonepeak Partners LP, a leading alternative investment firm specializing in infrastructure and real assets and an affiliate of Evolve’s general partner.
Inclusive of Evolve’s participation in the previously announced Levo JV opportunity focused on fleet electrification, Stonepeak believes pursuing renewable fuels projects with HOBO further solidifies Evolve’s standing as a diversified energy transition vehicle with the full support of a strong sponsor,.
Randall Gibbs, Co-Founder and CEO of HOBO and incoming CEO of Evolve.
HOBO management is thrilled to collaborate with Evolve and Stonepeak in this exciting and differentiated renewable fuel production platform.
“Our shared vision is to build multiple plants of similar design levering off of what we believe are strategic advantages when compared to our competitors.”
Mike Keuss, Co-Founder and President of HOBO and incoming President and Chief Operating Officer of Evolve.
We believe HOBO’s strategy of building for purpose renewable facilities positions our liquid renewable fuels at the lowest cost point in the marketplace and gives our customers the shortest time to commercialization, two primary reasons that we are seeing strong interest in long-term strategic offtakes for our initial project and also for additional projects.
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Evolve Transition Infrastructure and HOBO Renewable Diesel Announce Agreement to Develop Renewable Fuels Projects, Houstoun, November 4, 2021
