US Well Services Inc (NASDAQ:USWS) stock is trading higher in the pre-market session after the company issued news. The stock has fallen 19% over the past month.
Market Action
On Wednesday, USWS stock went up 2.34% to $1.01 with more than 5.07 million shares, compared to its average volume of 3.08 million shares. The stock has moved within a range of $0.9350 – 1.0500 after opening the trade at $0.9830. The stock is up another 15% in the pre-market session.
Major Trigger:
U.S. Well Services Announces Commitment to Purchase 120 Electric Motors Totaling 360,000 HHP
Key Highlights:
- Qumu Corp announced it has committed to purchasing 60 Power Cubes from AmeriMex Motor & Controls, LLC (“AmeriMex”), a subsidiary of Industrial Service Solutions.
- Each patented Power Cube contains two 3,000 HHP electric motors, two variable frequency drives, a power transformer and other components that combine to create a self-contained power center. The Company expects to begin taking delivery of the Power Cubes in the third quarter of 2021.
Key Quote:
“We are proud to be able to provide the state-of-the-art Power Cubes on which U.S. Well Services’ Clean Fleet® Technology relies,” said Wade Stockstill, CEO of Industrial Service Solutions. “We look forward to continuing our long-term partnership with U.S. Well Services and working with their team to develop patented technology that is revolutionizing the industry through better performance and reduced emissions.”
“U.S. Well Services is pleased to continue our long-standing partnership with AmeriMex as we build and deploy the next generation of Clean Fleet® technology,” commented Joel Broussard, the Company’s President and CEO.
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