Praj Industries gains 8% on pact with Gevo, USA

The company also signed a Memorandum of Understanding (MoU) with Gevo to commercialise the latter's renewable hydrocarbon products

Shares of Praj Industries surged 8 per cent to Rs 149 on the BSE in early morning trade on Wednesday after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialise the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses.

“Pursuant to the CLA, Praj will provide Engineering Procurement and Construction (EPC) services to 3'd parties using a process design package developed by Praj. This package uses Gevo's proprietary lsobutanol biocatalyst on sugary-based feedstock. Isobutanol derived from said proprietary process is high energy renewable intermediate product