2023-07-24 15:54:08 ET
Gevo ( NASDAQ: GEVO ) +5.7% in Monday's trading, approaching a four-month closing high, after saying it entered into a master services agreement with McDermott International ( OTC:MCDIF ) to provide front end engineering and early planning services for the development of multiple sustainable aviation fuel facilities in North America.
The first facility, to be located near Lake Preston, South Dakota, is expected to produce as much as 65M gallons of sustainable aviation fuel, diesel, renewable gasoline that, when consumed, is designed to have a lifecycle net-zero greenhouse gas footprint.
Under the MSA, McDermott ( OTC:MCDIF ) will provide engineering, execution planning and pricing for the engineering, procurement and construction phase of Gevo's ( GEVO ) initial project.
The companies said they expect the MSA will lead to a final EPC agreement with for Gevo's ( GEVO ) South Dakota project to be finalized in coordination with the timing of financing activities for the project.
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Gevo, McDermott team up to develop sustainable aviation fuel facilities