The age of renewable energy is well and truly here and it is probably time for investors to start looking into stocks from the sector. One of the stocks from the renewable energy sector that investors could consider looking into at this point is that of Mass Megawatts Wind Power Inc. (OTCMKTS:MMMW) and more importantly the company is in focus this morning as well following a key development.
The company announced this morning that is solar energy business has experienced much higher demand and that also includes the solar tracker that it offers. Mass Megawatts noted that the rise in demand came about primarily due to the fact that customers got a higher rate of return when compared to other energy options like natural gas and oil.
The company noted that the rate of fossil fuels has hit record levels in the past few months and that has come as a major boost to the renewable energy space. While the whole thing may have come as a boost for renewable energy, it should be noted that the fossil fuel prices may not be as such levels in the long term.
The recent troubles in Ukraine have also led to a higher demand for fossil fuels and has also resulted in shortages in different part of the world. Hence, the price of fossil fuels had also been pushed up.
The whole situation has proven to be a major advantage for renewable energy companies like Mass Megawatts. On the other hand, not too long ago Mass Megawatts had also announced that it had the best cash position in the history of its existence and that is something that can only be a good thing for the long term prospects of the company. However, the latest announcement from the company could lead to renewed focus on its stock.