Gevo to sell biofuel for jets to Lufthansa

Biofuel manufacturer Gevo Inc. has reached a tentative deal to supply the Deutsche Lufthansa AG with up to 8 million gallons per year of its alcohol-to-jet fuel.

The fuel will be made at the refinery Englewood-based Gevo (NASDAQ: GEVO) plans to build in Luverne, Minnesota.

Over the life of the five year agreement, the German airline would purchase up to 40 million gallons, Gevo said in an announcement Wednesday.

The agreement includes a price that Gevo said will “allow for an appropriate level of return” on the capital needed to build the company’s first commercial-scale hydrocarbons facility. Gevo said the agreement is non-binding but is expected to be finished within the next few months.

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