2023-04-12 16:54:11 ET
Gevo ( NASDAQ: GEVO ) +4.1% post-market Wednesday after saying it entered into a joint development agreement with South Korea's LG Chem to develop bio-propylene for renewable chemicals using Gevo's Ethanol-to-Olefins technology.
Gevo ( GEVO ) says its ETO technology "can target carbon neutral or carbon negative drop-in replacements for traditional petroleum-based building blocks called olefins, including bio-propylene, that can be used for renewable chemicals or fuels including sustainable aviation fuel.
"Our partnership with LG Chem is a great example of how we intend to accelerate development and commercialization of our ETO technology to enable renewable chemicals with our world class partner while Gevo plans to deploy the technology to lower the cost and carbon intensity for SAF and other drop-in fuels like renewable diesel," said Paul Bloom, Gevo's ( GEVO ) Chief Carbon and Innovation Officer.
Gevo ( GEVO ) stock closed -3.2% in Wednesday's trading, touching a 52-week low $1.20, and has lost 74% during the past year .
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Gevo, LG Chem to jointly develop bio-propylene for renewable chemicals