By Kailyn Rhone
Shares of Rectitude Holdings rose after the company announced a new supply relationship for energy solutions in Southeast Asia.
The stock jumped 20%, to $7.17, after hitting a 52-week high of $7.47 earlier in Wednesday's session. For the week, shares are up 75%.
The Singapore company said earlier Wednesday it would partner with Nanjing Starship Intelligent Storage Technology to grow Rectitude's All-in-one Intelligence Micro-grid System, which is designed to manage power from multiple sources.
The provider of safety equipment and related industrial products said the product would help industries such as construction, mining and rural electrification.
Chief Executive Officer and Executive Director Jian Zhang said the system would provide potential revenue growth, expand product range and strengthen the company's position in the industry.
"This is just the starting point of what is to come in the future," said Zhang.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 04, 2024 11:26 ET (16:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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