RTTNews | Feb 11, 2021 10:17AM EST

10:17 Thursday, February 11, 2021 (RTTNews.com) - Shares of RCM Technologies, Inc. (RCMT) are surging more than 125% Thursday morning.The company has updated its recently obtained contracts to help its clients produce higher grades of ethanol for use in beverage and hygienic applications such as sanitizer-grade ethanol.

RCM Technologies provides business and technology solutions for the customers to deploy advanced engineering, specialty health care, and information technology services.

Thermal Kinetics, a unit of RCM Technologies (USA), Inc., has received a contract from Al-Corn Clean Fuels to expand its existing Fuel Ethanol facility to produce 20 million gallons per year of USP Grade Ethanol to meet the growing need for the sanitizer market.

"Thermal Kinetics has been contracted by several other customers during the second and third quarters of 2020 to provide detailed design engineering to expand the production of sanitizer-grade ethanol to their existing client bases in the North American market," the company said.

According to research published by Fior Markets, the global hand sanitizer market is expected to grow from $1.2 billion in 2019 to $2.1 billion by 2027, at a CAGR of 7.5% during the forecast period 2019-2027.

"The demand for higher grade ethanol has outgrown product availability due to the current Covid-19 pandemic," stated Chris Brown, Founder and President of Thermal Kinetics.

RCMT touched a new 52-week high of $12.49 this morning, before slipping to $8.32.

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