NextDecade (NASDAQ:NEXT) stock is undergoing a major rally on Wednesday after TotalEnergies (NYSE:TTE) agreed to take a stake in the company.
This has TotalEnergies agreeing to acquire three batches of NEXT stock that would give it a 17.5% stake in the green energy company. The first of these saw NextDecade sell $40 million worth of its common stock to TotalEnergies for $4.98 per share.
According to a press release from NextDecade, the second batch will see it sell another $110 million of its stock to TotalEnergies at the same price per share. As for the third batch, the company expects to include 45.1 million shares priced at $4.86 apiece.
The stock purchase agreement with TotalEnergies comes alongside another agreement with Global Infrastructure Partners. This will see it become a majority investor in the company’s Phase 1 Rio Grande LNG project.
Matt Schatzman, Chairman and CEO of NextDecade, said the following about the agreement:
“We are excited to work with GIP and TotalEnergies on RGLNG and our proposed CCS project at RGLNG. We are also eager to grow our partnership with GIP and TotalEnergies focusing on our shared vision to reduce carbon emissions in the energy sector.”
NEXT Stock Movement Today
With today’s news comes some 18 million shares of NEXT stock changing hands. That’s incredibly heavy trading when compared to the company’s daily average volume of about 880,000 shares. It also has shares of NEXT stock climbing 29.6% higher as of Wednesday morning.
Investors looking for even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market coverage that traders need to know about on Wednesday! A few examples of that include what’s happening with shares of Nikola (NASDAQ:NKLA), QuantumScape (NYSE:QS) and Chinese stocks. You can find out more on these matters at the links below!
More Wednesday Stock Market News
- Why Is Nikola (NKLA) Stock Up 15% Today?
- Investors Are Betting on a Short Squeeze in QuantumScape (QS) Stock
- Why Are Chinese EV Stocks LI, XPEV, NIO Up Today?
On the date of publication, William White did not hold (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.
