The GEVO stock plunged in regular trading hours and even after trading hours on Wednesday, March 4, 2021. The GEVO stock closed at $7.02 in the regular trading session after declining 14.91%. the decline continues and it went down further 11.25% in the after-hours session.
Recent business activity
Recently GEVO has selected Axens for its Net-Zero 1 project in Preston, South Dakota, US, and will use Axen’sPolynaphthaTM oligomerisation technology. Axens will be providing technology license, basic engineering, and catalyst supply for the conversion of Olefins into gasoline and jet fuel.
On awarding this contract President, Chief Operating Officer, and Chief Technology Officer of Gevo, Chris Ryan said that Gevo chose Axens because of their experience in commercial engineering, project execution, and plant support track record. He further elaborated the reasons behind giving the contract to axans and mentioned that their experience of working with Axens should help to ensure the successful deployment, start-up, and operation of the hydrocarbon part of our Net-Zero 1 plant,
On getting the contract, VP of Process Licensing, Axens Americas, Romain Lemoine said that winning this contract is another proof that Axens is applying its flexible technologies to the developing low-carbon fuels market. He assured Axens commitment throughout the final stages of project execution, start-up, and operation.”
On February 24th,2021 Gevo and HCG group signed a project MOU to develop and build a renewable hydrocarbon facility in Speyer, Germany, which would utilize Gevo’s low-carbon sustainable aviation fuel technology. The project will produce approximately 22 million gallons per year of renewable hydrocarbons, advanced renewable fuels, and low-carbon SAF by the end of 2023.
About the company Gevo
Geo is working to achieve low carbon fuels and also working towards sustainable alternatives. The company’s focus is on addressing the market need of reducing greenhouse gas emissions by using resource-based carbohydrates as raw materials. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel, and diesel fuel, which have the potential to yield net-zero greenhouse gas emissions when measured across the full lifecycle of the products.