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Decarbonizing
Combustion
Vehicles
JULY2023
APORTFOLIOAPPROACH
TOGHGREDUCTIONS
StillwaterAssociatesisatransportationfuelsconsultingfirmspecializinginmid-todownstreammarkets.Weare
fuelingthefuture
oftransportationenergywithtrustedindustryexperience.Ourassociatesleveragedecades-long
careersatmajoroilcorporationsandgovernmentagenciestohelpclientsnavigatechallengeswiththehighestlevel
ofindustryknowledge,marketanalysis,policyinsight,andemergingtechnologystrategies.Our
clientsinclude
governmentagencies,petroleumandrenewablefuelscompanies,
tradeassociations,technologydevelopers,
privateequityfirmsandlawfirms.
Contributingauthors:MeganBoutwell,MikeLeister,JimMladenik,LeighNoda,Dr.AdamSchubert,Kendra
Seymour,andGaryYowell.Stillwater’steamwasjoinedbyDr.MadhuKhanna,theACESDistinguishedProfessor
ofEnvironmentalEconomicsintheDepartmentofAgriculturalandConsumerEconomicsandAlvinH.Baum
FamilyChairandDirectoroftheInstituteforSustainability,Energy,andEnvironment,theUniversityofIllinois
atUrbana-Champaign.
Disclaimer:
StillwaterAssociatesLLCpreparedthisreportforthesolebenefitoftheFuelsInstituteandnootherparty.
StillwaterAssociatesLLCconductedtheanalysisandpreparedthisreportusingreasonablecareandskillinapplying
methodsofanalysisconsistentwithnormalindustrypractice.Allresultsarebasedoninformationavailableat
thetimeofpreparation.Changesinfactorsuponwhichthereportisbasedcouldaffecttheresults.Forecastsare
inherentlyuncertainbecauseofeventsthatcannotbeforeseen,includingtheactionsofgovernments,individuals,
thirdparties,andcompetitors.Nothingcontainedinthisreportisintendedasarecommendationinfavorofor
againstanyparticularactionorconclusion.Anyparticularactionorconclusionbasedonthisreportshallbesolely
thatoftheFuelsInstit
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