Shares of BioSolar, a solar energy company in Santa Clarita, spiked 17 percent Tuesday morning after the company announced it had signed a sales representation agreement with a Korean firm.
BioSolar uses plant materials to make components for solar panels. Under the agreement, ShinHa Inc. will sell BioSolar’s products to Asian solar panel manufacturers.
“As prices for solar panels continue to drop, manufacturers are searching for alternative photo-voltaic components that cost less,” BioSolar Chief Executive David Lee said in a statement. “Our BioBacksheet, which costs less than incumbent backsheet with similar durability, has become very appealing to large Asian photo-voltaic panel manufacturers.”
In early August, BioSolar completed a 30 to 1 reverse stock split.
Shares of the company, which trade over the counter, jumped to $3.50 by mid-day Tuesday, a 17 percent increase from the previous close of $3 per share.