Sun Pacific Holding(OTCMKTS:SNPW) Stock Rockets 125% On High Volume: Here is Why

Shares of Sun Pacific Holding(OTCMKTS:SNPW) had a triple-digit rally in the previous trading session on hefty volume. What’s the buzz?

Trading Data

On Tuesday, SNPW stock  surged 125% to $0.0274 with more than 178.96 million, compared to its average volume of 3.20 million shares. The stock has moved within a range of $0.0128 – 0.0290 after opening trade at $0.0128.

Major News

National Mechanical Group, which is a wholly owned subsidiary of Sun Pacific Holding(OTCMKTS:SNPW), and partner Renewable Energy Engineers Aust., has inked a deal with Aspire. The purpose is to provide feedstock to develop six waste recovery plants in Australia, using cutting-edge technology that ensures no waste by-products and zero emissions.

The plants are expected to process up to 1000 tons per day of the most toxic waste that generally ends up in landfill such as tires, asbestos, mattresses and plastics. As of now, the joint venture partners are involved in discussions with several Local Government Authorities (LGA) regarding location of the installations. The LGA’s have responded positively to this investment as it means a great boost to local economies and job creation projects.

The partnership is aimed at developing waste to recovery opportunity by combining expertise in solar design and development, along with “in-country” experience in building, construction, technology, and regulatory knowledge and skills. The team is working to source components and capital, with the objective of building solar farms.

Nicholas Campanella, CEO of Sun Pacific Holding Corp, Brian Romer, CEO of Renewable Energy Engineers Aust., and Cameron McKenzie, CEO of Aspire, are all thrilled with this venture of creating sustainable projects and aligning with the growing demand for green power. It is expected to attract over US$1 billion in investment value.

Key Quote

Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We are excited to work with our partners at REEA in developing this opportunity and expand our footprint in Australia. The signing of our agreement with ASPIRE will help us with sourcing feedstock and help our expansion and commitment for building our portfolio and growth opportunities for our company. We welcome the opportunity to work with the various states to build waste processing facilities and utilize solar power at each site and with the support of local government and their help identifying land.

Technical Data

SNPW stock is trading above the 20-Day and 50-Day Moving averages of $0.0149 and $0.0144 respectively. However, the stock is below the 200-Day moving average of $0.0352. The stock is up 120% in the past week.