NEW YORK (TheStreet) -- Shares of Synthesis Energy Systems (SYMX) are spiking 34.28% to $1.14 on heavy trading volume Monday afternoon, after announcing a new strategic joint project development and investment agreement with China Environment State Investment Co. (CESI).
Synthesis Energy Systems and CESI have agreed to develop, invest and build at least 20 projects using the company's gasification technology over the next five years, according to a statement.
"We look forward to working together on this groundbreaking and far-ranging joint venture, to help China achieve its clean energy goals," Synthesis Energy Systems Chairman Lorenzo Lamadrid stated.
CESI is a state-owned enterprise under the China Ministry of Environmental Protection, focused on energy conservation and environmental protection.
The Houston-based company provides gasification technology systems and solutions to the energy and chemical industries.
About 1.26 million of the company's shares were traded by this afternoon, higher than its average volume of 128,670 shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by a number of negative factors, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The area that the team feels has been the company's primary weakness has been its declining revenues.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SYMX