NextNRG Partners with FIU, Stock Surges Over 23% After Hours

NextNRG Inc. (NASDAQ:NXXT) experienced a significant surge in its stock price, jumping by 23.59% in after-hours trading on March 15, 2024, reaching $1.52 per share. This spike followed the announcement of a groundbreaking partnership with Florida International University (FIU) aimed at developing a large-scale wireless electric vehicle (EV) charging network.

Details of the Partnership

The collaboration will see NextNRG install a dynamic wireless charging roadway extending up to three miles, along with 24 static wireless charging sites across multiple FIU locations. In this venture, NextNRG plans to license and commercialize technologies developed by FIU, transforming innovative research into practical solutions for sustainable transportation.

Michael D. Farkas, Executive Chairman and CEO of NextNRG, expressed pride in this collaboration, stating, “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 is designed to facilitate charging for vehicles while they are either parked or in motion, employing a mobile application that will manage billing, usage tracking, and real-time station availability.

Technological Innovations and Future Implications

This project is poised to become one of the most extensive wireless EV charging deployments globally, positioning FIU as the first U.S. university to implement wireless EV charging on such a large scale. Arif Sarwat, a distinguished professor at FIU and the director of the Energy, Power & Sustainability Lab, emphasized the significance of this initiative: “This collaboration will deliver innovation and sustainability directly to our campus, allowing students and the community to experience the future of transportation.”

Despite this positive development, NextNRG’s stock performance has faced challenges in 2024. The company’s shares have declined by 62.15% year to date. With a market capitalization of $165.32 million, the stock has fluctuated within a 52-week range of $0.93 to $4.34. As of the close on Tuesday, shares were valued at $1.23, reflecting a 3.36% increase according to data from Benzinga Pro.

The stock rankings from Benzinga Edge indicate a negative price trend for NXXT across all time frames, suggesting a cautious outlook among investors despite the promising partnership with FIU. As the EV market continues to evolve, the success of this initiative may significantly impact NextNRG’s future and its stock performance.