ENGLEWOOD, Colo. (AP) -- Gevo Inc.'s shares soared Wednesday after the biofuel additive maker received a favorable ruling in a patent case filed by a competitor.
A U.S. District Court judge rejected Butamax Advanced Biofuels LLC's request that the court stop Gevo from selling some of its products. That means Gevo can now resume sales to customers in any market or region, Gevo said Wednesday.
Gevo makes isobutanol, an alternative to ethanol that is blended into fuel. Butamax makes biobutanol, which is another butanol product used in producing biofuel.
Butamax requested a preliminary injunction against Gevo in September, claiming that one of Gevo's products used for blending in fuel infringed on Butamax's patents. Butamax was formed in 2009 as a joint venture between BP and DuPont to create a premium biofuel molecule.
Brett Lund, executive vice president and general counsel for Gevo, said Butamax's claims lack merit and are attempts to derail Gevo's progress.
Shares of Gevo, based in Englewood, Colo., were up $1.84, more than 31 percent, trading at $7.76 by mid-afternoon after topping $8.60 early in the day. They've traded between $4.84 and $18.75 the past year.