Gevo, Inc (GEVO stock) price surges on news of expansion for a new production facility
- NASDAQ:GEVO gains nearly 20% as broader markets remained in flux to start the week.
- GEVO announces it has selected a site for expansion near Lake Preston, South Dakota.
- The clean energy firm is ramping up at the right time for the Biden administration.
NASDAQ:GEVO has had an interesting year as it slowly builds itself up from a penny stock to a legitimate clean energy competitor. The stock is still down over the last 52-weeks, returning investors -9.13% compared to the 15.05% returned by the benchmark S&P 500, but much of the recent climb in stock price has taken place over the past month as shares have risen nearly 170% since the middle of November. On Monday, GEVO gained 19.67% to close the trading session at $2.86, even as global markets remained unsettled during the last couple weeks of the calendar year.
GEVO kicked the week off with a bang as the Englewood, Colorado-based firm announced that it had optioned a new site for its production facility expansion product near Lake Preston, South Dakota. This space would provide GEVO with nearly 240 acres of land where a facility could be built that would be able to produce an estimated 45,000,000 gallons of alternative fuel per year. GEVO CEO Patrick Gruber also remarked that the area is also available to be expanded in the future should the company add to its current business down the road.
Gevo, Inc. stock price
GEVO is certainly picking up production at just the right time as President-elect Biden and his $2 trillion climate plan will be assuming the White House in 2021. Investors who want to get a piece of the clean energy action and want to make a small bet on a small-cap stock that could explode, could do worse than adding GEVO to their watchlists for the upcoming year.
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FXStreet
