(Yicai) March 1 -- Shares in Zhejiang Rongtai Electric Material soared as much as 9 percent today after the Chinese manufacturer of high-temperature-resistant insulators said it has bagged a USD51.4 million order for insulators that can prevent battery packs’ thermal runaways from a North American new energy vehicle company, its second in just under three months.

Rongtai's share price [SHA:603119] closed up 4.6 percent at CNY24.64  (USD3.42). Earlier in the day it hit CNY25.68.

Rongtai will supply light-weight safety structural parts for electric cars to an unnamed client based in the US over the next two to three years, the Jiaxing-headquartered company said yesterday. Deliveries should start this half, but the volume of orders was not given.

This is the third deal with an overseas electric car or battery maker that Rongtai has struck in the last three months. In December last year it bagged a contract worth between USD256 million and USD358 million to supply similar insulators to another foreign NEV maker. And the same month it said that it has been chosen as a supplier of battery insulators to an overseas battery maker in a deal worth USD110 million.

Editor: Kim Taylor