Expion360 (NASDAQ:XPON) stock is advancing 40% in early trading after the company announced that it had been chosen to supply Cube Series with lithium-ion batteries and “power system components.” Cube Series designs and markets campers and trailers.
Founded in 2016, Expion360 specializes in providing batteries for products that facilitate outdoor activities and “off-the-grid” homes. The Oregon-based battery company “sells lithium-ion phosphate batteries and supporting accessories.” Its market capitalization currently sits around $16 million. Last year, it generated total revenue of $4.52 million.
More About Expion360’s Deal and XPON Stock
The battery maker will provide Cube Series with batteries and other components for the latter company’s new “foldable camper.” According to Expion360, it will be the sole provider of those components for the camper. These new top-of-the-line and compact campers are designed to be carried in the bed of light-duty trucks.
Expion360’s batteries will store power for the campers. Additionally, the batteries, along with XPON’s other components will create “a complete energy system.”
Among the camper’s amenities that will be powered by the batteries are four lights, an air conditioner, a water pump, and an electric flushing cassette toilet.
Expion360’s batteries will be an “upgrade option” on Cube Series’ camper. Cube Series president Rick Wise said in a statement:
“We chose Expion360 because our new top-quality camper demands the most energy-dense, compact form factor and best power components available on the market today”
According to InvestorsObserver, XPON stock “has traded less bullishly over the last month than 81% of stocks on the market,” while analysts’ average price target on the name is $4.25.
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On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.