Gevo (NASDAQ:GEVO) stock is soaring higher on Monday thanks to the renewable energy company being granted a new patent.
The patent award comes from the United States Patent and Trademark Office. It covers a process that allows for the upgrading of “ethanol and bio-based alcohols into drop-in, bio-based diesel and jet-fuel products.”
According to Gevo, this new patent is a major win for holders of its stock. It opens it up to new business ventures, as well as the possibility of net-zero greenhouse gas emissions over the product’s lifecycle.
Dr. Paul Bloom, chief carbon and innovation officer at Gevo, said this about the news boosting the company’s stock today.
‘This patent covers technology that has the flexibility to make quality renewable diesel fuel or jet fuel from ethanol in a simple catalytic process. Producing renewable diesel makes sense in some regions of the world, whereas in others, producing high levels of jet fuel might be the right economic answer.”
To go along with the patent news today is heavy trading of GEVO stock. As of this writing, more than 12 million shares have changed hands. That’s already above the company’s daily average trading volume of 10.6 million shares.
GEVO stock was up 10% as of Monday afternoon and is up 67.4% since the start of the year.
There’s more stock market news to jump into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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