March 21 (Bloomberg) — Shares of Solar Integrated Technologies Inc., a maker of solar-electric panels, surged to the highest in almost nine months after the company won a contract to install a solar roof at a Californian shopping center.
The $1 million contract, with shopping centre developer Westfield Group, is to supply and install a roofing system at Westfield MainPlace in Santa Ana, California, Los Angeles-based Solar today said in a statement distributed through the Regulatory News Service.
The contract means “there is a potential for repeat sales,” John-Marc Bunce, an analyst covering alternative energy at Ambrian Partners Ltd. in London, said by phone today.
The shares rose 21.5 pence, or 20 percent, to close at 127 pence in London. That’s the biggest daily gain in two months and gives the company a market value of 88.2 million pounds ($173 million).
“The Westfield Group has interests in 121 shopping centers representing over 10.2 million square meters of retail space across the U.S., Australia, the U.K. and New Zealand,” R. Randall MacEwen, chief executive officer of Solar, said in the statement.
Solar designs, manufactures and installs solar panels on existing roofs. The company said March 15 it won a contract to install a roofing system at a U.S. Navy base in the South Pacific.
by Nicholas Larkin