24/7 Market News Snapshot 11 November, 2024 – Founder Group Limited Ordinary Shares (NASDAQ:FGL)

November 11, 2024

DENVER, Colo., 11 November, 2024 (247marketnews.com) – (NASDAQ:FGL) are discussed in this article.
Founder Group Limited has recently made significant strides in the financial and renewable energy sectors, reflecting its robust market performance and strategic growth initiatives. The company’s stock opened at $1.85 today and has seen a remarkable rise of 27.51%, reaching $2.276 from a prior close of $1.785. With a trading volume of 621.87K shares, this surge emphasizes strong investor interest and positive market sentiment surrounding FGL.

In addition to its impressive stock performance, Founder Group has secured multiple Letters of Award (LOAs) for large-scale solar projects totaling approximately $5.5 million. These contracts enable the company to provide comprehensive engineering, procurement, construction, and commissioning (EPCC) services. The scope of the projects includes the supply and installation of both direct current (DC) and alternating current (AC) electrical systems, as well as instrumentation and control (I&C) systems and associated civil works. These initiatives align with the Corporate Green Power Programme (CGPP) and utility-scale solar developments, affirming the company’s capability to meet the growing demands of the solar energy sector.

The solar EPCC services market is projected to grow substantially, with estimates suggesting a market value of around $350 million by 2026, underpinned by a compound annual growth rate (CAGR) of 23.5%. This growth trend is driven by increasing global commitments toward renewable energy sources, propelled by government initiatives aimed at enhancing the renewable energy mix by 2025.

Lee Seng Chi, Chief Executive Officer of Founder Group Limited, expressed enthusiasm over the recent LOAs, highlighting the company’s dedication to driving the transition to renewable energy. With its strategic positioning in the burgeoning solar market, Founder Group is set to continue its mission of delivering innovative solutions and promoting sustainability.

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