Sustainable Energy up more than 100% before being halted

Shares of Sustainable Energy (TSXV:EGT) are set to resume trading at 11am PST today after posting a 113.3% gain in in the first few hours of trading.

The company says it does not know of any corporate developments or undisclosed material changes that would cause the stock to spike.

On October 31st, shareholders of the company voted in favour of a special resolution to Eguana Technologies. CEO Michael Carten explained the reason for the move.

“The name change signals a strategic decision to focus on the emerging solar energy storage sector,” he said. “Battery-based energy storage for smart grids and microgrids is on its way to creating a major paradigm shift in the power industry and driving a billion-dollar opportunity over the next four years. The market is telling us that our proven patented low-voltage inverter platform is the right product at the right time.”

A relatively light 313,900 shares of Sustainable Energy have traded hands so far today. The stock, which opened the day at $.43, was trading at $.96 when it was halted.