Dominovas Energy Corp (OTCMKTS:DNRG) had a serious rerating yesterday as it closed at the end of the last trading session with a huge gain of 224.16%. The volume of the day at 26 million was commensurate with the price action as it was many times higher than the daily average of 2 million, reflecting well the intense demand from the investors. From a technical perspective, this can well initiate a new uptrend but that must be confirmed with follow up price action. The bulls now have to absorb the supply expected from the area around $0.20 levels.
Dominovas Energy Corp (OTCMKTS:DNRG) reported a milestone capital commitment for $1.2 billion in project financing with Graecrest Energy Solutions. It will fund the preliminary phase to manufacture, deploy and produce company’s proprietary RUBICON™ SOFC systems, as per the signed and finalized guaranteed Power Purchase Agreements.
The management view
Neal Allen, the CEO and Chairman of Dominovas, said that it is an historic and unprecedented commitment for company as well as for the fuel cell industry. This deal further validates the company’s business model and an unquestionable endorsement of the technical strength shown by the RUBICON™ system. Also, it highlights the ‘game plan’ that company has planned for the commercial deployment of unique fuel cell system.
With financing obtained for the phase I manufacturing and deployment of the RUBICON™ system, the management has put in place the base that supports Dominovas’ innovation in engineering next-gen technology for the marketable production of sustainable and clean base load power through the proprietary RUBICON™.
With the financing obtained, Dominovas actively showcase that the financing of power infrastructure assignments in emerging and global markets is possible as well as feasible. 100% of Phase I project costs for installation of RUBICON™ are covered in this first round of funding. The company remains on budget and on schedule for 2016.
From the reports of the first 3 Mega Watt PPA for the City of David earlier this year, Dominovas has been committed in its pursuit to obtain project finance capital to boost the installation of more than 200MWs of guaranteed and signed PPAs. This securing of financing provides the catalyst for the materialization of company’s value proposition in growing energy markets. The financing deal is a commitment from an exclusive source provider, subject to the completion of customary due diligence.