
NENE soared 21.05% yesterday and closed the session at $0.69. There is still no reasonable explanation about the over 665,000 trading volume, a value times higher than the average for the shares. NENE’s must have attracted traders with its technically improved chart yesterday, though since technical indicators change quickly and as the share price is very volatile the direction of the next jump can hardly be predicted.
Especially for stocks with no fundamental support. New Energy is a twelve-year old development stage company with no revenues, some cash in the bank and an accumulated loss of $7 million.
About a month ago, the company issued its latest press release, announcing that its SolarWindow technology has been demonstrated at the University of South Florida. According to the release, it is a spray that can transform surfaces into energy generating devices using natural or artificial light. NENE have not announced any financing or sales contract upon that presentation, and the effect remains for now only to be seen on their stock chart.
Even if the technology gets some attention, NENE is currently not ready to start commercial production and distribution, as the cash it has is barely enough to cover the running general, administrative and research expenses.