Gevo, Inc (NASDAQ:GEVO) shares closed almost 72% higher on Tuesday. The company’s shares reached their 52-week high of $11.68 on the same day.
What Happened: The Englewood, Colorado-based company’s co-founder Frances Arnold has been named to President-Elect Joe Biden’s science team, Gevo said in a statement.
Arnold is set to take over as the co-chairman of the President’s Council of Advisors on Science and Technology along with the fellow Nobel awardee Maria Zuber, a renowned astronomer.
The science team is tasked with tackling issues such as climate change. Gevo CEO Patrick Gruber praised the appointment.
“This appointment is well deserved. Gevo has benefited from Professor Arnold’s outstanding work in developing enzymes crucial to our technology.”
Why It Matters: Gevo’s approach involves transforming renewable energy and carbon into energy-dense liquids that can be utilized for transportation and other uses, according to the company.
The energy company’s shares soared 27% on Jan. 12 after it announced new “Net-Zero Projects,” related to the production of liquid hydrocarbons using the same methodology.
Since the beginning of the year, Gevo’s shares have risen 146.2%.
Price Action: Gevo shares closed nearly 72.3% at $11.03 on Tuesday and fell 5.53% in the after-hours session.
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