The shares of Ocado Group in London skyrocketed about 40% on Tuesday following the news the company reached its first major partnership since 2019.
Under the partnership between Ocado and South Korean retailer Lotte Shopping, the British company is expected to support the online grocer's development of its online business as well as establish a network of warehouses hosting automated storage & picking systems.
The financial terms of the deal weren't disclosed. However, the company confirmed that the first fulfillment technology would start running next year, with automated centers coming a year later.
Ocado's stock was still over 60% lower compared to the start of the year after rebounding to levels last seen in mid-September.
