Why the ClearVue (ASX:CPV) share price is soaring 25% this week

The company's shares are set to finish the week off strongly…

| More on:
Young boy of African American heritage standing in a field with a green mask and cape shouting through a cardboard megaphone.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The ClearVue Technologies Ltd (ASX: CPV) share price has shot up this week, posting gains of almost 25% for investors.

This follows the smart building materials company's announcement on Wednesday that it had received a first order from a Japanese distributor.

At the time of writing, ClearVue shares are up 5.7%, trading at 37 cents.

What's driving ClearVue shares higher?

In its release, ClearVue advised that Japanese greenhouse leader Tomita had placed an order for its solar photovoltaic (PV) glazing solution.

ClearVue signed an exclusive distribution agreement with Tomita in April for the sale and marketing of its product.

The company said the patented solution would be used in a greenhouse at a tourism eco-project in Japan.

In total, 187 ClearVue glazing panels will be installed, covering an area of around 333sq m. This will be deployed into a roof of a strawberry greenhouse which forms part of the Aqua Ignis Hot Springs project.

The advanced glass technology incorporates a clear lamination layer between glass panels that drives unwanted wavelengths of UV and IR light to solar PV cells. Located around the edge of an integrated glazing window unit, the solar PV cells are used to generate electricity.

The company expects that the PV glazing panels on the greenhouse will generate approximately 8,573kWh of renewable energy per year.

No doubt, investors are excited about the company's latest developments, sending the ClearVue share price higher.

Management commentary

ClearVue executive chair Victor Rosenberg commented:

The Aqua Ignis project in Sendai is a great starting project for ClearVue distributor Tomita and it will provide invaluable insights into the installation and technical nuances of the ClearVue product before Tomita takes on larger scale greenhouse projects throughout Japan.

Additionally, the high-profile nature of the project will provide invaluable marketing and promotion for both Tomita and ClearVue, demonstrating not only the benefits of the ClearVue product but also its versatility in different application settings.

About the ClearVue share price

The ClearVue share price has surged more than 160% over the past 12 months.

Based on today's price, ClearVue commands a market capitalisation of roughly $77.7 million, with about 210 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »