logo-loader
viewGevo Inc

Gevo rallies after announcing supply of alcohol-to-jet fuel at California sustainability event

Gevo and partner Avfuel demonstrated an alternative to fossil-based jet fuel

Biofuel storage
The general and business aviation sector has committed to carbon neutrality starting in 2020, according to Gevo

Gevo Inc (NASDAQ:GEVO) rallied in Friday’s premarket trading after saying it was supplying its alcohol-to-jet fuel to Avfuel Corp for use at a business jets event in California.

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.

READ: Gevo reports 3Q beat on revenue due to higher sales of ethanol and distiller grains

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]

Quick facts: Gevo Inc

Price: 0.81 USD

NASDAQ:GEVO
Market: NASDAQ
Market Cap: $11.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Gevo Inc named herein, including the promotion by the Company of Gevo Inc in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Gevo has strong 2019 numbers and focused on developer,...

Gevo (NASDAQ: Gevo) CEO Patrick Gruber joined Steve Darling from Proactive in Vancouver to discuss their 2019 financial numbers that saw the company have an increase in Hydrocarbon revenue which is very significant for Gevo Gruber also discussed what they are expecting in 2020 and the very...

2 weeks, 3 days ago

2 min read