Evolve Transition Infrastructure Inc. (NASDAQ: SNMP) stock surged by 2.97% in the current market trading session. Evolve Transition Infrastructure is a publicly-traded limited company that was founded in 2005 with the goal of acquiring, developing, and owning infrastructure that is necessary for the transition of energy supply to lower-carbon sources.
SNMP stock’ Current Update
Evolve Transition Infrastructure and HOBO Renewable Diesel, a renewable fuel project developer, struck a deal in which Evolve will fund the building of HOBO’s first project, which is estimated to generate more than 120 million gallons of renewable fuels yearly.
Key members of the HOBO leadership team will join Evolve’s management team on December 1st, 2021, to assist the Fuels Project and to support Evolve’s energy transaction strategy. Randy Gibbs, co-founder, and CEO of HOBO, will enter Evolve as the new Chief Executive Officer and a part of Evolve’s general partner’s board of directors. Mike Keuss, co-founder and president of HOBO, has been named President and Chief Operating Officer of Evolve’s general partner. Jonathan Hartigan, the Chief Financial Officer of HOBO, will be Evolve’s President and Chief Investment Officer of the general partner.
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Messrs. Gibbs, Keuss, and Hartigan have all had extensive and solid careers in both the fossil fuel and renewable energy industries, and they add a wealth of knowledge to Evolve’s management group in project development, engineering, operations, and financing. Gerald Willinger, the current CEO of Evolve’s general partner, intends to step down on December 1st but will help with the onboarding of new management in November to guarantee a seamless transition. The present Chief Financial Officer of Evolve’s general partner, Charles Ward, will remain in his position, as will other current Evolve personnel.
Evolve will solely pay for the development and building of the Fuels Project and future renewable fuels projects if certain requirements are met, such as HOBO establishing a long-term strategic offtake deal for the Fuels Project. These projects can help accelerate the transition to a low-carbon society by producing renewable diesel and sustainable aviation fuel.
