Gevo stocks go up with DOE contract rumors

In Colorado, Gevo shares climbed over 30% with rumors that the U.S. Department of Energy chose them to collaborate with as part of DOE’s integrated biorefinery optimization projects. Last week, Energy Secretary Perry announced the DOE’s selection of eight projects for up to $15 million in DOE funding to optimize integrated biorefineries. While the eight companies involved in the DOE plans have not been named, there is speculation that GEVO is one of them. Investors got excited about the speculations, causing gains in the stock value.

Rick Perry’s statement according to Smarter Analyst, said “The Integrated Biorefinery Optimization effort is a prime example of how the Department of Energy can leverage its resources to help solve real-world issues facing biorefineries,” said Secretary Perry. “These projects have the potential to increase the efficiency of producing biofuels and bioproducts, enabling the United States to better utilize its abundant biomass resources, boost economic development, and advance U.S. competitiveness in the global energy market.”