Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) shares surged after it inked a contract for a Welsh battery project.
The company announced it has signed a heads of terms agreement with Fonmon Castle to develop a 150MW battery energy storage system, in the Vale of Glamorgan.
The agreement envisages a £40,000 investment by Active Energy to advance planning and grid connection applications. It also sees a 30-year lease of approximately 10 acres for the project site.
"The Fonmon BESS is a flagship opportunity for AEG to deliver meaningful energy infrastructure that supports the UK's low-carbon future,” said chief executive Paul Elliott.
“We're excited to move this project forward at pace."
In London, Active Energy shares jumped 55% changing hands at 0.22p.