Australia's CFOAM jumps on talks with U.S. energy dept for financial award

Cfoam

14/12/2020 03:09

** Shares of CFOAM Ltd  CFO.AX  jump as much as 36% to
A$0.034, their highest since Nov. 26
    ** Carbon foam products maker says U.S. Department of Energy
selects co for negotiation of financial award for a total
project value of US$ 2.4 mln (A$ 3.2 mln)  urn:newsml:reuters.com:*:nGLF3kNqGp
    ** Co responded to the Funding Opportunity Announcement by
the department with a proposal entitled, "Continuous Processing
of Carbon Foam Products made from Coal at Atmospheric Pressure"
    ** Co says notification does not guarantee federal funding,
which will be given only on completion of successful
negotiations over 75 days
    ** CFO set for its best session since Nov. 24
    ** More than 38.8 mln shares change hands vs 30-day average
volume of 2.1 mln; set for its third straight session of gains
    ** Stock has fallen 64.3% this year, as of last close

 (Reporting by Ananya Pande in Bengaluru)
 ((ananya.pande@thomsonreuters.com))