Dominovas Energy Corp (OTCMKTS:DNRG) lost a solid portion of the gains made in the previous trading session as it closed at the end of the day with a huge loss of 35.90%. The volume of the day surged to 16.8 million, much higher than the daily average of 2.8 million, adding to the already very high weekly volume. The price action and the volume of the day reflected a lot of profit booking at the higher levels and raised suspicion about the actual strength of the bulls. The next major resistance area around $0.20 hasn’t been reached yet and may not be reached now any soon.
Dominovas Energy Corp (OTCMKTS:DNRG) announced a capital commitment in project financing worth $1.2 billion with Graecrest Energy Solutions. The acquired funds will support the initial phase to make, produce and deploy RUBICON™ SOFC systems, as per the finalized and signed guaranteed Power Purchase Agreements.
The expert view
Neal Allen, the Chairman and Chief Executive of Dominovas, expressed that it is an historic and exceptional commitment for them and the entire fuel cell industry. This agreement validates their business model and an unquestionable proof of the technical strength possessed by the unique RUBICON™ system. Also, the deal throws light on the ‘game plan’ that Dominovas has planned for the commercial installation of advanced fuel cell system.
With financing available for the planned phase I manufacturing and installation of the advanced RUBICON™ system, the company has established the base to boost its innovation in engineering know-how for the marketable production of efficient and sustainable load power through RUBICON™.
With the funds received, Dominovas has proved that it is feasible and possible to avail the financing for power infrastructure assignments. The complete costs for Phase I project that will be incurred in installation of RUBICON™ system will be funded by the first round of funding. Dominovas stated that it remains on schedule to complete the project on time and within the defined budget.
From the information of the first 3 Mega-Watt power purchase agreement for the City of David in 2015, Dominovas has been on its way to acquire project finance capital to aid the installation of more than 200 Mega-Watts of guaranteed and finalized PPAs. This financing approval works as the catalyst for the creation of company’s value proposition in rapidly-surging energy markets. The agreement forms a commitment from a limited source provider, depending on the close of customary due diligence process.