Blackbird International Corp (OTCMKTS:BBRD) was a massive decliner during Thursday’s trading session on heavy volumes, which were 1.1 times the 30 day average turnover. Blackbird was unable to sustain above the resistance level at $0.0047 during Wednesday’s trading session and bears used the opportunity to use the rally as a selling opportunity indicative of the strong bearish momentum.The index measuring momentum continues to point towards strong bearish interest at current levels and shows no signs of a reversal. Traders see the stock heading to levels of $0.0017in the near term. The stock trades below all moving averages, which is negative.
In a recent statement, Blackbird International Corp (OTCMKTS:BBRD) announced that it might go on to erect major power stations and one power plant in India. As per the reports, recently its wholly-owned subsidiary, Wave Electricity Renewable Power Ocean, was invited by the government of Gujarat.
Insights of The Matter
The senior management of the company is delighted to take it forward in the best possible way. After receiving the invitation, Israel Enden from Wave Electricity Renewable Power Ocean went to Ahmadabad and met with the state’s Cabinet Minister of Energy to discuss further options. The state government is very much interested in implementing Blackbird’s technology in Gujarat.
Indian Government’s agency named GEDA, which is fully dedicated to unearthing new technologies in the renewable energy sector, was also presented the proposal of Blackbird. There’s hardly any chance of this project getting delayed. Reports claim that the senior officials of GEDA have shown their deep interest in the world-class technologies of Blackbird. If everything goes as per plans, they may pay a visit to company’s headquarter in Tel Aviv to take a look at different technologies it has in store.
The overall worth of renewable energy market is India goes past $1 billion; hence, the government doesn’t want to leave any stone unturned to cash in the opportunities available in this sector. Unless it implements world-class technologies, chances of fully exploring this sector are no better than zero, which is why it’s keenly interested in getting Blackbird on board as soon as possible.
The discussions among Indian government, investors and the officials of Blackbird are in the final stage. A delegation of investors, Indian Government officials and local representatives is scheduled to visit the Israel plant of the company to finalize the agreement and make necessary arrangements to execute it in the near future.
Blackbird will keep all the investors informed about the progress of this association with the Indian government.