New Energy Technologies Products Show Promise
New Energy Technologies, Inc. (NENE) shares jumped more than 25 percent after it announced the testing of another unique alternative energy device that could revolutionize the renewable energy industry.
New Energy Technologies, Inc. [[NENE.OB]], a next-generation alternative and renewable energy developer, announced the completion of their newest MotionPower prototype for generating electricity from the movement of cars and light trucks, and will commence active field tests at a drive-thru location at a prominent Burger King franchise in New York City.
The MotionPower prototype is an ultra-low profile, modular device that can be easily customized to varying lengths based on site requirements. The company filed nine new patents to protect the novel features of this new technology, which it believes could harness the kinetic energy from an estimated 250 million registered vehicles that drive more than 6 billion miles a day in the U.S.
Recently, New Energy Technologies also announced that new tests of its ultra-small solar cells used in its transparent SolarWindow technology have demonstrated superior performance over current thin-film and solar photovoltaic technologies at generating electricity from artificial light. Unlike traditional solar cells, the SolarWindow doesn’t require direct sunlight.
During the first quarter, New Energy Technologies reported no revenues and a net loss of $175,533, which is up from a loss of $1.3 million last year. The improvement is largely due to a sharp reduction in wages and benefits as well as lower investor relations expenses. Meanwhile, the company’s balance sheet remains very robust with more than $2.5 million in cash.
In the end, investors are confident that these unique new technologies will successfully come to market and revolutionize the renewable energy industry. Meanwhile, with $2.5 million in cash and a reduced cash burn, the company may not have to raise additional debt or equity funding in the near future, while its products appear to be moving quickly on their way to commercialization.
CONTACT: Daniel Minton, Managing Director, 406-862-5400, daniel@accelerize.com