Aemetis (NASDAQ:AMTX) stock is heading higher on Tuesday after announcing a deal with Nevo Motors.
Here’s what investors in AMTX stock need to know about the deal.
- Aemetis subsidiary Aemetis Properties Riverbank has acquired a 20% stake in Nevo Motors.
- This comes as the company prepares to start production of its new electric vehicle (EV) product in the first quarter of 2021.
- The company is targeting the long-hail industry with plans to replace normal diesel engines with those that use clean energy.
- That’s worth noting as the trucking industry is worth $90 billion per year.
- Nevo Motors was previously the solar power company Solargen before switching focus over to EVs.
- The company has yet to launch its EV products and has been operating in stealth mode until it does.
- Aemetis’ deal with Nevo Motors will have the latter making use of its services.
- That includes its “manufacturing facilities and fueling stations, as well as renewable natural gas and renewable electricity.”
- Aemetis is a California-based company founded in 2006 that produces renewable natural gas, renewable fuel and biochemicals.
- The company is focused on “acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products.”
Michael Peterson, CEO of Nevo Motors, said this about the news boosting AMTX stock up today.
“Long haul and other diesel trucks can be powered by low carbon, lower cost, domestically produced renewable natural gas and biofuels that expand local investment and jobs instead of continuing to export investment capital to other countries to purchase imported petroleum.”
AMTX stock was up 31.1% as of noon Tuesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.