Gevo Shares Up 13% on Delta Purchase of Sustainable Aviation Fuel
December 17 2019 - 8:55AM
Dow Jones News
By Chris Wack
Gevo Inc. (GEVO) shares rose 13% to $2.60 after the company said
Delta Air Lines (DAL) will purchase 10 million gallons a year of
advanced renewable biofuels from Gevo.
Delta's agreement with Gevo complements the airline's recent $2
million investment in Northwest Advanced Bio-fuels LLC for the
feasibility study of a facility to produce sustainable aviation
fuel and other biofuel products in Washington State.
The airline has said it plans on maintaining its commitment to
carbon neutral growth and will try to reduce emissions 50% by
2050.
Gevo said its process separates the sugar from the proteins in
the corn product. The sugars are then used to make the jet fuel,
while the proteins are fed to livestock.
Gevo said the sustainable aviation fuel is expected to be
produced upon completion of an expansion to its existing advanced
biofuel production facility in Luverne, Minn., and is expected to
be available for use by Delta in 2022-2023.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 17, 2019 09:40 ET (14:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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