July 10 (Bloomberg) -- Gevo Inc., the U.S. biotechnology company backed by the French oil company Total SA and the specialty chemicals maker Lanxess AG, rose the most in two weeks after announcing an agreement to develop biofuels with Beta Renewables.
Gevo advanced 4.6 percent to $4.37 at the close in New York, the most since June 26.
The companies plan to produce isobutanol from cellulosic, non-food biomass including switchgrass, miscanthus and agricultural residues, according to a statement today from Englewood, Colorado-based Gevo.
Beta Renewables is a joint venture of the the private equity company TPG Capital and the Chemtex unit of the Italian chemical company Gruppo Mossi & Ghisolfi.
Gevo makes isobutanol from corn and non-food crops. Isobutanol may be blended with gasoline or refined into jet fuel, specialty chemicals or other products that are typically derived from petroleum.
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