Camber Energy, Inc. (CEI) has experienced a fall of 7.24% in the aftermarket without any specific reason. However, the last trading session closed at $1.52 with an incline of 16.92%.
What’s happening?
CEI did not update any press release on today’s date. But there is certain news that does have an impact on the CEI stock price. Let’s go through them in detail.
CEI Secures Exclusive IP License
On 24th August 2021, it was announced that CEI has secured an exclusive IP license for the Patented Carbon-Capture System. ESG Clean Energy has entered into an Exclusive Intellectual Property License Agreement with Viking Energy Group. It is regarding ESG’s patent rights and know-how related to stationary electric power generation. Electric power generation includes methods such as utilizing heat and capture CO2.
The ESG Clean Energy System is designed to generate clean electricity from internal combustion engines. Furthermore, it also uses waste heat to capture 100% of the carbon dioxide (CO2) emitted from the engine. Not only this but it facilitates the production of valuable commodities (such as distilled/de-ionized water; UREA (NH4); ammonia (NH3); ethanol; and methanol).
Quarter 2 results
CEI stated Quarter 2 results on 17th August 2021. Firstly, the second-quarter revenue came out to be $10,696,633. Secondly, during Q2, Camber held approximately 62 percent of Viking’s issued and outstanding common shares. It raised its ownership to roughly 73 percent. Thirdly, Camber purchased its investment in Viking through the transactions detailed in Camber’s Securities and Exchange Commission Current Reports on Form 8-K.
CEI Acquires Majority Interest in Simson-Maxwell Ltd.
CEI announces the acquisition of a majority stake (60.5 percent) in Simson-Maxwell Ltd on 9th August 2021. Simmax Corp., a 20-year shareholder in Simson-Maxwell, and Remora EQ LP, another strategic partner, are among the other shareholders.
Moreover, Simson-Maxwell is a major provider of industrial engines, power-generating equipment, services, and customized energy solutions. To contribute to global energy sustainability, the firm combines new technologies with outstanding goods.
Lastly, Simson Maxwell has been in business for over 80 years, and its varied team of professionals at seven branch sites serves over 4,000 maintenance contracts and helps the company’s complete client base meet their energy and power-solution needs.
Viking Energy Announces Additional Equity Investment from CEI
On 30th July 2021, Viking Energy Announces an Additional Equity Investment from CEI. Viking energy talked about the conclusion of a new agreement with Camber Energy, Inc. in which CEI acquired $11 million worth of Viking common shares.
The proceeds of the transaction will be used by Viking to:
- facilitate the potential acquisition of a 60.5 percent interest in a company that manufactures and supplies industrial engines, power generation products, services, and custom energy solutions; and
- facilitate the potential acquisition of a 60.5 percent interest in a company that manufactures and supplies industrial engines, power generation products, services, and custom energy solutions.
- to support the prospective execution of an agreement for the exclusive use of patented carbon-capture technology in Canada and for a limited number of locations in the United States, and
- to provide basic operating capital.
