Shares in battery charger and converter business Rectifier Technologies Limited (ASX: RFT) tripled in value this week after the company announced its latest RT18 rectifier for the electric vehicle market is making progress towards potential commercialisation.

Given the wild excitement over any company with exposure to the hotly-anticipated electric car boom it’s no surprise investors sent the stock up nearly 300% on the news as it hit 4 cents from a level around 1.2 cents prior to the news.

The company closed at 3.3 cents today and now has a market value around $53 million. While the low share price may give many investors the impression of a loss-making penny dreadful stock the company is actually consistently profitable and posted a net profit of $571,000 for the six months ending December 31 2015. This followed on from two prior halves of solid profits.

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