Shares of MPower Group skyrocketed as much as 40% to A$0.028, reflecting their highest level since August 1 of the previous year.

The power solutions company recognized a profit of A$6.1 million in the context of its acquisition of the Lakeland Solar and Battery project in Queensland.

The company expects to include this gain in its FY23 accounts as a reflection of the operational and financial improvements successfully implemented by the company at the time of acquisition.

Furthermore, the project generated a revenue of A$1.7 million within the first 12 months under MPower Group’s control, in alignment with the projected revenue.

The company’s stock has risen by 25% so far this year, as of the most recent closing price.

MPower Group is a power solutions enterprise specializing in the acquisition and development of solar and battery projects.