SusGlobal Energy Corp (OTCMKTS:SNRG) Stock Surges 15% in a Week: What’s The Buzz?
Shares of SusGlobal Energy Corp (OTCMKTS:SNRG) stock continued to gain momentum with a jump of over 15% in the past week.
Market Stats
On Thursday, SNRG stock slid 0.43% at $0.23 with more than 127K shares, compared to its average volume of 115k shares. The stock has moved within a range of $0.2140 – 0.2377 after opening the trade at $0.2377.
Signs Offset Development and Marketing Agreement with Bluesource to Monetize Carbon Credits
Developer of SusGro, an award-winning and pathogen-free organic liquid fertilizer, SusGlobal Energy Corp (OTCMKTS:SNRG), on November 4, 2021, announced that its subsidiary SusGlobal Energy Belleville Ltd signed an Offset Development and Marketing Agreement with Blue Source Canada ULC. This will involve developing and marketing greenhouse gas offset credits from its 49-acre Organic, Non-Hazardous Waste Processing as well as Composting Facility in Ontario.
The monetization is a positive development towards its mission to lower organic wastes from leaf, wood, and yard material, residential curbside green bin material, and treated municipal sewage waste (biosolids).
Bluesource has been pioneering solutions towards climate change for more than two decades. The new partnership will complement the company’s portfolio of environmental products from 20 different technologies in more than 100 locations across Canada and US.
Marc Hazout, Executive Chairman, President, and CEO of SusGlobal Energy Corp, said that the company has identified Bluesource as the correct partner for the firm’s carbon credits monetization initiative. Hazout added that they anticipate reflecting the value of credits in quarter one of 2022 reporting and maximizing shareholder value.
Ben Massie of Bluesource said that SusGlobal’s model of helping lower greenhouse gas emissions is an ideal opportunity for rewarding proactive environmental action and its SusGlobal’s Belleville facility can inspire others to replicate the same. The revenue from the credits can drive technological advancements to expand composting efforts in the province of Ontario.
Key Quote
‘We identified Bluesource as the right partners for our Company’s carbon credits monetization initiative, based on their extensive experience and success,’ stated Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. ‘We anticipate reflecting the value of these credits in our first quarter 2022 reporting and are excited to meet this milestone and maximize shareholder value.’
Traders Corner
SNRG stock is trading above the 20-Day and 50-Day Moving averages of $0.22 and $0.23 respectively. However, the stock is trading below 200-Day moving average of $0.28. The stock is down 8% in the past 3-month.
