Transense Technologies (AIM:TRT) shares jumped more than 22% after the developer of specialist sensor systems for vehicles said it will work with Meggitt SA to evaluate its 'surface acoustic wave' technology.
Under a memorandum of understanding with the aerospace monitoring and measurement company, the two groups will evaluate licensing opportunities for Surface Acoustic Wave (SAW) sensor technology in the aerospace sector.
Transense shares were 22.22% higher to 60.50p in mid-morning trade.
As part of the agreement, Transense will support Meggitt in evaluating potential markets for its SAW technology, with the intent to grant Meggitt a license at the conclusion of the agreement on or before December 31, 2023.
"Meggitt provides aerospace sensing and monitoring systems to the leading aerospace manufacturers and operators around the world, and are an ideal partner for Transense as we seek to promote our technology in this exciting arena," said Nigel Rogers, executive chair of Transense.