BioHiTech Global Inc (NASDAQ: BHTG) is screaming for the top in the market this morning after announcing that it is expanding its relationship with Carnival Corporation, the parent company of Carnival Cruise Lines.
Here’s what’s happening:
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BioHiTech Global Announces Expanded Relationship
As mentioned above, BioHiTech Global is climbing in the market this morning after announcing that it has expanded its relationship with Carnival Corporation.
In the press release, the company said that the relationship is being expanded by way of mutually committing to providing the Company’s technology to additional brands and geographies across the Carnival fleet.
BHTG went on to explain that it has received recent purchase orders from Carnival surrounding Revolution Series food digesters. The value of these orders total more than $1.8 million.
Moreover, the orders will cover 15 additional ships, including the first two ships from the UK-based Cunard Cruises and four from Carnival’s Italy-based arm, Costa Cruise Line.
In the release, BHTG said that it anticipates fulfilling these orders in the second and third quarters of 2021.
In a statement, Tony Fuller, CEO at BHTG, had the following to offer:
We have been working swiftly and efficiently to fulfill our orders with Carnival. These orders expand our worldwide reach and continues to support Carnival’s commitment to sustainable food waste management and environmental compliance.
Including the most recent purchase orders, BioHiTech has received more than $8.4M in purchase orders from Carnival and we anticipate a continued rollout of our onboard bio-digester and analytics solution to the remaining ships under the Carnival umbrella.
All told, the news released by BHTG proved to be overwhelmingly positive. The news today only serves to validate the fact that the company’s top-of-the-line food waste digesters include some of the best tech in the space.
After all, Carnival has ordered more than $8.4 million in these products and continues to expand its relationship with BioHiTech for more.
All in all, BHTG is a stock to watch closely, and with the strong demand for the stock from today’s news, in combination with a relatively low float, the potential for dramatic gains here is hard to ignore.