Home Financial Markets Penny Stocks What Drove The Eurosite Power (EUSP) Stock Up 17% On Thursday?

What Drove The Eurosite Power (EUSP) Stock Up 17% On Thursday?

On the last trading day, Eurosite Power Inc (OTCPink: EUSP) closed up 17.50% to $0.0940.

Eurosite Power stock prices ranged from $0.0750 to $0.1150 during the session, and 261.62K shares were traded. An increase in EUSP stock came following the signing of two new LNG delivery agreements.

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The LNG agreements:

The cost of electricity, cooling, heat, and hot water supplied by Euro site Power to commercial and small industrial facilities is lower than charged by conventional energy suppliers, and the energy user incurs no initial start-up or capital expenditure.

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In yesterday’s news, EuroSite Power announced that Blue Grid Gas and Power S.A. (“Blue Grid”) has signed two new LNG contracts for the delivery of natural gas to its customers.

  • The EUSP holds a minority interest in the Greek natural gas retailer Blue Grid, owned by the Cyprus-based FCN Energy Logistics Limited.
  • The contract is one of the first contracts was to supply 4,000 tonnes of LNG per annum to a paper mill located in Greece.
  • In early 2022, this contract is expected to start generating approximately EUR 1.8 million ($2.15 million) of revenue annually.
  • Blue Grid will also be required to develop LNG receiving facilities at the paper mill under this contract.
  • The contract is in addition to Blue Grids’ initial contract to supply 3,000 tons of LNG per year to a regional steel plant, which is expected to generate revenue of EURO 1.8 million ($2.15 million) in the second half of 2021.
  • With ELINOIL, one of Greece’s leading independent fuel suppliers and traders, a Joint Venture has been signed to develop LNG road-fuelling stations providing nationwide coverage of LNG supplies for heavy goods vehicles (trucks) and buses.
  • The new Joint Venture will operate under the trade name BlueFuel and will be the first company in the region to build such facilities.

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In what ways will EUSP make a difference?

Greek companies are utilizing LNG for both industrial customers and commercial customers, proving that Euro site Power (EUSP) has exciting opportunities for the roll-out of LNG in the country. And with these contracts EUSP has been building a network of LNG-powered factories in the country.

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