Nanofilm clarifies 10% stock surge due to Sydrogen's fuel cell venture

The partnership aims to develop a 250 kW hydrogen fuel cell power module system.

Nanofilm Technologies International has responded to SGX RegCo's query following a 10% surge in its shares on 10 July.

The company said that the surge was due to its subsidiary Sydrogen Energy's announcement of an exclusive collaboration with Shanghai Hydrogen Propulsion Technology. The partnership aims to develop a 250-kilowatt hydrogen fuel cell power module system for the shipping industry.

"The news could have triggered some investors to start to focus on the possible financial gains to Sydrogen arising from a commercialisation of the power module system," it said.

The company emphasised that the development of the power module is part of Sydrogen's ongoing fuel cell systems projects, as previously announced in Nanofilm's FY2023 results presentation.

It also clarified that such projects are part of its and its subsidiaries' routine business activities on the mainboard.