viewGevo Inc

Gevo surges after announcing isooctane agreement with HCS valued at up to $180M

The Colorado company says its low-carbon, drop-in blending component for gasoline has the potential to reduce greenhouse gases by as much as 70%, well within EU standards

Illustration of carbon dioxide
The deal helps address the need for low-carbon fuels, Gevo CEO Patrick R. Gruber says

Gevo Inc (NASDAQ:GEVO) rallied Wednesday after announcing that it will supply low-carbon, renewable isooctane to HCS Group for as long as 10 years, in an agreement valued at as much as $180 million.

Englewood, Colorado-based Gevo said in a statement that the isooctane will be used in high-end applications ranging from high-purity solvents to specialty fuels under HCS’s Haltermann Carless brand. Excluded will be the use of isooctane for on-road transportation fuels. 

Shares of Gevo climbed US$0.60, or 24%, to $3.12 in Wednesday’s premarket trading.

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

HCS operates a network of nine facilities for refining, processing and blending in Germany, the UKFrance and the US.

Gevo said its renewable isooctane is a low-carbon, drop-in blending component for gasoline that has the potential to reduce greenhouse gases by as much as 70%, well within the standards established by the EU Renewable Energy Directive.

“This is a game-changing, bankable agreement for Gevo and another step forward to delivering on our promise to address the need for low-carbon fuels while also meeting sustainability requirements for our customers to reduce their carbon foot print,” Gevo CEO Patrick R. Gruber said in a statement.

HCS CEO Uwe Nickel added that “we have been impressed with the quality and the consistency of Gevo’s renewable isooctane.”

Contact Dennis Fitzgerald at [email protected]

Quick facts: Gevo Inc

Price: 1.61 USD

Market: NASDAQ
Market Cap: $23.33 m

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