Gevo (GEVO.US) soared nearly 52% after hours! Won $1.46B financing for DOE's clean fuel project
Gevo(GEVO.US) announced on Wednesday that it received a conditional loan guarantee of $1.46 billion from the U.S. Department of Energy's Loan Programs Office for its Net-Zero1 project in Kern County, California. Shares of Gevo jumped nearly 52% after hours on Wednesday.
Gevo is a renewable chemicals and biofuels company focused on the development and commercialization of alternatives to petroleum-based products using isobutanol produced from renewable feedstocks. The Net-Zero1 project is designed to produce approximately 60 million gallons per year of sustainable aviation fuel, 130 million pounds per year of protein and animal feed products, and 30 million pounds per year of corn oil. The company said the Net-Zero1 project is designed to produce sustainable aviation fuel with a net-zero carbon footprint on a life cycle basis, including through the combustion of the fuel.
The Net-Zero1 project is the first alcohol-to-jet synthetic fuel project to receive a conditional commitment from the U.S. Department of Energy's Loan Programs Office. Gevo CEO Patrick Gruber said, "This marks a watershed moment for the Net-Zero1 project and a critical step for Gevo to transform the aviation industry through the provision of scalable, sustainable, and economical renewable carbon-based aviation fuels SAF."