02:16 PM EDT, 03/12/2024 (MT Newswires) -- Bright Green (BGXX) shares surged 58% in recent Tuesday trading after the company agreed with Dalsem Greenhouse Technologies for a $250 million expansion of its drug production facility in Grants, New Mexico.

The project will expand the facility's manufacturing and production capabilities by 7 million square feet, the company said.

Bright Green said the expansion followed the receipt of regulatory approvals for the production of controlled substances from the Drug Enforcement Administration and the State of New Mexico Board of Pharmacy.

The company said it has a 10-year credit agreement with a lender for a senior debt financing of $60 million with a fixed interest rate to fund the expansion.

Price: 0.33, Change: +0.12, Percent Change: +58.35