mPhase Technologies Inc (OTC: XDSL) surged up 20.24% to $0.0600 at yesterday’s close after winning a significant contract. The volume of mPhase Technologies (XDSL) stock was 842.47K in contrast with its Average Weekly volume of 374.15K.
Which contract does XDSL have won?
Shelly Electric Co., Inc. has executed a purchase order with mPhase Technologies (XDSL) for two 120KW level 3 DC fast chargers for a Ford dealership in Pennsylvania.
- XDSL is thrilled to be a part of the initial phase of this charger installation, which will eventually include level 2 chargers.
- Ford, like other major automakers, is switching its fleet to electric vehicles, which will necessitate a growing number of charging stations on dealership grounds.
- The announcement fell on the same day as the first delivery of Ford’s highly awaited F-150 Lightning truck, which has already sold out for the 2022 model year.
- The XDSL installation will represent a number of firsts for the company, including its introduction into Pennsylvania, its first level 3 charger sales, and the start of a planned foray into the auto dealership vertical.
What difference will the new contract make?
- The purchase order checks many essential boxes, the most important of which being XDSL’s capacity to produce a competitive Level 3 product.
- Level 3 chargers are an important aspect of the electric car charging environment, especially for high-powered vehicles like the Ford F-150 Lightning and Mustang Mach-E.
- As each fleet increases to incorporate a bigger number of EVs, particularly those with larger battery storage capacity, mPhase Technologies anticipates the Level 3 charger to become a typical sight at dealerships for all auto companies across the country.
What are the future plans for XDSL?
mPhase Technologies (XDSL) has started optimizing its management team and third-party suppliers in order to better position the company for the next stage of its ambitious development strategy, which involves a multi-state rollout and eventual uplift. XDSL has undertaken a program to drastically reduce costs (including payroll) in order to commit a bigger percentage of the operational budget to EV charging site development, given current market conditions and the necessity to hasten a major equipment installation cycle.