Vivopower (NASDAQ:VVPR) stock is rising higher on Tuesday after the company signed a distribution agreement for EV charging stations.
This agreement specifically pertains to Vital EV Solutions. This company offers up charging solutions for customers that operate fleets of EVs. It’s based out of the U.K. and operates both there and in Africa.
The agreement allows the company to provide customers with a variety of services through Vivopower. That includes “multi-voltage lightweight movable rapid chargers, hub-and-spoke rapid and ultra-rapid charging systems, satellite dispensers as well as conventional station chargers.”
Kevin Chin, executive chairman and CEO of Vivopower, said the following about the deal:
“Vital EV’s solutions are differentiated from others in the market in that they offer satellite remote charging, off-road and ruggedised charging, as well as both DC and AC charging. This is highly relevant for some of the use cases of our customers, including for off-road and remote conditions.”
What This Means for VVPR Stock
VVPR stock is set to benefit from this deal as it expands Vivopower’s presence in the EV charging market. This could help give it a further edge in the areas that it and Vital EV Solutions operate in.
It’s also led to heavy trading of VVPR stock today with some 3.8 million shares of the move as of this writing. For the record, that’s already above its daily average trading volume of about 298,000 shares.
VVPR stock is up 65% as of Tuesday 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.
