Visionary Holdings Inc. ( GV ) shares surged Wednesday after the company disclosed a significant deal with PEGASUS International Group (Hong Kong).

Under the deal, Visionary will invest HK$420 million ($54 million) to establish 600 battery swap and charging stations across Hong Kong by 2029.

The plan includes constructing 10 stations in 2025, with the first new energy vehicle battery swap station set to launch in March 2025.

To facilitate the successful execution of this plan, the previously announced $1 billion financing agreement between Visionary and Qatar’s Alfardan Group has progressed into the formal loan process.

This milestone ensures financial backing for the investment, making the project feasible and actionable.

Visionary and PEGASUS International Group (Hong Kong) are leveraging their respective strengths to drive growth in Hong Kong’s new energy vehicle battery swap and charging market.

Visionary will contribute its expertise in equipment, technology, and financial operations, while PEGASUS will provide valuable site resources and other strategic advantages.

Together, they will oversee project operations, fostering a collaborative partnership that ensures mutual benefit and long-term success.

This strategic expansion is expected to enable Visionary to capture approximately 20% of the battery swap market share in Hong Kong. 

Notably, the industry is poised for substantial growth with strong government support for new energy vehicle adoption and a plan to build 3,000 high-speed battery swaps and charging stations by 2030.

Earlier this month, Visionary secured a 12,000-vehicle order for Hong Kong’s taxi market, promoting green transportation with electric taxis.

Price Action: GV shares are up 26.7% at $6.30 at the last check Wednesday.

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