Shares of Pond Technologies Holdings Inc. (TSX-Venture:POND) are rallying on news that Inventiv Capital Management, a sustainability focused private equity investment firm based in Greenwich, Connecticut, has entered into a letter of intent (LOI) with Pond pursuant to which Inventiv has agreed to provide $100 Million U.S. in project funding.
The LOI calls for the creation and funding of a special purpose vehicle to develop a diversified portfolio of projects implementing Pond's algae-based emissions abatement solution to be co-located next to industrial emitters of greenhouse gases (power plants, refineries, etc.).
Steve Martin, CEO and founder of Pond noted in today’s press release, "We're very happy to have Inventiv as a partner that shares our sustainability vision, and that has the resources to source projects, and finance our rapid growth.
"Inventiv understands the significant impact that our technology can have upon not only the reduction of greenhouse gases worldwide, but the conversion of those gases into valuable, sustainable algae products that can provide new sources of alternative proteins, fertilizer, fuels and other industrial applications, thereby providing solutions to multiple globally pressing issues."
Shares of POND are up substantially on the day so far with the stock trading up 28.57% at $1.35 in late-afternoon trading. Today’s share price surge has broken a multi-month downtrend in place since mid-April.
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