ON Semiconductor shares surge 11.07% after-hours after securing major design contract with Sineng Electric for power modules.

ON Semiconductor surged 11.07% in after-hours trading following the announcement that it secured a design contract with Sineng Electric to supply hybrid power integrated modules (PIMs) for use in solar inverters and energy storage systems. The deal highlights ON Semiconductor’s growing influence in the renewable energy sector and positions the company to benefit from the expanding demand for advanced power solutions in clean energy applications. The strong after-hours performance reflects investor optimism about the company’s ability to capitalize on the global shift toward sustainable energy infrastructure.