Dominovas Energy Corp (OTCMKTS:DNRG) failed to appease investors as the company’s stock reported steep decline on the last trading session of the earlier week. The company’s new partnership with the United States government did not leave any impression on investors, who rushed to sell the stock. During the earlier week, the company entered into a partnership with the government under “Power Africa Initiative”.
Partnered Power Africa Initiative
It is noteworthy that the initiative represents multi-stakeholder partnership from more than 100 private sector partners. The initiative is launched to support countries in Sub-Saharan Africa while it offered an intensive reform support to mainly six African countries, namely Ghana, Liberia, Ethiopia, Kenya, Nigeria and Tanzania. The initiative signed by the government of these six countries highlight the sense of urgency among this government to impose regulatory reform and critical sector energy reforms. Moreover, through this initiative, the public entities of the countries intend to promote private sector participation in the power sector.
More about the initiative
Hence, by partnering with the government, Dominovas Energy Corp (OTCMKTS:DNRG) appeared optimistic on attaining its sales cycles, which it started two years ago. The company said that it is working with government officials of the nations under the Power Africa Initiative to address their energy sector concerns through a viable solution.
In this direction, the company aims to partner with multiple universities across sub-Saharan Africa so as to train and hire local residents towards accomplishing the commitment of providing clean and reliable energy. The initiative took shape in 2013 when President Barack Obama pledged of adding 30,000 megawatts of cleaner energy across sub-Saharan Africa.
Despite the encouraging news, the company failed to generate any interest among the investors. Resultantly, the stock of Dominovas Energy Corp (OTCMKTS:DNRG) shed its value massively by nearly 46% to $0.1139, during the previous day’s trade. A total of 6.89 million shares traded on the day.