|By Marketwired .||
|January 4, 2013 08:20 AM EST||
NEW YORK, NY -- (Marketwire) -- 01/04/13 -- The Alternative Energy Industry received a major boost this week as a last-minute deal by law makers to avoid the "fiscal cliff" surprisingly included the extension of tax credits for renewable energy and alternative fuels. The PowerShares WilderHill Clean Energy ETF (PBW) has gained nearly 10 percent in the past week. Five Star Equities examines the outlook for companies in the Alternative Energy Industry and provides equity research on Renewable Energy Group Inc. (NASDAQ: REGI) and Gevo, Inc. (NASDAQ: GEVO).
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Congress has extended a $1 per gallon tax credit, which expired at the end of 2011, through the end of 2013. The National Biodiesel Board believes the tax credit will increase biodiesel production by approximately 300 million gallons in 2013. The approved deal also extends a $1.01/gal credit for cellulosic fuel, which are made from non-food organic materials, by one year. In September, the U.S. Environmental Protection Agency raised the amount of biodiesel refiners are required to blend to 1.28 billion gallons in 2013.
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With more than 225 million gallons of owned/operated annual production capacity at bio-refineries across the country, Renewable Energy Group is a proven biodiesel partner in the distillate marketplace. "This tax credit provides certainty for our petroleum distributor customers and, in turn, market stability for commercial biodiesel producers like us," the company said in a statement. Shares of Renewable Energy Group have gained 20 percent in the past week.
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. The company's Board of Directors has recently approved a $15 million stock repurchase program.
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