Tesla battery's daily effect is beginning to show, lithium ore supplier stock price has pushed up by more than 160%

During the September Battery Day event, Tesla CEO Elon Musk repeatedly emphasized the expansion of battery processing in order to achieve the transition to sustainable energy. In other words, the demand for key materials (such as lithium and nickel) used in battery processing will inevitably rise sharply in the next few years. In fact, the 'Tesla battery day effect' has affected Australian lithium ore supplier Piedmont Lithium, and its stock price has soared by more than 160%. Just a few days after the battery day, PiedmontLithium announced that it has reached a five-year lithium ore supply agreement with Tesla, which may extend the contract for another five years. Although the transaction is expected to be fully effective and start around 2022, PiedmontLithium's stock price soared by more than 200% on September 28th due to the news. Driven by this momentum, the company's stock continued to rise. . So far, PiedmontLithium's share price has risen 160%, and the company is struggling while the iron is hot, hoping to raise more funds to support future increases. PiedmontLithium recently announced that it plans to raise funds through the sale of up to 1.5 million American Depositary Receipts (ADRs), of which 1ADR translates to approximately 100 underlying shares. ADR is essentially the US stock of a foreign listed company. PiedmontLithium is headquartered in Australia, but its assets are in the US, so this clause applies. If the sale is successful, Piedmont Lithium will have about 45 million US dollars in income, which is an active boost to the current balance sheet cash flow of 19 million US dollars. With this additional funding, Piedmont Lithium can develop a lithium mine in North Carolina, USA. According to PiedmontLithium President and CEO Keith Phillips (KeithPhillips), the lithium mine in North Carolina is vital to the deal with Tesla. For more news on Tesla Battery Day, stay tuned for follow-up reports. (Source: teslarati compilation: Huang Yongfen) Statement: Some pictures and content of articles published on this site are from the Internet. If there is any infringement, please contact to delete. Previous: LG Chem plans to double the output of cylindrical batteries