Deal sealed between Gevo and Biorecro for faster multi-year carbon credit acquisition
In a recent press release, SLM Solutions announced the signing of a contract with Biorecro North America for the commercialization of carbon dioxide absorption credits generated at Gevo's North Dakota facility.
The agreement, which is voluntary and not mandatory, is expected to generate approximately $26 million in revenues for Gevo over a period of five years. This news comes on the heels of Gevo's first-ever quarterly profit, which has seen a significant rise in the company's stock price.
Gevo's subsidiary, Net-Zero Richardton, has signed the Carbon Dioxide Removal Sales Agreement with Biorecro North America. However, it's important to note that the biofuel reallocation plan, if it occurs, is not directly connected to this agreement.
The White House is currently considering a partial biofuel reallocation plan, which could potentially impact Gevo. The exact details of this plan, including whether it involves Gevo or its subsidiaries, are yet to be specified.
Seeking Alpha has a Quant Rating on Gevo. As of now, the company's stock price is after hours at $2.03, with a decrease of 2.87%. Despite this minor setback, Gevo anticipates the option to expand the volumes under the transaction.
This move towards carbon credits commercialization aligns with Gevo's commitment to sustainable practices and reducing carbon emissions. As the world continues to grapple with climate change, such initiatives are becoming increasingly important.
Stay tuned for more updates on Gevo's journey in the realm of carbon credits and sustainable biofuels.
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