viewGevo Inc

Small-Cap Snapshot: Gevo jumps after it inks pact to supply renewable alcohol-to-jet fuel to Avfuel

Park Electrochemical Corp, Tandem Diabetes Care Inc and WillScot Corp are also making news

A biofuel tanker
Gevo will supply fuel to Avfuel from its hydrocarbon processing facility in Texas

Gevo Inc. (NASDAQ:GEVO) shares shifted into high gear Friday after the company entered into a long-term agreement to supply renewable alcohol-to-jet fuel (ATJ) to Avfuel Corp starting in July.

Gevo will supply the fuel to Avfuel from the smaller-scale hydrocarbon processing facility it operates in Texas with South Hampton Resources. The facility produces around 70,000 gallons of renewable hydrocarbon products per year, at least half of which is ATJ.

“We are pleased to have a customer and partner like Avfuel. It has tremendous reach with more than 650 Avfuel-branded locations and 3,000-plus fueling locations worldwide,” said Gevo CEO Patrick Gruber.

Gevo shares were up 8.3% to US$8.69.

READ: Gevo shares still accelerating after EPA green lights increased mix of gasoline additive isobutanol

Park Electrochemical Corp (NYSE:PKE) announced better-than-expected first quarter earnings, seeing revenue increase by nearly 14%.

The materials company reported earnings of US$0.16 per share on revenue of US$31.1mln compared with US$0.07 on revenue of US$ 27.4mln in the previous year’s first quarter. The Melville, New York-based company beat Wall Street estimates of US$0.10 EPS on revenue of $29.38mln.

Shares of Park Electrochemical jumped more than 14% to US$22.76.

READ: Tandem Diabetes Care shares surge following FDA approval for its automated insulin pump

Tandem Diabetes Care Inc (NASDAQ:TNDM) shares jumped after the company received FDA approval for its automated insulin pump. The medical device company received a green light from the FDA for its t:slim X2 insulin pump with Basal-IQ technology. It’s the first automated insulin delivery system approved for use by children as young as six, according to the company’s release.

Shares soared 11.9% to US$22.72.

Finally, WillScot Corp (NASDAQ:WSC) announced that it will acquire Modular Space Holdings Inc in a deal valued at around US$1.1bn. The companies are complementary as they both rent out modular space and portable storage units. As per the agreement, Williams Scotsman will pay US$1.06bn while the remaining will be paid in stocks and warrants.

Shares of the Baltimore-based company surged more than 18% to US$14.40.

Quick facts: Gevo Inc

Price: 1.115 USD

Market: NASDAQ
Market Cap: $84.44 m

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Gevo well capitalized to advance efforts to develop production facilities...

Gevo Inc (NASDAQ:GEVO) CEO Patrick Gruber tells Proactive the group that's developing renewable alternatives to petrol, is well-capitalized and continues to advance its project financing efforts to establish production facilities so it can fulfill contracts for its green fuels. Gruber says...

on 09/09/2020

2 min read