HOOD - Why Is Advent Technologies (ADN) Stock Up 160% Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
- Advent Technologies (ADN) stock is rocketing on a funding agreement.
- This has it expecting 782.1 million euros over a six-year period.
- The company plans to use these funds for its Green HiPo project.
Advent Technologies (NASDAQ:ADN) stock is rocketing higher on Thursday after securing a massive amount of funding from the Greek State.
According to a press release from the company, it’s up for 782.1 million euros worth of funding. This comes from the Important Projects of Common European Interest. The agreement needs to be ratified by the European Union before ADN gets the funding.
The agreement will have Advent Technologies receive the funds over a six-year period. This will go toward the company’s Green HiPo project. That has the company planning to manufacture fuel cell systems and electrolyser systems.
Dr. Vasilis Gregoriou, Advent Technologies chairman and CEO, said this in the news release.
“Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role.”
ADN stock is experiencing heavy trading today following the funding news. That has some 87 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 4.1 million shares.
ADN stock is up 162.1% as of Thursday morning. However, those shares are still down 56.3% since the start of the year.
Investors searching for the latest stock market news are in the right place!
We’ve got all the hottest stock news that traders need to know about for Thursday! Among that is what has Kroger (NYSE:KR) slipping, what’s keeping Robinhood (NYSE:HOOD) stock down, as well as Nio (NYSE:NIO) facing a lawsuit. You can catch up on all of this news at the following links!
More Thursday Stock Market News
- Kroger (KR) Stock Slides Despite Earnings Beat
- Robinhood (HOOD) Stock Is Near a New All-Time Low
- NIO Stock Falls 5% on Trademark Lawsuit
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- $200 Oil Sooner Than You Think – Buy This Now
- Stock Prodigy Who Found NIO at $2… Says Buy THIS
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
- It doesn’t matter if you have $500 in savings or $5 million. Do this now.
The post Why Is Advent Technologies (ADN) Stock Up 160% Today? appeared first on InvestorPlace.