NEW YORK (TheStreet) -- Shares of Synthesis Energy Systems (SYMX) were gaining 15.7% to $1.40 on heavy trading volume Monday after the company announced the commissioning phase at the first of three syngas gasification plants.
The plant is located in Zibo City, Shandong Province, China, and it owned and operated by Aluminum Corp. of China (ACH). The new plant utilizes two SES Gasification Technology systems supplied by Tianwo-SES.
"Securing these three major China Aluminum projects is taking Suzhou Thvow Technology from a high-end equipment manufacturer to now include technology, research and development, and engineering services, to provide one total high-tech package solution for clean energy," Chairman Chen Yu Zhong said in a statement. "With our partner SES, our Tianwo-SES company is driving to become a world leader in clean energy technology."
About 2.2 million shares of Synthesis Energy Systems were traded by 10:47 a.m. Monday, above the company's average trading volume of about 881,000 shares a day.
TheStreet Ratings team rates SYNTHESIS ENERGY SYSTEMS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SYNTHESIS ENERGY SYSTEMS INC (SYMX) a SELL. This is driven by a few notable weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself."