Sparc Technologies (ASX: SPN)
86 per cent up (from 18c to 33.5c)
Taking out top spot in this week’s Runners is Sparc Technologies, which excited the market when it revealed its three-way joint-venture with mining giant Fortescue and the University of Adelaide is taking an ambitious leap forward with their innovative direct solar to hydrogen technology.
The parties confirmed this week a decision has been taken to move to stage-two of the Sparc hydrogen JV.
Punters initially warmed to the news on Tuesday, steering the share price 3c higher on the day to finish at 20.5c with 408,000 shares changing hands. But it was the following day when the real action took place with traders expressing raucous support for the move lighting a fire under the hydrogen gas developers’ share price, firing it up to an 11-month high of 33.5c on volumes of 1.68 million shares.
Trading continued to hum along at a rapid clip with the stock hitting an intra-day high of 32c on Thursday on turnover of more than 900,000 shares. When compared to average daily turnover of less than 100,000 shares across the preceding two months, the price action strongly suggests Sparc is no one-day wonder with interest in the new-age technology remaining high.
The novel reactor technology utilises a photocatalyst material and sunlight to produce green hydrogen directly from water without the need for electrolysers, which has been considered the go-to method for splitting water into both hydrogen and oxygen.
Sparc says stage-two will involve the construction and testing of a first-of-its-kind pilot plant with the aim of supporting ongoing reactor development and scale-up.
Read the full article here: Sparc fires up following three way hydrogen tie in