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.

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.

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.

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

Vietjet launched its first flights using sustainable aviation fuel (SAF) from Tan Son Nhat Airport on October 17, flying to Melbourne and Seoul, marking a step towards sustainability in Vietnam s aviation sector.

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.

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

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. DOE floated a $1.46 billion loan to biofuels producer Gevo Net-Zero 1 for a facility located in Lake Preston,