Calumet, Gevo Shares Are Soaring Wednesday: What's Going On?

Calumet Inc (NASDAQ:CLMT) and Gevo Inc (NASDAQ:GEVO) shares are on the move in extended trading Wednesday after the companies received conditional commitments from the U.S. Department of Energy (DOE).

What Happened With CLMT: Calumet announced Wednesday that the DOE Loan Programs Office awarded a conditional commitment for a loan guarantee of up to $1.44 billion to fund the construction and expansion of a renewable fuels facility owned by Calumet subsidiary Montana Renewables.

The loan guarantee is structured in two tranches. The first tranche of approximately $778 million is expected to close in the fourth quarter and be disbursed from 2025 through the anticipated completion of ...

Full story available on Benzinga.com