Evolve Transition Infrastructure Inc. (NASDAQ: SNMP) stock gains by 6.06% in the after-hours trading session. Evolve Transition Infrastructure is a publicly-traded limited partnership that was founded in 2005 with the goal of acquiring, developing, and owning infrastructure that is necessary for the transition of energy production to lower-carbon sources.
SNMP stock’ Update
Evolve Transition Infrastructure has completed previously discussed senior leadership modifications, including the inclusion of prominent figures of the HOBO Renewable Diesel executive team and the retirement of Evolve CEO Gerald Willinger.
Randy Gibbs, HOBO Co-Founder and Chief Executive Officer, was named Chief Executive Officer of Evolve’s general partner and a member of its board of directors on December 1st. Mike Keuss, HOBO’s Co-Founder and President, has been named President and Chief Operating Officer of Evolve’s general partner, while Jonathan Hartigan, HOBO’s Chief Financial Officer, has been named President and Chief Investment Officer.
Evolve’s new leadership will keep pursuing a variety of energy transition opportunities, such as financing the construction of HOBO’s first project, which is intended to deliver more than 120 million gallons of renewable fuels yearly, as well as the previously disclosed Levo Mobility LLC joint venture focused on fleet electrification. Evolve’s capital structure will be evaluated by new leadership in order to determine ways to improve the company’s ability to generate income for future energy transition projects, and the company expects to consider, among other things, electing to be taxed as a corporation in order to reach a wider range of possible investors.
Randy Gibbs, Chief Executive Officer of Evolve commented that,
Mike, Jonathan, and I are ecstatic to begin their new responsibilities and manage Evolve at such an exciting time in the company’s history. As they continue to refocus the business toward real energy transition possibilities and producing extra value for their unitholders, they hope to work collaboratively with the whole Evolve team.