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Gevo, Inc. (NASDAQ:GEVO) shares are trading higher today. On Wednesday, the company disclosed a purchase agreement with Shell plc‘s (NYSE:SHEL) Shell Global Solutions Deutschland GmbH for its low-carbon intensity fuel blendstock, designed for use in motorsports.
The financial terms of the supply agreement were not disclosed. The renewable blendstock is intended to combine sustainability with premium motorsport performance.
Damien Perriman, Gevo’s Chief Business Development Officer, said, “The racing industry exhilarates and inspires, and its enormous audience has an appreciation of what technology can do to enhance the human experience. Leading companies across the globe are looking to Gevo to deliver net-zero fuels and chemicals.”
“With products like renewable fuels for all modes of transportation, specialty additives for lubricants, and sustainable chemicals that replace outdated technologies, Gevo is thrilled to drive this transformation.”
Gevo’s low-carbon intensity fuel blendstock is set to meet the demanding requirements of intense racing schedules, offering improved net-energy storage and reduced carbon emissions.
Matthias Mundt, General Manager Fuels Technology Future Mobility Portfolio at Shell, stated, “As a supplier of specialty fuels to racing series around the world, Shell is focused on improving sustainability while maximizing efficiency and performance, such as with the 100% renewable race fuel we developed for the NTT INDYCAR series.”
This month, Gevo reported a second-quarter EPS loss of $0.09, which was in line with the consensus, and sales of $5.260 million, beating the consensus of $4.247 million.
Price Action: GEVO shares are up 1.14% at $0.7870 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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