Gevo shares rise after favourable court ruling
Shares in US-based renewable chemical and advanced biofuels company Gevo rose this week after a favourable court ruling in a patent case.
A US district judge dismissed claims by Butamax Advanced Biofuels that one of Gevo’s fuel blending products infringed in one of its own patents. The ruling now means Gevo can now resume sales of the product to any potential customers.
Gevo shares were up $1.84 (€1.45) and trading at $7.76 by mid-afternoon on 20 June, which was up 31%.
Gevo VP and general counsel Brett Lund was quoted as saying Butamax’s claims ‘lacked merit’ and were nothing but ‘attempts to derail Gevo’s progress’.