The stock of American Water Works Company, Inc. (AWK) slightly gained in the pre-market after the company announced its investment of $4 million to ensure the availability of safe drinking water in Illinois. The stock of AWK was valued at around $168.09, gaining slightly from the previously closed value. At the end of the last trading session, the stock of AWK closed at $168.08. The stock traded volume in the last trading session was around 773.39K shares.
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Reason for the AWK Stock gain
American Water Works Company, Inc. (AWK) announced in a press release that they intend to invest around $4 million to construct Ultraviolet (UV) disinfection at the Streator water treatment plant. It will provide safe drinking water to residents and businesses with the help of new treatment technology. This new project will install two new UV reactors and treat up to 6 million gallons of water a day. The project will complete in the summer of 2022.
American Water Works Company, Inc. (AWK) top management says that UV technology effectively inhibits infection-causing microorganisms providing a solid layer of protection. With the help of UV disinfection, when used to treat drinking water, it targets chlorine-resistant microorganisms present in water. The water facility uses the water of the river.
American Water Works Company, Inc. (AWK) believes that with this project, Illinois American Water will follow drinking water guidelines of EPA, and the company provides a certain level of water quality that is better than the set benchmark.
Effect on the stock gain
The new project by the company depicts their responsibility towards corporate social responsibility. The stock of the company is gaining momentum after the news gets public. Investors are responding positively to the new venture.
Conclusion
The stock of American Water Works Company, Inc. (AWK) is gaining its pace after its new venture. It will create a good brand image, and customers will feel emotionally attached to the company. Such projects pay in the long run.
