Gevo (NASDAQ: GEVO) shares are trading higher on Thursday after the company announced it has exceeded $1.5 billion in long-term revenue contracts after entering into a binding Renewable Hydrocarbons Purchase and Sale Agreement with Trafigura Trading.Gevo is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment.By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue-generating segment that involves the operation of the Luverne Facility and production of ethanol, isobutanol and related productsGevo's stock traded up 101.10% at $1.10 per share at the time of publication on Thursday The stock has a 52-week high of $3.60 and a 52-week low of 46 cents.See more from Benzinga * Why Naked Brand's Stock Is Trading Higher Today * Why Precigen's Stock Is Trading Higher Today * Why Darden's Stock Is Trading Lower Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
