Why Bulls in Gevo Stock Got a Big Kick Today
Friday lit fire under shares of Gevo (NASDAQ: GEVO), sending them up 11.3% as of 1:15 p.m. EDT on heavy volumes. Although renewable energy stocks across the sector are surging, Gevo is up on heavy volumes for a company-specific reason.
On Thursday, Gevo announced it had applied for environmental permits in South Dakota. Why is this such a big deal?
The permits are related to Gevo's key project, Net-Zero 1. It's the company's first such project under its Net-Zero program, which aims to produce gasoline and jet fuel from renewable energy sources like wind, biogas, and renewable natural gas. Gevo says engines running on the fuel will emit "net zero" greenhouse gas emissions, a proposition that is attracting attention from transportation companies in particular.
Source Fool.com
