(Bloomberg) -- Filtronic Plc soared in London trading after striking a deal with Elon Musk’s Space Exploration Technologies Corp. that gives the UK company’s satellite internet technology a high-profile seal of approval.

Filtronic awarded SpaceX the option to take a stake of up to 10% alongside a $19.7 million contract to supply modules for use in the US company’s Starlink constellations, according to a statement on Wednesday. Its shares rose more than 50%, the most on record.

SpaceX’s purchase order for so-called E-band SSPA modules, which amplify radio frequency signals, comes with an expectation of more order flow to the Shipley, England-based company to support the Starlink system. As part of the deal, Filtronic will issue up to 21.7 million warrants — in two tranches — that would give Musk’s company a maximum 10% of its share capital once it has placed about $60 million of orders.

The strategic partnership will help Filtronic scale up manufacturing and advance its expansion. The growing orderbook means its outlook for 2024 and 2025 will exceed current market expectations, it said.

Filtronic has seen its fortunes fluctuate in three decades as a listed company. Its shares once traded as high as £22.97, a record reached in February 2000, giving it a market value of £1.6 billion ($2 billion). Wednesday’s rally takes this year’s gains to 137% for a market value of almost £110 million.

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