Vision Energy Corporation (OTCMKTS:VENG) Stock Continues To Soar: But Why?

On Monday Vision Energy Corporation (OTCMKTS:VENG) was in the news cycle after it came up with a project development and corporate update. Recently the company had announced its financial results for the fiscal year that ended on December 31, 2022.

Trading Data

On Monday, VENG stock surged 7.66% to $1.4750 with more than 181.30K shares, compared to its average volume of 48.49K shares. The stock moved within a range of $1.3000 – 1.7100 after opening trade at $1.3300.

Vision Energy Corporate and Project Development Update

The Chief Executive Officer of the company Andrew Hromyk spoke about the performance as well. He noted that the investments that had been made in partnerships coupled with the expansion of the development team had been two factors that had helped in expanding existing relationships and attracting new partners. In the 2022 fiscal year, it had sold its subsidiary VoltH2 and that had resulted in cash proceeds of $11.25 million.

It had also managed to complete the key acquisition of Evolution Terminals BV and that included the strategically located 14 HA Development Site. The company had also engaged the services of Linde Engineering for the purpose of speeding up its engineering development.

Last but not least, Vision Energy Corporation had also managed to expand  its engineering and development team considerably during the 2022 fiscal year. It was noted that its newly acquired subsidiary Evolution Terminals had continued to make significant progress.