Green energy is taking over every facet of investing. Vehicles are going electric, spawning a battle between Tesla (NASDAQ:TSLA) and legacy automakers like Ford (NYSE:F). Crypto is looking toward greener alternatives for powering transactions. And naturally, the decades-long standoff between oil and renewables rages on. Clean energy is turning into a big winner as we continue to innovate, so investors naturally have focused their attention on Eco Wave Power (NASDAQ:WAVE), sending WAVE stock sky high this morning.
Eco Wave Power is a decade-old Swedish company which deals primarily in hydroelectric solutions.
According to the company, much of Eco Wave’s effort is channeled into harnessing the power of sea and ocean waves, rather than the river and lake-based hydroelectricity one might immediately think of as an American consumer.
WAVE Stock Sees Huge Gains on Second Day of Nasdaq Listing
The company is making waves of its own on U.S. soil thanks to its IPO on the Nasdaq Thursday. Eco Wave put 1 million American Depository Shares, equating to 8 million shares of its common stock, on the Nasdaq. Shares traded for $8 apiece at the opening bell.
Things are obviously going well for WAVE as it makes its entry into the American market. Since the day’s session began, over 9 million shares of WAVE stock are changing hands. This is much higher than yesterday’s volume of just over 600,000. Of course, the huge influx of buyers is elevating the stock’s price as well. WAVE stock is gaining over 135% today, up to a price of $25.54.
The buck doesn’t stop here for Eco Wave Power, either. The company is making known its hopes to expand its business outside of the Middle East, where its major projects are currently located. Eco Wave is hoping to implement its own hydroelectric facilities on coastal U.S. and Canadian soil in the future.
On the date of publication, Brenden Rearick 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.
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