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As the world becomes more aware of the environmental challenges and the significant challenges to the planet, there is expected to be far more focus on clean energy companies. There are a number of companies in the clean energy sector that have come into focus among investors over the course of the past few months. One of those is Clean Energy Corporation (OTCQB:CLNV).
On Wednesday, the company was in considerable focus, and its stock ended up with gains of as much as 13.95%. However, it ought to be noted that the trading volume recorded by the stock was lower than its 30-day volume. Despite that, it could be said that there may now be a ‘bullish alert’ on the stock due to the gains recorded.
At this point, the company is involved in providing an effective solution to the problem of plastic waste. The company seeks to accomplish that through the conversion of the waste into new plastic products, hydrogen, and other forms of clean-burning fuels that could generate energy. The company deploys a technology known as pyrolysis for the purpose of conversion.
At the end of the quarter on June 30, 2023, the company’s operations in Morocco had generated revenues of $161,297, and the gross margin came in at $127,435. On July 31, the company’s Moroccan subsidiary, Clean Seas Morocco, entered into a feedstock contract with the worldwide waste management leader, Clean Ocean 2.
As per the terms of the contract, Clean Ocean 2 would supply Clean Seas’ facility in Agadir, Morocco, with a maximum of 1,000,000 metric tons of plastic waste or feedstock at no cost to the company. It was a major milestone for Clean Seas to secure the supply of feedstock.