Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of investing company Vela Technologies (LON: VELA) are rising on Friday after it noted the announcement of a partnership between Sprintex and Aeristech Limited.
In February, Vela invested £350,000 into Aeristech as part of a £5.1 million pre-IPO funding round into the global tech firm.
The deal between Sprintex and Aeristech was announced earlier this week and will see Sprintex's penetration into the high-growth and lucrative hydrogen energy and clean air markets. In addition, Sprintex is establishing a new production and testing facility in China to produce several electrical compressor (eCompressor) platforms.
Aeristech's proprietary designs will form a component of these platforms for use in hydrogen fuel cell vehicles.
Sprintex recently opened a 1,500 sq metre manufacturing facility in the country.
“This strategic collaboration will stimulate the excellent synergy between the two companies on product development, global resources for supply chain and sales,” said Jay Upton, CEO of Sprintex.
Vela Technologies' share price has initially climbed over 2% following its note this morning. However, it is now trading at 0.838p, up 1.52%.
Vela Technologies 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 VELA shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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