Gevo Inc (NASDAQ:GEVO) has won a lucrative new contract as Bombardier Inc (OTCMKTS: BDRBF), the Canadian jet maker, is the latest company to adopt its sustainable jet fuel, which will be put into action at its Montreal facilities.
Bombardier’s supply deal with Avfuel – a supplier of aviation fuel and services - represents the jet maker’s first step in a plan to forge partnerships to introduce sustainable jet fuel in a bid to reduce its CO2 emissions.
“Today, we are proud to offer it for the first time at one of our Canadian facilities and it’s only the beginning,” said David Coleal, president of Bombardier Aviation.
READ: Gevo is a “low-carbon” company developing and commercializing renewable diesel, jet fuel alternatives
“We stand behind our commitment to help promote the increased use of sustainable aviation fuel throughout the industry,” Coleal added.
Patrick Gruber, CEO of Gevo, was equally enthused by the news.
“We applaud Bombardier and Avfuel for their efforts to make this a reality. We look forward to continuing to support their efforts to a greater sustainable representation in the fuel supply chain,” Gruber said.
Gevo, based in Englewood, Colorado, is commercializing the next generation of gasoline, jet fuel and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need of reducing greenhouse gas emissions with sustainable alternatives.
Gevo shares climbed 3.5% in early morning trade on the news to hit $2.37.