Nano-cap stock MMEX Resources (OTCMKTS:MMEX) is up more than 50% in trading today after signing a project agreement for a previously announced hydrogen and carbon capture project. MMEX stock was worth 0.18 cents at the time of writing.
MMEX Resources is an energy company involved in the acquisition and development of oil and natural gas refineries and infrastructure. Per the company’s 10-Q filing for the quarter ended Jan. 31, 2021, the company was previously focused on the distillation and refinement of crude oil. It has since transitioned to clean energy use, providing “solar power to produce hydrogen with carbon capture,” as well as “ultra-low sulfur transportation fuels” to be used as the world transitions to a “hydrogen economy.”
Today’s project agreement is the first of multiple hydrogen capture projects planned in collaboration with European partner Black Tree Energy Group and its American special purpose company V Engineering and Consulting.
MMEX Resources CEO and President Jack W. Hanks said the “completion of [future] projects will require substantial financial resources and licensing and permitting requirements… [but the company is] ready to put this first project into the full speed ahead category.”
The price action in MMEX stock is significant, but its ultra-low valuation means this stock is prone to volatility. MMEX stock previously skyrocketed to nearly 2 cents following a February 8 announcement that MMEX Resources would be utilizing solar energy to help power various energy projects before giving up nearly all of those gains in the subsequent week.
MMEX stock saw significantly lower volume today, with just 188.6 million trades on the day compared with an average daily volume of 437.5 million trades.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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