Gevo Inc GEVO is trading higher Monday after the company announced that it received a patent from the United States Patent and Trademark Office for a process that encompasses upgrading ethanol and bio-based alcohols into drop-in, bio-based diesel and jet-fuel products.
The patented process establishes a new technology and route to hydrocarbons that did not previously exist. This creates an opportunity for Gevo to diversify ethanol production to help meet increasing demand for renewable diesel and jet fuel.
"Ethanol, when produced using renewable energy in combination with other sustainable practices, could be a good feedstock. The technology in this patent is different from what others have done in that it provides high yields of quality diesel fuel, and can also produce SAF if we want,” said Patrick Gruber, CEO of Gevo.
Gevo is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks.
GEVO Price Action: Gevo has traded as high as $15.57 and as low as 77 cents over a 52-week period.
The stock was up 11.40% at $7.34 at time of publication.
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