The Renergen Ltd (ASX: RLT) share price is climbing higher today. This comes after the company announced a helium powered transport solution for vaccines. At the time of writing, the Renergen share price is up 4.5% to $1.40. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.7% to 6,923 points.
Renergen is a renewable energy business that invests in early-stage alternative energy projects across Africa and other emerging markets. Its focus is on the commercialisation of its Virginia Gas Project which has reserves of both helium and natural gas.
What's moving the Renergen share price higher?
While the broader market falls, the Renergen share price is on the rise as investors welcome the company's positive update.
According to the release, Renergen has created a new vaccine storage solution which effectively simplifies the process of transferring immunisations.
Named 'Renergen Cryo-Vacc', the device enables a minimum of 100 doses to be transported at temperatures between -70 and -150 Celsius. Encased in aluminium, the Renergen Cryo-Vacc utilises liquid helium which is boiled and released over a period of 30 days, without any power supply. This permits vaccines to be transported over long distances, ensuring the doses aren't comprised by heat.
In addition, Renergen noted that the density of liquid helium is significantly lighter than liquid nitrogen. This makes the device easy to carry with an overall weight of just 20 kilos.
The company has filed for patent rights to the design, and is calling on its partners to adopt the ground-breaking solution.
Renergen has reported that not only does its device offer a cost-effective solution, but also allows vaccines to be delivered to remote areas.
What did management say?
Renergen CEO and managing director Mr Stefano Marani commented on the milestone achievement, saying:
As an emerging helium producer, we are proud to have developed this innovative concept, at a time when the world is seeking solutions on how to overcome the COVID-19 pandemic.
…we are inviting partners with the resources to roll-out large-scale manufacture of the Renergen Cryo-Vacc… Importantly, with the devices in circulation, transportation can be completed in a cost-effective manner, given the relatively small size and weight of the devices. Depending on where the helium is sourced, the operating cost of the device should be under US$0.07 per dose per day for the smallest device.
Renergen share price summary
The Renergen share price has had a bumpy ride over the last year. The company's shares reached as high as $1.72 in February, before falling to 52-week low of 84 cents in March.
Renergen shares have, however, been performing better of late and have increased more than 28% over the last 30 days.