MPower (ASX:MPR) share price up 1,650% in 12 months, and rising again

The MPower Group Ltd (ASX: MPR) share price has accelerated 1,650% in the past year, and is rising another 7% today. We take a closer look.

The MPower Group Ltd (ASX: MPR) share price is soaring in mid-afternoon trade following the announcement of another grid connection. At the time of writing, the technology company's shares are swapping hands for 14 cents, up 7.7%.

asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

Image source: Getty Images

What did MPower announce?

Investors are pushing the MPower share price higher after appearing pleased with the company's latest update.

According to its release, MPower advised that it has successfully connected a 5MWac solar project to the national electricity grid in Kadina, South Australia. MWac stands for mega-watt alternating current, a commonly used term to measure power from solar PV panels.

The company noted that this is the fifth 5MW solar project that it has connected to the grid. Last week, MPower linked the South Hummocks solar project, highlighting its ability to deliver on multiple works at any time.

It's expected that commercial operations at the solar plant will begin within the coming weeks.

Words from the CEO

MPower CEO Nathan Wise touched on the company's significant achievement, saying:

It's great to see MPower achieve another successful milestone on a 5MW solar project. The successful delivery of renewable energy projects highlights MPower's capability and dependability bringing projects of this size to market, on time and to budget.

MPower is actively building a pipeline of 5MW solar project sites and currently has exclusivity over six sites. We are looking to create an initial portfolio of up to 20 renewable energy assets with an aggregate capacity of 100MWac and an estimated value of more than $150 million once fully constructed.

MPower share price summary

The MPower share price has accelerated over the past 12 months, up 1,650%, and more than 160% year-to-date. Additionally, the company's shares are within sights of reaching its multi-year high of 16.5 cents.

Based on the current share price, MPower commands a market capitalisation of roughly $25.4 million, with 181.8 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

woman working on tablet
Technology Shares

Zip vs Megaport: Which ASX tech share is the better buy?

Zip and Megaport couldn’t be more different — here’s which I’d pick as the top tech buy this month.

Read more »

A young man looks like he his thinking holding his hand to his chin and gazing off to the side amid a backdrop of hand drawn lightbulbs that are lit up on a chalkboard.
Technology Shares

By October 2027, $5,000 invested in Xero shares could turn into…

Guess where Xero shares could be this time next year!

Read more »

Couple on their laptop in their home kitchen.
Technology Shares

Should I buy WiseTech Global shares in October?

I run through the forecasts to see how attractive the shares really are as we enter a new month.

Read more »

A young investor working on his ASX shares portfolio on his laptop.
Technology Shares

Codan vs Xero: Which ASX tech stock is the better buy in October?

Here’s which ASX tech giant I’d choose in October.

Read more »

Woman looking at her computer and pondering something.
Technology Shares

Should I buy DroneShield shares after its big US news?

I take a closer look at whether the latest US win strengthens the case for buying the shares.

Read more »

Army man holding a drone while the army woman holds the remote control.
Technology Shares

Could Europe become the next big market for EOS?

EOS is eyeing a bigger European opportunity.

Read more »

Glowing AI text in the middle of a semiconductor chip.
Technology Shares

Megaport shares fly 204% in just 6 months. Can they keep climbing?

The ASX tech shares had a difficult start to the year but have rallied strongly over the past few months.

Read more »

chip and tech stocks represented by two computer chips side by side
Technology Shares

Why is the Appen share price jumping 6% today?

Appen shares are racing higher on Tuesday.

Read more »