The low-carbon-fuel company said in a press release that the "Business Jets Fuel Green: A Step Toward Sustainability" event at Van Nuys Airport on Thursday allowed Gevo and partner Avfuel to demonstrate an alternative to fossil-based jet fuel. Petroleum-based jet fuel, blended with Gevo’s alcohol-to-jet fuel, was available from Avfuel for use at the airport during the event, according to Gevo.
Shares of Gevo surged $1.21, or 42%, to $4.09 in Friday’s premarket trading.
The general and business aviation sector has committed to carbon neutrality starting in 2020, according to Gevo. Converting some of the 2.4 billion gallons per year of jet fuel in North America to sustainable jet fuel is a key part of that goal, the company added.
There are more than 210,000 aircraft in the general and business aviation sector in the US, with more than 650 Avfuel-branded locations and 3,000-plus fueling locations, according to Gevo.
“Our partnership with Avfuel has allowed us to begin to effectively support this market and the market goals to achieve carbon neutrality from 2020 and beyond,” said Patrick R. Gruber, Gevo’s CEO, said in a statement. “This event demonstrates our partnership and mutual commitment with Avfuel to feed the world, sequester carbon dioxide and reduce greenhouse gas emissions.”
In November, Gevo reported third-quarter revenue that beat analysts’ estimates on higher production of ethanol, distiller grains and renewable hydrocarbons.
Contact Dennis Fitzgerald at [email protected]