Quick take: Greatech climbs on first US purchase order

KUALA LUMPUR: Shares in Greatech Technology Bhd jumped nearly 7% to RM6.05 in early trade today on the back of news that it had secured its first purchase order from the US to produce lithium-ion battery cells.

At 9.24am, the share price was up 21 sen or 3.7% to RM5.88 with 1.54 million units traded.

Greatech said in a Bursa Malaysia filing yesterday that the order was received from an electric vehicles customer in the US, although its identity and value of the purchase was not disclosed.

Greatech said the EV market has witnessed rapid evolution with the ongoing developments in the automotive sector, in the region of North America, Europe and Asia Pacific.

“Given the favourable environment and rapid evolution in the EV industry, Greatech group has been actively exploring the various area of business opportunity in this rapidly growing energy storage sector,” it added.

Greatech's US subsidiary, Greatech Integration (USA) Inc, has been increasing its headcount steadily in order to cater for the business operation needs.

In December 2020, the unit secured a leased facility in Michigan with a combined space of approximately 16,000 sq ft.
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