MJP International Ltd (OTCMKTS:MJPI) was a big mover in the market after confirming the completion of the acquisition of 80% stake in Human Energy Alliance Laboratories. The acquisition is poised to expand the company’s operations in the multibillion green energy solutions as it continues to bet big on Wind and Solar energy solutions.
MJP Stock Performance
The stock rallying by more than 90% to highs of $0.78 came a surprise, given that the development stage company has been silent for the better part of the year. It now awaits to be seen of the stock will build on the current bullish momentum ahead of its 52-week high of $1.20 a share.
Bolstering prospects in the green energy solutions business is seen as a positive for a company that is aggressively looking for new opportunities for growth. With the use of solar energy experiencing an annual growth rate of 60%, MJP International should be able to accrue a substantial amount of growth opportunities as people continue to embrace green energy solutions.
“We are very pleased with this acquisition which we will use as a stepping stone into the green energy market which is growing at the most rapid pace ever. In particular, domestic demand for solar panels has been very strong,” said MJP International COO Christopher Hudson.
Revenues from solar installations increased by 22% in 2015 to highs of $22 billion affirming growing demand for solar energy at the expense of gas power. The acquisition of Heal Energy Alliance Laboratories thus does not come as a surprise given the way MJP International has been aggressive in bolstering its portfolio of green energy products in the recent past.
Given that the company is built on the fundamental belief of green energy technology, it has also been expanding its footprint into the Wind installation business.
Separately, MJP international has confirmed the resignations of Allan Y.L. Fung and Chris Tong as members of the board of directors. The company has since confirmed a number of managerial changes with Liao Zu Guo poised to double up as Chief Executive Officer and Chief Financial Officer.