Gevo, Inc. (NASDAQ: GEVO) Surging 60% In Pre Market
Shares of Gevo, Inc. are spiking higher in pre market trading by over 60% on news that the company has entered a strategic partnership with Alaska Airlines for the use of Gevo’s renewable alcohol based jet fuel. This would be the first ever commercial flight on an alcohol based fuel.
Gevo Company Profile
Gevo, Inc., a renewable chemicals and biofuels company, focuses on the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. The company operates in two segments, Gevo, Inc.; and Gevo Development/Agri-Energy. The company engages in the research and development, and production of isobutanol; development of its proprietary biocatalysts; production and sale of biojet fuel; and retrofit process of chemicals and biofuels. It is also involved in the production of ethanol, isobutanol, and related products. Gevo, Inc. produces and separates its renewable isobutanol through the Gevo Integrated Fermentation Technology platform. The company was formerly known as Methanotech, Inc. and changed its name to Gevo, Inc. in March 2006. Gevo, Inc. was founded in 2005 and is headquartered in Englewood, Colorado. – Yahoo Finance
The Chief Executive Officer of Gevo, Patrick Gruber said, “A sustainable biofuels industry would help insulate airlines from fuel price spikes, enabling them to offer economical air travel while remaining profitable, while helping meet their environmental goals, and spur economic growth within and outside of aviation, and “We greatly appreciate Alaska Airlines as a commercial partner as we move towards commercialization.”
Joe Sprague, the senior VP of relations at Alaska Airlines noted, “Developing a domestic, competitively priced, sustainable supply of biofuels is fundamental to the future of American aviation,” and “The cost of fossil-based jet fuel is one of the largest expenses for airlines. This investment in Gevo’s ATJ will help reduce our exposure to high fuel prices, minimize our carbon footprint and demonstrate growing demand for fuel alternatives.”