SNMP - Evolve on the rise following deal to fund HOBO's first renewable diesel project

Evolve Transition Infrastructure (NYSE:SNMP) is trading +9.27% pre-market after it announced an agreement to fund construction of HOBO Renewable Diesel's initial project. The project is expected to produce over 120M gallons of renewable fuels annually. In addition, key members of the HOBO leadership team will join the Evolve management team from December 1, 2021. HOBO CEO Randy Gibbs will join Evolve as the new CEO of Evolve's general partner. HOBO President Mike Keuss will join Evolve as Chief Operating Officer, and HOBO’s Chief Financial Officer Jonathan Hartigan will join as Chief Investment Officer. Subject to certain conditions, including HOBO securing a long-term strategic offtake agreement for the project, Evolve will exclusively fund development and construction of the project and other future projects to produce renewable diesel and sustainable aviation fuel. HOBO and Evolve are also also considering additional carbon reduction opportunities for the initial project and future ventures.

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Evolve on the rise following deal to fund HOBO's first renewable diesel project