NextNRG Inc. (NASDAQ:NXXT) shares jumped 23.59% in after-hours trading on Tuesday to $1.52 following news of a partnership with Florida International University to launch a large-scale wireless electric vehicle charging network.
Check out the current price of NXXT stock here.
Partnership Scope
NextNRG plans to install a roadway up to three miles long featuring dynamic wireless charging, along with 24 static wireless charging sites at multiple FIU locations.
The company said it will license and commercialize FIU-developed technologies to turn research into practical solutions for sustainable transportation.
Technology Deployment
Michael D. Farkas, Executive Chairman and CEO of the integrated energy ecosystem company NextNRG, said, “NextNRG is proud to take our licensed patents from concept to reality with FIU. Together we are proving that wireless charging at scale is not just possible, but practical.”
The network will enable charging of cars while they are parked or in motion. A mobile app will manage billing, track usage and show real-time station availability.
Bi-Directional Capability
Arif Sarwat, a distinguished professor at FIU, director of the Energy, Power & Sustainability Lab, and chief technology officer of NextNRG, stated, “This collaboration will deliver innovation and sustainability directly to our campus, allowing students and the community to experience the future of transportation.”
The project is expected to be one of the largest wireless EV charging deployments worldwide, making FIU the first U.S. university to demonstrate wireless EV charging on this scale, the company announced.
Stock Performance
The stock of the energy technology company has declined 62.15% year to date.
With a market capitalization of $165.32 million, NXXT has a 52-week range of $0.93 to $4.34.
Price Action: NextNRG closed on Tuesday at $1.23, up 3.36%, according to Benzinga Pro data.
Benzinga Edge Stock Rankings indicate that NXXT has a negative price trend across all time frames. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
