"We are excited to partner with IEP and help realize the promise of their GTL platform to harness a plentiful feedstock in natural gas for the bio-production of isobutanol. Dominion is committed to being a good environmental steward while providing reliable, affordable energy services for our customers," said
Diane Leopold, President of Dominion Energy.
Conversion of methane to isobutanol provides economic and environmental advantages upon which the collaboration will look to build. In comparison to other gasoline substitutes, isobutanol offers cleaner burning combustion with less corrosion, holds more of gasoline's energy content allowing longer travel, is cheaper to blend with gas, and its compatibility with the current petroleum infrastructure offers a dramatic improvement in efficient transport of the fuel itself. These positive attributes are driving investment in butanol plants which may reach
$6 billion by 2020 according to Bloomberg New Energy Finance.
"Dominion's operational leadership in natural gas processing and transport along with their extensive geographic footprint makes them an ideal partner to scale-up and commercialize IEP's bioconversion platform," commented
Robert F. Walsh, Senior Vice President and Head of Intrexon's Energy Sector. "We believe our innovative biological solution for converting low cost natural gas into higher valued fuels, lubricants and chemicals will transform the gas to liquids field."
Under the terms of the agreement, IEP will be required to meet specific development milestones prior to initiation of certain commercialization activities, which are subject to board approval by both parties. Dominion will be the exclusive partner to construct, own, operate, and maintain the production facilities in the Marcellus and Utica Shale Basins located in eastern
North America via potential long-term services agreements with IEP. Within this geographic region, the collaboration plans to build natural gas bioconversion facilities leading to the creation of job opportunities and generation of local and state tax revenue.
Intrexon Corporation Intrexon Corporation (NYSE: XON) is Powering the Bioindustrial Revolution with Better DNA™ to create biologically-based products that improve the quality of life and the health of the planet. The Company's integrated technology suite provides its partners across diverse markets with industrial-scale design and development of complex biological systems delivering unprecedented control, quality, function, and performance of living cells. We call our synthetic biology approach Better DNA®, and we invite you to discover more at www.dna.com.
About Dominion Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,600 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,455 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 13 states. For more information about Dominion, visit the company's website at www.dom.com/.
Intrexon, Powering the Bioindustrial Revolution with Better DNA, and Better DNA are trademarks of Intrexon and/or its affiliates. Other names may be trademarks of their respective owners.
Safe Harbor StatementSome of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon our current expectations and projections about future events and generally relate to our plans, objectives and expectations for the development of our business. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties and actual future results may be materially different from the plans, objectives and expectations expressed in this press release.
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