Praj Industries rose almost 8% today to Rs.148.65. The stock has gained after 7 days of consecutive fall. Interestingly, FIIs hold 14.49% stake and the number of FIIs has increased during Q4FY19 from 39 to 45.
The company stated that it has signed a Construction License Agreement (CLA) with Gevo, Inc, USA dated 4th April 2019, to commercialize technology for the production of lsobutanol using sugary-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. lsobutanol derived from said proprietary process is high energy renewable intermediate product that finds application in Aviation and Racing cars.
To that effect, Praj also signed a Memorandum of Understanding (MOU) with Gevo Inc. to commercialize Gevo's renewable hydrocarbons products. This includes Gevo's renewable alcohol-to-jet fuel ("ATJ") and renewable isooctane, derived from Gevo's renewable lsobutanol.
Gevo is a next generation "low-carbon" fuel company focused on the development and commercialization of renewable alternatives to petroleum-based products.