Gevo Inc GEVO stock was cleared for a big take-off after its jet biofuel was showcased at a California airport event. Gevo and new partner Avfuel Corporation provided fuel at the Wednesday event, marking their entrance into a space the industry says will help make a lower-carbon future possible in the skies.
Gevo shares were trading up 13.72 percent at $3.28 at the time of publication Friday.
Gevo’s biofuel-based jet fuel was used by privately held plane fuel supplier Avfuel at the demonstration event, “Business Jets Fuel Green: A Step Toward Sustainability” at the Van Nuys Airport in Southern California on Thursday, aiming to show the fuel is a ready-to-use alternative for small general aviation planes.
Avfuel provided a traditional petroleum-based fuel blended with Gevo’s product, called ATJ, allowing small general aviation jets to test it out.
Business jet industry leaders say they want to shift away from some of the roughly 2.4 billion gallons of traditional fuel used each year to power jets. Gevo and Avfuel previously announced a multiyear supply agreement aimed at providing biofuel to companies with corporate jet fleets that want to reduce their greenhouse gas emissions.
“With more than 650 Avfuel-branded locations and 3,000-plus fueling locations, our partnership with Avfuel has allowed us to begin to effectively support this market and the market goals to achieve carbon neutrality from 2020 and beyond,” Gevo CEO Patrick Gruber said in a press release.
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