T42 IoT Tracking Solutions PLC vaulted 66.66% higher to 5p after agreeing a collaboration with Sateliot IOT Services to integrate advanced 5G-IoT communication modules into shipping container devices.
T42, known as Starcom until 2021, said Barcelona-based Sateliot is the first company to operate a low-Earth orbit 5G IoT satellite constellation and by connecting their devices it will ensure continuous tracking even in remote ocean areas.
These modules will monitor various parameters such as location, temperature, and container integrity, offering real-time, intelligent data monitoring.
Presently, most maritime transport containers lack effective tracking due to limited cellular and satellite connectivity, it said, leading to substantial losses.
It said shipping companies are increasingly investing in smart container technology, aiming for 25% of containers to be 'smart' by 2026 with the aim of saving money from reduced losses.
"Our collaboration marks a pivotal moment in the industry's history, transforming traditional shipping containers into intelligent, connected assets," said Sateliot chief executive Jaume Sanpera.
"Tracking in open seas, until now, a very luxurious satellite service will be democratised to all."
Last month, Israel-based T42 raised £12,000 from a subscription by two directors at 3.5p, which it acknowledged was "only a small investment [but] given ongoing events in Israel, the preference was to subscribe for new ordinary shares to demonstrate confidence of management during these difficult times".
Subsequently, the share price fell to an all-time low of 2.25p.