Evolve Transition Infrastructure LP (SNMP), an exploration company, has increased 3.15% in the premarket trading session and is currently trading at $1.31. On Tuesday, SNMP stock saw a surge of 8.55% in regular trading hours. As a result, the stock closed the day at $1.27. The increase has come after the company announced a collaboration for electrification of the US fleet.
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SNMP collaboration for electrification of US fleet
SNMP announced on Monday that it has entered into a collaboration to integrate Nuvve’s leading vehicle-to-grid (V2G) technology with a mix of BYD battery electric vehicles (BEVs). The company said that it plans for the joint deployment of up to 5,000 BEVs over the next five years. Nuvve’s proprietary V2G technology uses high-powered bidirectional charging stations. They not only charge batteries but also discharge energy from the batteries back into the power grid as it was needed to help balance temporary spikes in electricity demand. The BEVs could act as energy storage assets, which discharges megawatts of the capacity of the grid and performs numerous other services that help, stabilize the grid and prevent blackouts. They could also ensure that each BEV has enough of the charging for the next trip. It enables revenue opportunities for the company besides saving electric fleet money by charging when utility rates are low.
Q2 2021 financial results
On 12th August, SNMP announced the quarterly results for the second quarter of fiscal 2021, which ended 30th June 2021. According to the details, the company generated $9.14 million in terms of revenue during the quarter. As compared to that, during the second quarter of 2020, the net revenue for the company remained at $11.33 million. The total operating expenses for the period remained at $10.11 million, while for an equivalent period of 2020, they were $13.07 million. The net loss for the period stood at $27.79 million. During the equivalent period of 2020, the net loss remained at $22.61 million. The net loss per basic and diluted share for the three months remained at $0.41. For an equivalent period of 2020, the net loss per basic and diluted share was $1.18. The cash and cash equivalents on 30th June stood at $5.46 million. The total asset in possession of the company was $315.97 million, while total liabilities stood at $484.76 million.
Future for SNMP
The recent past performance of SNMP has remained excellent. The stock has increased by 49% during the last quarter and a massive 337% during the last 12 months. The increase could be presumed to the company’s inclination toward innovation in the electrical industry as well as its efficient partnerships. Analysts are hopeful that the company would retain its momentum in the future as well.