Electra Battery Materials Corporation (OTCMKS:ELBMF) (CVE:ELBM) Stock Consolidates After The Recent Fall
Electra Battery Materials Corporation (OTCMKS:ELBMF) (CVE:ELBM) is moving in a range after announcing the signing is a cobalt sulphate supply and battery recycling deal with Japan-based company Marubeni Corporation.
Market Stats
On Wednesday, ELBMF stock fell 0.65% to $0.2428 with more than 410k shares, compared to its average volume of 669k shares. The stock has moved within a range of $0.2380 – 0.2493 after opening trading at $0.2380.
Electra signs Battery Recycling and Cobalt Supply Agreement with Marubeni
As per the agreement terms, the companies have committed to offering battery cell producers and EV manufacturers with low-carbon, high-quality, traceable battery supplies. The MoU term encompasses Eletra sourcing black mass resulting from the recycling of lithium-ion batteries for its Canadian refinery and also marketing cobalt sulfate in Japan.
Marubeni’s extensive connection of battery recyclers across Asia and internationally will help Electra find lithium-ion battery materials for its hydrometallurgical recycling facility in Ontario, Canada. Even as Eletra builds its local Battery Materials Park, It plans to sell a share of the cobalt production operation into established lithium-ion battery distribution networks in Japan serving the American Market.
Electra is currently on schedule to complete the near-zero carbon cobalt processing plant at the end of 2022, making it North America’s sole battery standard cobalt producer. So ELBMF is worth watching.
Key Quote
“Marketing a portion of our cobalt production in Japan will lay the groundwork for further expansion opportunities as the North American market develops,” said Trent Mell, CEO of Electra. “This partnership with Marubeni reflects the strong demand for North American battery materials as an alternative to legacy supply chains.”
Traders Corner
ELBMF stock is trading below the 20-Day and 50-Day Moving averages of $0.25 and $0.26 respectively. However, the stock is trading above the 200-Day moving average of $0.25.
