Electra Battery Materials (NASDAQ:ELBM) stock is on the rise Tuesday as the company’s shares continue to rally on a cobalt supply agreement.
According to a press release from Electra Battery Materials, it has extended a supply agreement for battery-grade cobalt with LG Energy Solution. That will see it supply the lithium-ion battery maker with 19,000 tons of cobalt over a five-year period.
The agreement between the two companies starts in 2025 and builds on a previous one announced in September 2022. The battery0-grade cobalt in this deal will come from the Toronto, Ontario mine, which is the only cobalt mine in North America.
Trent Mell, CEO of Electra Battery Materials, said the following about the agreement with LG Energy Solution.
“LG Energy Solution continues to strengthen its position as a global leader in the electric vehicle supply chain through its investments in Ontario and active collaboration with Canadian companies developing critical minerals and battery materials.”
ELBM Stock Movement
Electra Battery Materials already saw its stock rally yesterday when the supply agreement was announced. That saw about 850,000 shares change hands, as compared to its daily average of around 109,000 shares. That also resulted in a 21.8% boost to its stock price.
ELBM stock is seeing even more movement on Tuesday morning with some 6 million shares being traded. For the record, that has the stock up 70% as of this writing.
Investors looking for even more of the most recent stock market news will want to keep reading!
We’ve got all of the latest stock coverage that traders need to know about on Tuesday! Among that is what’s sending shares of Dunxin Financial (NYSEMKT:DXF) stock higher, the biggest pre-market stock movers this morning, and more. All of that news is ready to go at the links below!
More Stock Market News For Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
