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Micrel (NASDAQ:MCRL) shares are sharply higher Monday morning after the company announced a move into the solar business. The chip maker said it has signed “a multi-million dollar, long-term contract” with an unspecified party to supply commercial solar cells. The deal apparently allows the company to soak up unused capacity at its San Jose, California fab. Micrel gave no details on the financial impact of the deal, but the market nonetheless heard “solar” and started buying.

Micrel Monday is up $1.17, or 14.2%, to $9.39.

Source: Micrel Up as the Chip Maker Goes Solar