Expion360 (NASDAQ: XPON) stock exploded in pre-market trading on Friday, skyrocketing by more than 200% as the lithium-ion battery power storage solutions company was named as an exclusive supplier of lithium-ion batteries for a top U.S. sports utility vehicle (SUV) manufacturer.
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XPON will supply lithium-ion batteries for the onboard solar-powered storage system of the SUV manufacturer’s overland trailer. The company will start shipping lithium batteries to the trailer manufacturer in the first quarter of next year.
The overland trailer is likely to be available for purchase starting early next year.
Today’s share gains notwithstanding, XPON stock has declined more than 85% this year.