According to the Securities Times app, Gevo (GEVO.US) announced on Wednesday that the company has secured a $1.46 billion conditional loan guarantee from the US Department of Energy Loan Programs Office for its Net-Zero 1 project in South Dakota. Boosted by this news, as of the press time, Gevo surged by nearly 52% in post-market trading on Wednesday.

Gevo is a renewable chemicals and biofuels company dedicated to developing and commercializing isobutanol, a petroleum-based product alternative produced from renewable feedstocks. The design goal of the Net-Zero 1 project is to produce approximately 60 million gallons/year of sustainable aviation fuel, 1.3 billion pounds/year of protein and animal fodder products, and 30 million pounds/year of corn oil. The company indicates that the designed capacity of the Net-Zero 1 project is expected to generate sustainable aviation fuel, achieving a net-zero carbon footprint on a lifecycle basis, including through fuel combustion.

The Net-Zero 1 project is the first isobutanol spray synthesis project to receive conditional commitment from the US Department of Energy Loan Programs Office. Gevo CEO Patrick Gruber stated: "This marks a watershed moment for the Net-Zero 1 project and is a critical step for Gevo in transforming the aviation industry by offering scalable, sustainable, and cost-effective renewable carbon-based aviation fuel SAF."