Eco Buildings Group PLC (AIM:ECOB) shares rocketed some 50% higher after it inked a new deal in Africa, with a new partnership in Sudan for a €5 million project to enable local production lines.
The production lines will use Eco Buildings' proprietary construction technology, to create modular housing and meet the country's demand for scalable housing.
Eco's partner Socotra Real Estate Development, will manage the day-to-day operations and receive 50% of net profits from the subsidiary.
Socotra will invest €5 million over six months to fund two production lines, setting up in-country without further capital from Eco Buildings.
Eco executive vice chair Etrur Albani described it as "a material step forward".
"The landmark JV in Sudan with Socotra not only serves to further demonstrate the increasing global demand for our GFRG modular housing solutions, but also the efficiency of our international expansion strategy," he said.
Albani added: "[Socotra] decision to back Eco Buildings with a substantial, early-stage, €5 million contracted investment should make their faith in the ability of Eco's technology to tackle the scale of this opportunity, as well as Socotra's deep, long-term commitment to its success, evident to all our stakeholders."
In London, Eco Building shares were up 49% changing hands at 7.9p.