Update (4:45 p.m.): Updated with Tuesday market close information and one-year high price.
NEW YORK (TheStreet) -- Arotech (ARTX) surged more than 50% to a one-year high of $6.34 on Tuesday after the defense and security products company announced its battery division had received more than $2 million in orders from "two leading defense companies and manufacturers of military equipment," according to the company's statement.
The company noted the companies are existing Arotech customers. One of the orders was for the development and manufacture of Lithium-Ion based batteries to replace Lead-Acid batteries in military vehicles.
"We have invested in the development of batteries for military vehicles using Lithium-Ion technology replacing the more traditional Lead-Acid chemistry. While Lithium-Ion provides a much higher energy density, the challenge is in managing and protecting what is a more volatile battery chemistry," Arotech Chairman and CEO Robert S. Ehrlich said in a statement. "The technology underpinning our battery management systems which protect these batteries is sophisticated, advanced and ideal for the tough military environment.
"These customers are top defense manufacturers with sales of equipment throughout the world for use by various militaries using advanced technologies. Their equipment is expected to be of the highest caliber and failsafe. The fact that our customers continue their purchase of our batteries means they trust the reliability, quality and safety of our products."
The stock closed up 50.97% to $6.25, up $2.11 from its previous close of $4.14. More than 10.58 million shares changed hands, more than 10 times the average volume of 904,795. The stock hit a low of $4.09 for the day and holds a one-year low of $1.