Shares of BioFuel Energy Corp. (NASDAQ: BIOF), producer and seller of ethanol and its co-products, saw a huge rally in trading today.
BIOF shares ended the day 40.63% higher at $3.15 on above average volume of 378,339. The stock touched an intra-day high of $3.85 today.
BioFuel Energy last month announced collaboration with Gevo Inc. to pursue large-scale isobutanol production. Gevo and BIOF have already signed a development agreement earlier this year. The two companies plan to continue working to develop large-scale production of isobutanol at an existing or future BioFuel plant.
Scott Pearce, CEO of BioFuel, last month said that BIOFâ€™s philosophy has always been to actively explore emerging biofuel technologies, particularly those with the potential to transform the industry. Pearce said that BIOF believes that collaborating with Gevo makes a lot of sense as a potential avenue to becoming a leader in second-generation biofuels.