Boost Energy stocks,Xcel Energy login: ESPN
Boost Energy stock surged more than 4% Monday after Xcel Energy’s CEO said the company was exploring the possibility of a new joint venture.
Xcel said Monday it would be exploring a possible partnership with Boost Energy.
“We look forward to discussing our options with Boost on this important opportunity,” Xcel CEO Tim Coleman said in a statement.
“We have a great team, we have a very talented group of people, and we want to give them all the opportunities they deserve.”
The deal is the latest investment in a technology company that’s seen a surge in popularity and investors are turning to it to cash in on the energy boom.
Boost Energy is a biomass fuel cell technology that makes electricity by using waste heat from a biomass feedlot.
It’s used in the electric grid, as well as in power plants.
The company was valued at more than $2 billion last year.
Coleman said in the statement that the new venture will help the company reach its goals and make its customers’ lives easier.
“By working together, Boost and Xcel will create a truly integrated, high-value, and highly productive platform that enables Xcel to make our customers’ energy needs more affordable,” Coleman said.
Boost’s shares have gained more than 1% this year.
The stock is trading at $11.60 a share, up $1.70 or 5.3%.
Coleman also said Boost would not be able to complete the transaction until a new deal is completed with Xcel.