ELEKTROS plans up to 15 fast-charging sites, shares surge 10%

ELEKTROS shares climbed 10.38% on Friday after the company said it is pushing ahead with plans to expand its electric-vehicle charging business. The company is evaluating potential locations for 10 to 15 high-speed EV charging stations that would carry the ELEKTROS brand.

The statement, released after the close of trading Thursday, said the company will continue assessing site selection, branding, customer demand and operational planning as part of its long-term EV charging strategy.

"Our goal is to thoughtfully pursue opportunities that can strengthen our business while positioning ELEKTROS for long-term success," Chief Executive Shlomo Bleier said.

The stock, which trades on the OTC Markets, has rallied in recent weeks on renewed interest in the company's shift toward EV infrastructure. Friday's move put its market value at roughly $20 million, based on outstanding shares.