Stratasys (SSYS) shares soared 5.11% in Wednesday's intraday trading session, following the company's announcements of major partnership expansions in the motorsports industry.

First, Stratasys and Joe Gibbs Racing (JGR), a prominent NASCAR team, extended their over 20-year partnership for another 5 years. This agreement reinforces Stratasys' role as JGR's trusted additive manufacturing partner, providing cutting-edge 3D printing solutions that drive competitive advantages on the track. JGR utilizes Stratasys' industrial 3D printers and high-performance materials for faster prototyping, rapid custom part production, and advanced material usage.

Additionally, Stratasys announced an expanded long-term technical partnership with NASCAR, becoming the official and exclusive 3D printing partner. Stratasys will establish a state-of-the-art 3D printing lab at NASCAR's Research & Development Center, equipped with various Stratasys FDM and SL 3D printers. These technologies will support applications like aerodynamic testing, prototyping, production parts, and high-precision tooling across NASCAR's national racing series, enabling enhanced design flexibility and performance optimization.