What's Going On With Electra Battery Materials Stock?

Electra Battery Materials Corporation (NASDAQ:ELBM) shares are charging higher on Tuesday. The company announced that its battery-grade cobalt supply agreement with LG Energy Solution has been extended and expanded.

What To Know:

Electra Battery Materials will now supply LG Energy Solution with 19,000 tonnes of battery grade cobalt over a five-year period beginning in 2025. The material will be supplied from the company's cobalt sulfate refinery located north of Toronto, Ontario.

"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," said Trent Mell, CEO of Electra.

ELBM is moving higher on heavy trading volume. According to data from Benzinga Pro, more than 60 million shares have been traded, compared to the stock's 100-day average of approximately 107,000 shares.

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ELBM Price Action: Shares of ELBM are up more than 125% over the last month.

According to Benzinga Pro, Electra Battery Materials shares are trading 70.1.5% higher at $2.09 at the time of publication.

Image: Dean Simone from Pixabay