These 2 Stocks Soared by Double-Digit Percentages on Wednesday

The Federal Reserve halted its streak of interest rate increases on Wednesday, choosing instead to leave its federal funds rate unchanged. Although stock markets initially got thrown for a loop after the announcement, they largely recovered to trade close to where they had been earlier in the day.

Gains for the Nasdaq Composite (^IXIC 2.02%) and S&P 500 (^GSPC 1.02%) were modest, while the Dow Jones Industrial Average (^DJI 0.40%) sank largely due to the influence of a single stock.

Data source: Yahoo! Finance.

But there were some big winners in the stock market on Wednesday. In the energy sector, NextDecade (NEXT 2.24%) soared as outside interest in the liquefied natural gas specialist got investors excited. Meanwhile, Coherent (COHR 4.12%) announced an advance in laser technology that could help key clients in the electric car  business.

NextDecade attracts big investors

NextDecade shares jumped more than 50% on Wednesday. The developmental-stage liquefied natural gas company made major agreements with key funding sources that should help it accelerate its plans for its LNG export terminal project.

NextDecade announced framework agreements with TotalEnergies (TTE 1.10%) and privately held Global Infrastructure Partners (GIP) that will put the LNG company in position to make a final investment decision on the first phase of its Rio Grande LNG project in southern Texas.

Under the terms of the agreements, GIP would become a majority investor in Rio Grande's Phase 1, while TotalEnergies would have a 16.67% stake. In addition, the agreements would give both TotalEnergies and GIP options to participate in future phases at Rio Grande, both for further LNG export and for planned carbon capture and sequestration projects.

TotalEnergies also made a commitment to purchase supplies of LNG provided through the terminal, with 5.4 million metric tons per year for 20 years. Furthermore, the energy company will invest $219 million in three stages to acquire a 17.5% stake in NextDecade stock. Currently, NextDecade anticipates those stock purchases will occur at an average price of roughly $4.86 per share.

With the financing, NextDecade anticipates making a final decision on moving forward with phase 1 by the end of the month. Investors are excited at the prospects of securing Rio Grande's future, particularly under somewhat challenging funding conditions.

Coherent looks to advance the EV revolution

Meanwhile, shares of Coherent rose 14%. The laser specialist announced products that should help with electric vehicle (EV) production for cutting-edge manufacturers.

Coherent has made several promising announcements lately, and the most recent came early Wednesday morning. The Pittsburgh-based company said that it had introduced a new laser-processing head, dubbed the PH20 SmartWeld+, that allows for precision control of how deep a weld manufacturers want to make.

According to the company, that precision makes the PH20 ideal for EV manufacturing, most notably in ensuring the structural integrity of individual battery cells that require long weld seams.

EV manufacturing could be a growth driver for Coherent and other laser makers. With legacy automakers having to make modifications to their assembly lines and manufacturing equipment to produce EVs efficiently, investments in lasers could make up a significant part of total capital spending.

Many investors focus solely on EV manufacturers themselves, but there are also opportunities in the businesses that supply those manufacturers. Coherent could see further sales growth if it can capitalize on the transition to electric vehicles.