Aquirian's (ASX:AQN) acceleration of expansion activities in response to increasing customer demand is "incrementally positive," said Euroz Hartleys in a Wednesday note.

Last week, the company received binding commitments to raise AU$5 million through the placing of 19.2 million shares at AU$0.26 apiece.

Proceeds will be used to expand the Wubin facility in Western Australia, advance technology commercialization, and general working capital.

The likelihood of earnings upgrades is increased as the expansion raises the number of contracts AQN can pursue in the short term, the note added.

The research firm retained Aquirian's speculative buy rating and upped its price target to AU$0.52 from AU$0.50.