Vivakor (NASDAQ:VIVK) stock is rocketing higher on Wednesday thanks to a new deal with Hot Oil Transport.
Hot Oil Transport is a supplier of asphalt materials that provides Southwest Liquid Asphalt & Emulsions with materials. Southwest Liquid Asphalt & Emulsions is a major supplier of polymerized asphalt in Southern Nevada.
According to Vivakor, a clean energy technologies and environmental solutions company, this deal could generate as much as $250 million over the course of its 10-year contract. However, that all depends on if the company can get its Vernal, Utah facility running at 100%.
The deal allows for Vivakor to supply Hot Oil Transport with 50,000 tons of ratable asphalt cement annually over 10 years. Based on current prices, this could generate sales of $25 million to $30 million for Vivakor per year.
Matt Nicosia, CEO of Vivakor, said this in the press release boosting VIVK stock higher today.
“As this is our first long-term contract for sale of our asphaltic binder, it is an important milestone for Vivakor. This could be a significant event for shareholders as this project, when fully scaled, could contribute meaningful profits.”
VIVK stock is experiencing heavy trading today following the contract news. This has more than 51 million shares trading hands as of this writing. That’s a massive leap over its daily average trading volume of 184,000 shares.
VIVK stock is up 134% as of Wednesday morning.
Investors seeking more stock market news for today are in the right place!
InvestorPlace has all the latest stock news that traders need to know about for Wednesday! That includes what’s going on with shares of Boeing (NYSE:BA) stock, Lucid Motors (NASDAQ:LCID) stock, and Robinhood (NASDAQ:HOOD) stock. You can read all about these matters at the links below!
More Wednesday Stock Market News
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- Why Is Robinhood (HOOD) Stock Falling Today?
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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