The ClearVue Technologies Ltd (ASX: CPV) share price just hit an all-time high. Shares hit a high of 84 cents intraday trading today. By the time of writing, however, the share price had fallen slightly to 83 cents. This is still 18.57% higher than the previous close.
Today's massive price gain comes as the company announced its "world first solar greenhouse" had officially opened.
Compared to the ClearVue share price, the S&P/ASX All Ordinaries Index (ASX: XAO) is only 0.23% higher.
Let's take a closer look at today's announcement.
What's affecting the ClearVue share price?
In a statement to the ASX, ClearVue declared the opening of its solar powered greenhouse in Perth, Western Australia.
The greenhouse, which is located within the campus of Murdoch University, was built using ClearVue Technologies "smart building materials." The facility will be used for developing new plant breeding technologies and integrating them to produce commercial crop varieties.
The company will conduct its own research on the building's energy generation and energy efficiency performances. Investors appear to be buying into the research, with today's strong performance of the ClearVue share price.
According to the statement, the new greenhouse uses a range of sensors that record and present data in real-time. This provides scientists with accurate information about temperature, humidity and the actual amount of light that plants are receiving. This information is then analysed to make real-time adjustments to settings inside the greenhouse, like temperature and lighting.
Management commentary
ClearVue Executive Chair, Victor Rosenberg, said
ClearVue is truly excited to finally be able to show to the World ClearVue's truly world leading product being used in this agricultural application – just one of the wide range of applications the ClearVue technology and products can be used for.
Estimates indicate the world's arable land has reduced by one third in the past 40 years. By 2050, two thirds of the world's population is predicted to be urbanised, which will further impact the availability of land for agricultural production.
We are confident that the ability to control the microclimate within the ClearVue greenhouse will create an optimum growing environment to achieve higher yields. Leafy plants require protection from harmful UV rays in the same way humans need to protect their skin. Plants do this naturally by producing a waxy substance that shields them from harmful UV rays.
The ClearVue IGU glazing blocks these UV rays, so the energy required by plants to create the protective layer on leafy vegetables can be preserved to growing bigger, tastier, fresher produce which leads to improved yields and quality of produce.
ClearVue share price snapshot
Over the past 12 months, the ClearVue share price has increased an amazing 676.2%. Just in the last month, the company's value has increased 93%!
Given its current valuation, ClearVue has a market capitalisation of $122.9 million.
