Mammoth Energy Services (NASDAQ:TUSK) stock is on the rise Friday thanks to a massive electric vehicle (EV) charging deal.
According to a press release from Mammoth Energy, subsidiary Aquawolf signed a deal for the engineering and design service to build a charging station infrastructure. The company behind the deal is unnamed, but TUSK says it’s a “major utility.”
Mammoth Energy notes that this is a multi-year contract that runs into 2024 and won’t exceed $5 million. It includes “civil and structural engineering, electrical distribution design, planning, drafting and mapping, permitting and construction support.”
Arty Straehla, CEO of Mammoth Energy, said the following about the news boosting TUSK stock today.
“This contract is a significant development for our Aquawolf team and allows us to compete for further business in the EV charging market. “Part of the recently passed infrastructure bill contains $7.5 billion for the development of 500,000 EV charging stations and distribution throughout the U.S. This move into EV charging stations allows Aquawolf to expand our business lines and continue the growth of our engineering offerings.”
To go along with this news, TUSK stock is experiencing heavy trading today. As a result, more than 13 million shares have been traded as of this writing. That’s quite the jump from the company’s daily average trading volume of about 164,000 shares.
TUSK stock is up 8% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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