OMAHA, Neb. (
Green Energy Live
, a $23 million market cap company in the business of converting livestock waste to biofuel, is experiencing its biggest market day ever -- in admittedly, a short market history. Approximately 30 million shares of Omaha, Neb.-based Green Energy Live had been traded on Monday, an astronomical spike over its usual volume of a little under 2 million shares. Green Energy shares were up 85% to a whopping 3.8 cents in the mid-afternoon.
Is there gold in dem thar cow manure? The cause of the huge spike in volume was likely a report that the company released on Sunday, providing an update on its business outlook in the wake of completing the acquisition of Comanche Livestock Exchange.
Karen Clark, president and CEO of Green Energy Live, said in the statement: "Comanche's existing relationships and excellent reputation give us a firm foothold in the industry as well as an established distribution channel for our manure-to-energy conversion technology."
One thing is certain: it wasn't a broad rally in the tiny public biofuel market that pulled Green Energy shares up.
And that's even though there has been recent news that should be a boon to the biofuels industry. Last Friday, U.S. Department of Energy Secretary Steven Chu and Agriculture Secretary Tom Vilsack announced a $564 million biorefinery stimulus as part of the American Recovery and Reinvestment Act to accelerate the construction and operation of pilot, demonstration and commercial scale facilities across 15 states.
The 19 total projects are expected to lay the groundwork for a biofuels/biomass energy industry in the U.S. For the most part, however, the projects funded by the Department of Energy were not focused on agricultural waste.
New Generation Biofuels
were all trading down on Monday afternoon.
-- Reported by Eric Rosenbaum in New York.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.