Breaking its 52-week high record, the stock of business and technology solutions firm RCM Technologies, Inc. (RCMT) soared 20.98% to $3.69 on Wednesday. But that was not seemed to be enough for the stock as it has been rallying in pre-market today too. That entire surge has been coming on the heels of an update shared by the company yesterday. The stock price was at the gain of 133.60% to $8.62 in the pre-market session as of 05:24 a.m. EST.
What Are the Details of the company update?
RCM Technologies Inc. (NASDAQ: RCMT) on Wednesday released an update about its newly acquired ethanol projects to help its customers manufacture better quality ethanol for beverage-use and hygienic applications such as sanitizers. The company’s recently commenced projects include both USP Grade (US Pharmacopeia) and GNS Grade (Grain Neutral Spirits).
Al-Corn Clean Fuels has contracted Thermal Kinetics, a subsidiary of RCM Technology, to extend its current Fuel Ethanol plant to manufacture USP Grade Ethanol of 20,000,000 gallons per year to satisfy the increasing demand for the sanitizer industry. The original plant was installed by the Thermal Kinetics team and it was important for the company to preserve the continuity. Furthermore, the process design of Thermal Kinetics helped AI-Corn to exploit energy integration from the installed systems to the new production line, said Thomas Harwood, COO of AI-Corn.
RCM Technologies Inc. (NASDAQ: RCMT) is a leading supplier of enterprise and technological solutions intended to develop and optimize its customers’ operating efficiency by adapting and implementing innovative manufacturing, advanced health care, and information technology services.
Industry Growth Motivating RCMT:
The worldwide hand sanitizer market at a CAGR of 7.5% over the 2019-2027 period is projected to rise from $1.2 billion in 2019 to $2.1 billion by 2027, according to research reported by Fior Markets. These predicted growth rates have motivated companies like RCMT to focus on skilled service suppliers and equipment suppliers to help them in their current plan and make them more productive.