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Charah Solutions stock nearly doubles on heavy volume after 12-year contract with Dominion Energy

Shares of Charah Solutions Inc. (CHRA) nearly doubled (up 94%) in very-active premarket trading Friday, after the Louisville-based provider of environmental services to the power generation industry announced a 12-year coal ash marketing contract by Dominion Energy Inc. (D). Trading volume ballooned to 7.3 million shares ahead of the open, compared with the full-day average of about 46,200 shares. The contract calls for the treatment of up to 8.1 million tons of reclaimed ponded coal ash at Dominion's Chesterfield Power Station in Virginia. As part of the contract, Charah will install this year processing and transportation infrastructure that will enable rail transportation of coal ash from the Chesterfield station to cement kiln feed markets. Financial terms of the contract were not disclosed. The stock, which is on track to open at the highest level seen during regular-session hours since August 2019, has lost 9.7% over the past three months through Thursday, while the S&P 500 has gained 9.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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01-15-21 0855ET

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