SoFi stock falls after announcing $1.5B public offering of common stock
SINGAPORE - Rectitude Holdings Ltd. (NASDAQ:RECT) has signed a non-binding memorandum of understanding with Vantage Equipment & Services Pte Ltd for the rental and supply of power storage systems and construction equipment across Southeast Asia and the Middle East.
The three-year agreement, which took effect on November 5, 2025, and will end on November 4, 2028, is expected to generate approximately SGD $10 million in annual rental income for Rectitude, according to a company press release. This potential revenue boost is significant compared to the company's current annual revenue of $32.6 million, which saw a 5.91% growth in the last twelve months.
The Singapore-based provider of safety equipment said the potential collaboration aims to accelerate adoption of its Super Sun energy storage systems through regional rental and supply networks.
This agreement follows Rectitude's recent collaborations with Pansik and Agentis, marking another step in the company's expansion in the green energy sector.
"The signing of this MOU represents another major step forward in expanding our clean energy business," said Jian Zhang, Chairman, Chief Executive Officer, and Executive Director at Rectitude.
The companies plan to combine their expertise in energy storage and heavy equipment maintenance to deliver integrated solutions for industrial clients in construction, shipbuilding, and oil refining sectors throughout the regions.
Rectitude, founded in 1997, primarily provides safety equipment such as protective clothing, gloves, safety footwear, and fire extinguishers. Vantage Equipment & Services, established in 2021, is a provider of construction equipment rental solutions in Singapore with a fleet of over 1,000 machines.
In other recent news, Rectitude Holdings Ltd. has announced a strategic partnership with Pansik Technology Pte Ltd. to expand its Super Sun Energy Storage System in Southeast Asia, Australia, and the Middle East. This collaboration is expected to result in approximately SGD $2.3 million in energy storage equipment sales within the next two months. The partnership, starting November 1, 2025, designates Pansik as a rental and leasing partner for Rectitude's AIMS Series and portable power station products. Additionally, Rectitude has entered into a Standby Equity Purchase Agreement with Constantinople Limited. This agreement allows Rectitude to issue up to $32,625,000 of its ordinary shares. The company plans to use the proceeds primarily to implement a new Bitcoin treasury strategy, while the remainder will support general corporate purposes. These recent developments highlight Rectitude's strategic initiatives to expand its market reach and explore new financial strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.