PHI Group, Inc. Common Stock (OTCMKTS: PHIL) is having a relatively strong day in the market today, and for good reason. The company announced that it will be employing new power power systems at a key renewable power plant. Of course, this led to excitement among investors, prompting gains in the value of the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:14), PHIL is trading at $0.065 per share after a gain of $0.003 per share or 5.61% thus far today.
PHIL Makes Key Announcement Surrounding Renewable Power Plant
As mentioned above, PHI Group is having a strong day in the market today after an announcement made yesterday caused excitement among investors. According to the announcement, the company, in conjunction with Hung Vuong Export Import and Construction JSC, has given notice to the Provincial People’s Committee of Yen Bai Province, Vietnam, to preplace the previously contemplated kinetic energy and employ Aquarius Power, Inc.’s systems for the renewable power plant project in Yen Binh District, Yen Bai Province.
PHIL has a strong relationship wit AQP. In fact, the company has invested in AQP to become a strategic shareolder and plans on continuing to make additional investments in the near future. The companies have also agreed that PHIL will have an exclusive right to sublicense, sell, build, own and/or operate the AQP energy systems in Vietnam.
The Aquarius Wave Energy System is a land-based wave energy system that uses a combination of gravity and buoyancy found within the interaction between air and water to produce power. The process is designed to produce power that can be used to generate electricity and/or produce potable water. In a statement, Ha Hoang Vuong, Chirman of HVJSC, had the following to offer…
“We are excited to work with PHIL to bring this amazing technology to Yen Bai Province and are confident that we can provide affordable baseload renewable energy to both rural and urban areas throughout vietnam in the near future.”
The above statement was followed up by Henry Fahman, Chairman and CEO of PHIL. Here’s what he had to say…
“We are delighted to partner with AQP and HVJSC and look forward to installing this innovative technology for the first 60-MW cluster in Yen Binh District. PHIL also has plans to launch a similar project in Eastern Europe soon.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PHIL. In particular, we’re interested in following the company’s ongoing work not only in the Yen Binh District, but around the world as the company continues to expand. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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