Seeking Alpha

Acorn Energy jumps on contract win

  • Acorn Energy (ACFN +7.7%) spikes after announcing subsidiary US Seismic Systems has entered into a Master Purchase Agreement with a large oil services company, and concurrently won a contract to supply a monitoring system for a multi-well, high-temperature, downhole microseismic monitoring project.
  • US Seismic has received 8 orders from 9 trials. CEO Jim Andersen sees "large opportunity for us as more than 10,000 of the wells drilled each year in the US involve high temperatures where today's conventional electronics-based seismic sensor systems simply cannot survive."
  • Shares are still down 8.9% since Aug. 7, when Acorn announced Q2 results that missed expectations.
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