11:53 AM EDT, 08/16/2024 (MT Newswires) -- Gevo ( GEVO ) shares were up more than 10% in recent trading on Friday after the Federal Aviation Administration said it awarded a $16.8 million grant to the company to convert its existing fuel facility in Luverne, Minnesota, into a sustainable aviation fuel production facility.

Gevo ( GEVO ) will convert the facility into a fully integrated alcohol-to-jet production plant, FAA added.

The project grant is part of a $291 million package under the Inflation Reduction Act to achieve net-zero greenhouse gas emissions from aviation by 2050, the administration said.

Price: 0.72, Change: +0.07, Percent Change: +10.20