VEEM (ASX:VEE) shares experienced a significant increase of as much as 21.4% to A$0.680.

This marks the company’s highest intraday percent gain since May 24, 2022.

VEEM, a producer of marine propulsion and stabilization systems, announced that it has entered into agreements with Sharrow Engineering.

The deal enables VEEM and Sharrow to collaborate on the design and exclusive manufacture of Sharrow-designed propellers for inboard powered vessels, offering these products worldwide.

Design work is already underway, and the first shipment of SHARROW by VEEM propellers is anticipated to available in early 2024.

VEEM’s shares recently achieved their highest level since September 8, and the stock has risen 1.8% year-to-date.

VEEM is a marine technology company specializing in the design and manufacture of propulsion and stabilization systems for the global marine market.