- Sprintex (SIX) shares spiked 48 per cent on the news of a partnership with aerospace company Aeristech in a mutual bid to enter hydrogen energy and clean air markets
- The parties have signed a collaborative development, production and sales agreement to develop new eCompressor products
- Sprintex says the deal will be “transformative” for the company and expects to make sales before the end of the year
- SIX has scheduled first production samples to coincide with the opening of its production facility in China
- Sprintex shares closed up 4.94 per cent at 8.5 cents
Sprintex (SIX) shares spiked 48 per cent on the news of a partnership with aerospace company Aeristech in a mutual bid to enter hydrogen energy and clean air markets.
The parties have signed an agreement on collaborative development, production and sales, under which the companies will work together to develop new hydrogen fuel cell compressor products featuring their respective intellectual property.
Sprintex described the expansion effort with the UK-based company as “transformative”, with Sprintex’ first fuel cell air compressor sales expected before the end of this calendar year.
Sprintex Managing Director Jay Upton said the collaboration would stimulate “exciting synergies” between the companies.
“Sprintex aims to offer the most competitive products to the surging electrification, hydrogen fuel cell and next-gen industrial compressor market,” he said.
“Sprintex and Aeristech are confident that under this collaboration, both parties will accelerate the expansion of market coverage and the realisation of revenues leading to profits.”
Sprintex is initially set to supply its 6 Kilowatt (kW), 10kW and 25kW eCompressors to Aeristech after an initial initial sample acceptance for US$110,000.
From there, Aeristech can order products for quantities from 100 to 10,000 units however there is no guarantee as to how much Aeristech may purchase.
Sprintex has scheduled its first production samples for 2021 to coincide with the opening of its production facility in China.
Sprintex shares closed up 4.94 per cent at 8.5 cents.