The U.S. Department of Energy said on Wednesday it has approved conditional loan guarantee commitments totaling nearly $3 billion for two sustainable aviation fuel projects. The agency's Loan Programs Office said the funding of up to $1.

Airlines are banking on sustainable aviation fuel to reduce the industry’s planet-warming pollution. But the amount of lower-carbon alternatives available to them right now represents just a few drops in an ocean of petroleum.

Shares of Gevo Inc. are climbing 38.2% in premarket trades Thursday after the renewable chemicals and biofuels company received a commitment for a $1.46 billion loan from the U.S. Department of Energy.

The Department of Energy announced its first two loans Wednesday for fossil fuel-free aviation fuel, giving a nearly $3 billion boost to the fledgling industry.

Renewable fuels company Gevo has been awarded a $1.4 billion loan guarantee from the U.S. Department of Energy to support a sustainable aviation fuel plant in South Dakota. Tad Hepner, VP for Strategy and Innovation with the Renewable Fuels Association tells

The Department of Energy offered conditional loan guarantees worth about $3 billion for two sustainable aviation fuel projects in Montana and South Dakota.

The U.S. Department of Energy said on Wednesday it has approved conditional loan guarantee commitments totaling nearly $3 billion for two sustainable aviation fuel projects.

Interest in sustainable aviation fuel is climbing domestically and overseas. Iowa Corn Growers Association president Stu Swanson says SAF was discussed during a recent trade mission to India. “India Air hopes to become a hub in India for regional air carriers,