Total
0
Shares
Sprintex (ASX:SIX) - Managing Director, Jay Upton
Managing Director, Jay Upton
Source: Jay Upton / LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

SIX by the numbers
More From The Market Herald

" TEK-Ocean (ASX:T3K) awarded artificial reef installation project

Recently listed company TEK-Ocean Group (T3K) has been awarded an artificial reef installation project by Subcon Blue Solutions.

" Alligator Energy (ASX:AGE) appoints new COO as drilling approval received for Samphire

Alligator Energy (AGE) has appointed a new Chief Operating Officer as approval is received to begin drilling at the Samphire Uranium project in

" A-Cap Energy (ASX:ACB) raises $17.4m in rights issue

Australian-based resources company A-Cap Energy (ACB) has raised $17.4 million via its heavily oversubscribed renounceable rights issue.
Strike Energy (ASX:STX) - Managing Director & CEO, Stuart Nicholls

" Strike Energy (ASX:STX) caps off busy Q1 with ASX-300 listing

Strike Energy (STX) capped off a busy start to the 2022 financial year by announcing it had been added to the ASX 300.