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Diamondback Energy(FANG-Q)

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Joint Development Agreement Sends Small Cap Soaring - Tue Feb 13, 3:04PM CST

A renewable energy company is causing quite the stir on Tuesday after it was announced the company has executed a Joint Development Agreement for the proposed development, construction, and operation of a facility to produce commodity-grade gasoline utilizing associated natural gas feedstock supplied from Diamondback’s operations in the Permian Basin with Diamondback energy (Nasdaq:FANG).

Traders frantically got their hands on shares of Verde Clean Fuels Inc. (Nasdaq:VGAS) following the announcement, with shares of the small cap reaching up to $4.50/share (+60.71%) at the session high. This move is a strong continuation of the success this stock has had over the last few weeks after it found support to start off 2024.

Verde Clean Fuels, Inc. is a renewable energy company focused on the development of commercial production plants to convert syngas, derived from diverse biomass feedstocks, such as yard waste, agricultural waste, and sorted municipal solid waste, as well as stranded or flared natural gas (including renewable natural gas) into gasoline through its innovative and proprietary liquid fuels technology, the STG+® process. Through its STG+® process, Verde converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending (“RBOB”) gasoline.

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