SYLA Technologies ( SYT ) shares are trading higher on continued momentum Tuesday afternoon. The company recently announced that one of its subsidiaries completed a merger with SYLA Biotech Corporation.

What To Know: SYLA Solar, a wholly-owned subsidiary of SYLA Technologies ( SYT ), announced that it completed a significant merger with SYLA Biotech Corp this week.

SYLA Solar has absorbed and merged with SYLA Biotech, a SYLA Technologies ( SYT ) subsidiary known for operating 100% renewable energy data centers. SYLA Technologies ( SYT ) said the strategic move aligns with its focus on advancing its renewable energy business to achieve mid-term sales targets by the end of the fiscal-year 2026.

Since both companies are subsidiaries of SYLA Technologies ( SYT ), the merger has been executed as a non-monetary transaction without the issuance of new shares. The company said the move aims to leverage the strengths of both entities.

SYLA Technologies ( SYT ) also noted that it has received strong support from Japan’s Ministry of Economy, Trade and Industry for the development of solar power sources.

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SYT Price Action: SYLA Technologies ( SYT ) shares were up 60.5% at $3.01 at the time of publication, according to Benzinga Pro.