Oakridge Global Energy Solutions Inc (OTCMKTS:OGES) is positioned to take advantage of the booming rechargeable space – here’s what you need to know.
Oakridge Global Energy Solutions Inc (OTCMKTS:OGES) kicked off the session at just shy of $.64 a share. Within an hour of the open, the company gained to $.69 a share – a close to 10% boost in a very short timeframe. What is driving the gains, and what can we expect throughout the rest of the US session today? Let’s take a look.
For those not familiar with the company, Oakridge is a Florida-based energy storage company. By this, we mean it develops specially engineered storage systems (cells and batteries) for application in areas such as electric fleet vehicles (golf carts, local area electric vehicles) and domestic arms transportable domestic applications (RVs and boats).
Gains seen during the early part of today’s session are a continuation of those seen earlier on this week and towards the end of last, and are likely rooted in the company releasing its full-year 2015 annual financials back on April 15.
The data showed a net income of $12 million versus a net loss during the equivalent period in 2014 of $9 million, and cash on hand of around $13 million – a substantial figure for a company of this size. Alongside the numbers, Oakridge also reported the completion of a first of its kind US-based rechargeable battery facility, and the initiation of shipping orders during the first quarter of 2016.
Here’s what Steve Barber, the company’s CEO, had to say on the release:
In 2015 we significantly advanced our strategy to become a leading global rechargeable battery manufacturer focused on military, civilian and medical applications. We have successfully completed our 2-year restructuring plan and are now beginning to ship our proprietary technology rechargeable batteries to a long list of waiting customers. The April 1, 2016 U.N Agency ban on transporting lithium batteries on passenger planes further positions us to become a major manufacturing player in the rechargeable battery market in the USA.
The rechargeable battery space is set to explode across the coming decade, with big-name companies such as Tesla Motors Inc (NASDAQ:TSLA) and General Motors Company (NYSE:GM) fighting for both product superiority and customer base in the US. As such, companies like Oakridge are well positioned to benefit from the ongoing market expansion. One to watch.
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