Pond Technologies Holdings Inc (OTCMKTS:PNDHF) Stock Soars After Milestone Payment from Fortune 500 Oil & Gas Major
ESG company addressing global sustainability challenges, Pond Technologies Holdings Inc (OTCMKTS:PNDHF), on October 20, 2022, announced that the firm has met an extra milestone under the earlier announced contract with a major Fortune 500 Oil and Gas company. Pond Technologies Holdings Inc has got an extra $350,000 payment, meaning a consolidated $580,000 received to date from the contract.
Trading Data
On Thursday, PNDHF stock moved up 16.98% to $0.0875 with more than 133K shares, compared to volume of 16.71K shares. The stock moved within a range of $0.0827 – 0.0900 after opening trade at $0.0841.
Pond Announces Milestone Payment from Fortune 500 Oil & Gas Major and Provides Update on Biotech Division
The firm extracted recombinant proteins from algae grown by Pond. In 2022, Pond has made weekly deliveries of recombinant proteins to the project consortium for testing. The material has proved that algae-grown recombinant proteins perform at par with conventionally produced proteins in diagnostic tests.
Grant Smith, President & CEO at Pond said that the successful completion is a significant step for the firm’s biotech division. The CEO added that though the company is focused on the commercialization of carbon-capturing technology, its versatility has enabled it to explore multiple synergistic verticals. Smith added that the company has proven on growing functional recombinant proteins in algae, which can work better than what is currently available. The CEO also said that Pond can work in scaling production for complementing verticals of service, with the aim to augment sustainable revenue generation with new and existing customers.
Key Quote
Located in Markham, Ontario, Pond Technologies has developed a proprietary system that can profitably transform CO2 into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.
Traders Corner
PNDHF stock is trading below the 20-Day and 50-Day Moving averages of $0.0797 and $0.0935 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1424.
