Calumet, Gevo shares rise after US offers conditional loan guarantees
17/10/2024 12:57
** Specialty chemicals firm Calumet's CLMT.O shares rise
15.8% to $25.40 premarket; renewable fuels firm Gevo's GEVO.O
shares climb 40% to $3.13
** U.S. Department of Energy said on Wednesday it has
approved conditional loan guarantee commitments totaling nearly
$3 bln for two sustainable aviation fuel (SAF) projects
** Calumet to receive $1.44 bln funding to support expansion
of its facility in Montana
** Loan will fund Montana facility expansion to produce
about 315 mln gallons of biofuels per year, most of which will
be SAF - Department of Energy
** Brokerage TD Cowen raises PT on Calumet's shares to $27
from $22 on higher SAF production
** Department of Energy also approves up to $1.46 bln loan
guarantee to Gevo to help finance corn starch-to-jet fuel
facility in Lake Preston, South Dakota
** YTD, Calumet's shares up ~23%, Gevo gains ~94%
(Reporting by Sukriti Gupta)
((Sukriti.Gupta@thomsonreuters.com))