InfraStrata (LON: INFA) shares are rising on Wednesday after announcing that it has signed a Memorandum of Understanding (MoU) with Navantia and Windar Renovables.
The MoU is aimed at specific fixed and floating wind projects primarily within the UK.
InfraStrata said the deal will enable the company's fully-owned shipyards and fabrication facilities, the Harland & Wolff Group, to take “better advantage of the offshore wind opportunities set out in the UK Government's Ten Point Plan for a Green Industrial Revolution.”
An already established partnership between Navantia and Windar Renovables began in 2015, and they have collaborated in the execution of seven offshore wind projects.
Navantia and Windar, along with InfraStrata, will move the MoU into a formal joint venture with the parties expected to bid and execute on numerous wind farm projects.
John Wood, CEO of InfraStrata, commented: “Through this strategic partnership, we will be able to strengthen the scale and footprint of a combined multi-site offering which will de-risk customer schedules, drive more innovation and efficiency and enable projects to be monetised quicker. We now look forward to working with both organisations as we rapidly advance within the market.”
InfraStrata shares initially spiked to a high of 23p following the news. However, they are now down 4.36% from Tuesday's close at 20.2p.
InfraStrata shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are INFA shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.