Akin Advised Cottonmouth Ventures in Joint Development Agreement with Verde Clean Fuels
Akin Advised Cottonmouth Ventures in Joint Development Agreement with Verde Clean Fuels
The arrangement opens a path for the entities to reach definitive documents and final investment decisions for the projects
Elite global law firm Akin has advised Cottonmouth Ventures LLC, a subsidiary of Diamondback Energy, on its joint development agreement (JDA) with Verde Clean Fuels for the proposed development, construction, and operation of a facility to produce commodity-grade gasoline, utilizing associated natural gas feedstock from its Permian Basin operations.
The pact frames the contracts contemplated to be entered between the parties, including agreements on operations, ground lease, construction, license, and financing.
Verde, a renewable energy company, focuses on the development of commercial production plants to convert syngas, derived from diverse biomass feedstocks, such as yard, agricultural, and sorted municipal solid waste, and stranded or flared natural gas (including renewable natural gas) into gasoline through its innovative and proprietary liquid fuels technology, the STG+® process.
Through the process, the company converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending gasoline.
Headquartered in Midland, Texas, Diamondback is an independent oil and natural gas company. It focuses on the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves in the Permian Basin in West Texas.
The Akin team was led by corporate partner John Goodgame and counsel Leana Garipova. It included projects & energy transition partners Hayden Harms and Tom Dupuis, intellectual property partner David Lee, and counsel Thomas Hillebrand.
