Chinese battery-swapping station developer U Power (UCAR) raised $15 million by offering 2.4 million shares at $6, the low end of the range of $6 to $8. The company offered 0.1 million fewer shares than anticipated. The IPO float is just 4.6% of basic shares outstanding. With such a small float the stock traded wildly on debut, surging as high as $75, up 620% before closing at $43.18. It was the best debut among companies to list in the US … Continue reading “China’s EV Battery Swapping Start Up U Power Soars 620% for Biggest IPO Debut of 2023”
Piedmont Lithium Surges on Amended Tesla Deal for Spodumene
Piedmont Lithium amended its agreement with electric vehicle maker Tesla to deliver approximately 125,000 metric tons of spodumene concentrate (SC6) to Tesla. The deal begins in the second half of 2023 through the end of 2025 with an option to renew for an additional three years. Piedmont Lithium shares $PLL are trading higher+7.9%, with an option to renew for an additional three years. Tesla Inc. is set to pay more for the lithium after PLL amended their deal amid the … Continue reading “Piedmont Lithium Surges on Amended Tesla Deal for Spodumene”
Panasonic New Prototype Battery For Tesla With Fives Times More Energy Storage Capacity
Japan’s Panasonic unveiled a new prototype battery specifically for U.S. electric-car maker Tesla. The advanced battery has five times current capacity. The battery will cost 50% less to produce and help boost battery production at Panasonic “100-fold,” by 2030. Panasonic shares rose nearly 6% on the news. Panasonic Prototype Battery For Tesla The company’s battery chiefKazuo Tadanobu unveiled the new battery for the first time at a media roundtable, he also said Panasonic had no plans to make cheaper Lithium … Continue reading “Panasonic New Prototype Battery For Tesla With Fives Times More Energy Storage Capacity”
Mercedes-Benz Take Stake in European Battery Cell Manufacturer Automotive Cells Company
Mercedes-Benz has announced it is joining Stellantis and Total Energies in newly established European battery cell manufacturer Automotive Cells Company (ACC). The automaker are taking an equity stake with the aim of becoming a full battery electric vehicle (BEV) brand.
Vitol Expand Electric Vehicle Investment With China’s BYD JV
Major Energy trader Vitol formed a joint venture with Chinese automaker BYD allocating an initial $250 million to expand electric vehicle and charging infrastructure. Vitol has invested over $1 billion in solar and wind energy and other, cleaner fuels.
Australian Lithium Producer Talison Plans To Double Production
Australian lithium producer Talison Lithium announced that its plans to double its production at its Greenbushes facility in Western Australia. The expansion for $382 million will raise capacity to around 1.95 million tons per year and expected to start work in 2019.
Western Australia Lithium and Energy Minerals Taskforce For Electric Vehicles and Batteries
Western Australia in response to the 2017 sales of spodumene, the primary lithium bearing mineral produced in WA soaring 166% to reach A$780-million announced a taskforce to harness the potential for lithium and other energy materials.