Hydro Power Technologies Inc. (OTCMKTS:PYBX) fell 29.82% after announcing a corporate update regarding a new partnership in Lebanon for Solar Energy Projects. On Wednesday, the company signed a joint venture deal with Middle East Solutions and Technologies for Energy and Environment (MESTEE), which is a Lebanese conglomerate that deals with renewable energy.
In June 2018, MESTEE submitted its initial bids for the EOI for major solar energy projects for the Lebanese government, expected to be complete between 2021 and 2026. The conglomerate has been shortlisted for the projects and, as a result, has agreed to collaborate with Hydro Power Technology to complete the projects.
The company’s CEO Michael Shamber said that with the recent purchase of a major stake in Zuc Energy in Italy, Hydro Power Technology is better positioned in hydropower technology and solar energy power. He said they are delighted with the alliance currently undergoing in Europe and overseas as it moves to a new year. So, in the coming months, PYBX is with keeping an eye on.
Market Reaction:
On Thursday, PYBX stock plunged 30% at $0.0280 with more than 1.27 million shares, compared to its average volume of 376k shares. The stock has moved within a range of $0.0200 – 0.0488 after opening the trade at $0.0310.
