Shares of DPW Holdings (DPW) – Get Report leaped on Monday after the tech investor said that one of its holdings is trying to place electric-vehicle chargers at fast-food restaurants..
The Newport Beach, Calif., company’s shares recently traded at $3.72, up 75%. They have traded as high as $4.20 on Monday, almost double their Friday close at $2.13. The stock has climbed 91% year to date.
DPW’s Coolisys Technologies “has established a program targeting both national and regional fast-food franchisees to install the ACECool electric-vehicle chargers as a part of a revenue-sharing program,” DPW said in a statement.
“The program initially will be funded from the company’s recent capital-raising activities. The program is expected to be launched in California, Nevada and Canada.”
To be sure, DPW said, “there is no assurance that the program will be successful.”
It “expects the program will allow franchise owners and operators to install the ACECool EV chargers and share in the net revenue from advertising and network usage,” the company said.
“This same program is anticipated to be a model for other strategic industry-focused and geofocused networks.
“Coolisys expects to launch its program with a national fast-food network franchisee that forms a part of a network with over 1,000 locations. Coolisys expects to announce other network partners in the first quarter of 2021.”
Demand from investors for electric-vehicle- and renewable-energy-related opportunities has soared this year.
The Global X Autonomous and Electric Vehicles ETF (DRIV) – Get Report recently traded at $21.40, up 2%, and has gained 30% year to date.
Its holdings include Tesla (TSLA) – Get Report, Qualcomm (QCOM) – Get Report, Nvidia (NVDA) – Get Report and Nio (NIO) – Get Report.