Gevo, Inc. (NASDAQ: GEVO) shares risen by 9.46% on Friday in after-hours trading, rising the stock price to $7.64. The company saw its stock price taking a dip in the regular session when it dropped by -0.57% to close the session at $6.98. There was no news directly linked with the company that could drive the move.
A key mission of Gevo is to develop synthetic hydrocarbon fuels which are energy-dense liquids from renewable sources of energy and carbon dioxide. These liquid hydrocarbons can be used to manufacture transportation fuels that are beneficial when used for gasoline, jet fuel, and diesel fuel, and are expected to deliver net-zero greenhouse gas emissions over the entire product lifecycle.
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Besides, Gevo produces renewable electricity and natural gas from renewable sources and residues as raw materials and is in an advanced stage of developing reusable renewable electricity and gas for production processes. The outcome will be a low-carbon fuel with substantially reduced carbon intensity (the amount of greenhouse gas emissions compared to standard petroleum fossil-based fuels for their entire lifecycle) and GHG scores.
Gevo, Inc. recently announced that it and HCS Group GmbH, a long-time Gevo customer, had signed an MOU for the development and construction of a renewable hydrocarbon facility in Speyer, Germany, within the HCS Group’s site. Approximately 60 km of renewables, advanced renewable fuels, and low carbon SAF are estimated to be produced at HCS Group’s Speyer site by the end of 2024 under the MOU.
In the geographical center of Europe, in the vicinity of Frankfurt airport and the Rhine river, is the HCS Group manufacturing center operated by the Haltermann Carless brand. With the facility, European customers have access to the renewable drop-in fuel portfolio and a portfolio of specialty chemicals certified under the European Renewable Energy Directive (“EU REDII”).
On March 18, 2020, Gevo will release its fourth-quarter 2020 financial results and provide an update on recent corporate highlights.