SolarMax Shares Surge 94% On $127 Mln Battery Storage Contract

(RTTNews) - SolarMax Technology, Inc. (SMXT) shares skyrocketed 93.54 percent to $1.79 on Tuesday after the company announced a major contract win. Its subsidiary, SolarMax Renewable Energy Provider, has secured an engineering, procurement, and construction agreement with Longfellow BESS I LLC for a 430 MWh battery energy storage system project in Pecos County, Texas. The stock opened at $1.61 and traded between $1.55 and $2.50, with volume exploding to 285.6 million shares, compared to an average of just 143,000 on the Nasdaq. The stock previously closed at $0.93 and now trades within a 52-week range of $0.60 to $4.13. The deal is expected to generate approximately $127.3 million in revenue. SolarMax will also acquire an 8 percent stake in the project company.