Gevo (GEVO.US) surged nearly 52% after the market! Received US$1.46 billion clean fuel project financing from the US Department of Energy

The Zhitong Finance App learned that Gevo (GEVO.US) announced on Wednesday that the company has obtained a conditional loan guarantee of $1.46 billion from the US Department of Energy's Loan Program Office for its Net-Zero 1 project in South Koda. Boosted by this news, as of press release, Gevo's US stocks surged nearly 52% after the market on Wednesday.

Gevo is a renewable chemicals and biofuel company dedicated to developing and commercializing alternatives to isobutanol, petroleum-based products produced from renewable raw materials. The Net-Zero 1 project is designed to produce approximately 60 million gallons/year of sustainable aviation fuel, 1.3 billion pounds/year of protein and animal feed products, and 30 million pounds/year of corn oil. The company said the Net-Zero 1 project's design capability is expected to generate sustainable aviation fuel and achieve a net zero carbon footprint on a life cycle basis, including through fuel combustion.

The Net-Zero 1 project is the first alcohol spray synthesis project to receive a conditional commitment from the U.S. Department of Energy Loan Program Office. “This marks a watershed moment for the Net-Zero 1 project and a key step for Gevo to transform the aviation industry by providing scalable, sustainable, and economical renewable carbon-based aviation fuel SAF,” said Patrick Gruber, CEO of Gevo.