Gevo Jumps on Lufthansa Deal to Test Renewable Jet FuelEhren Goossens
Gevo Inc., the U.S. biofuel producer backed by French oil company Total SA, surged the most since November after Deutsche Lufthansa AG agreed to evaluate its fuel for use in jets.
Gevo rose 36 percent to $1.18 at the close in New York, the most since shares began trading in February 2011.
Lufthansa, Europe’s second-largest airline, will test Gevo’s isobutanol-derived jet fuel for commercial aviation, Englewood, Colorado-based Gevo said today in a statement. The testing is being supported through work with the European Commission.
Gevo uses corn and plant waste to make isobutanol, a compound that may be blended with gasoline or converted into hydrocarbon fuels and chemicals.