One of the biggest movers on the market today has been the Eden Innovations Ltd (ASX: EDE) share price.
In early afternoon trade the clean energy company's shares are up a remarkable 23% to 24 cents.
Major shareholder Tasman Resources Ltd (ASX: TAS) is also up sharply.
Why have its shares jumped?
This morning Eden Innovations announced positive news related to its EdenCrete admixture usage by the Georgia Department of Transport.
According to today's release, EdenCrete is to be used in all U.S. state-funded, full depth concrete slab repair projects in Georgia over the next 12 months.
Management anticipates the number of projects to be approximately 16, spread across five of the seven districts in Georgia. Approximately five to six of these are expected to be major repair projects.
While no financial details have been disclosed, management will provide updates on each project as and when it becomes known.
Should you invest?
I've written several times about Eden Innovations and how I believe it is one to watch. While I'm still not convinced that now is the time to invest, this latest development is certainly a big win for the company.
EdenCrete is a quality product and I can completely understand why the Georgia Department of Transport wants it to be used in repair work.
After all, the results of a field trial last year revealed the extent of its value proposition.
A full depth slab replacement field trial on Interstate Highway I-20 initiated in August 2015 showed no visible signs of cracking or significant signs of wear after 12 months on the EdenCrete enriched section of concrete.
Whereas a section laid without EdenCrete at the same time on the same lane and with the same concrete mix showed significant cracks developing.
If the admixture can become the preferred choice of the majority of Department of Transports in the United States, then I believe Eden Innovations could profit greatly.
But for now, I would suggest keeping it on your watch list and look out for further developments with other DoTs.
