Why Did mPhase Technologies (XDSL) Stock Surged In Last Trading?

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.

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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.