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Highlights
- Piedmont’s shares were trading at 0.85 apiece, down 7.10% on ASX at 12.34 PM AEDT.
- The company has been selected for a US$141.7 million grant from the US Department of Energy (DOE).
Shares of Piedmont Lithium (ASX:PLL) were trading lower on Friday despite no major price-sensitive news shared by the company. The ASX-listed global lithium developing company's shares were trading at 0.85 apiece, down 7.10% at 12.34 PM AEDT on ASX on Friday. This underperforms ASX 200 Materials index which was 0.19% down at 15,364.60 points at 12.35 PM AEDT.
On Thursday (20 October), Piedmont informed through an ASX filing that it has been selected for a US$141.7 million grant from the US Department of Energy (DOE). Piedmont's shares closed 8.93% higher on Thursday at AU$0.92 apiece on ASX.
Piedmont selected for US$141.7 million grant
Piedmont has been chosen for a US$141.7 million grant from the US DOE. The funding will go towards building the company's around AU$600 million Tennessee Lithium project, which seeks to add 30,000 metric tonnes of lithium hydroxide per year to the US supply of the chemical (tpy). A vital component of high energy density, long-range electric vehicle batteries is lithium hydroxide.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 20 October
Piedmont’s Tennessee Lithium project
Piedmont’s Tennessee Lithium project is located in McMinn County, Tennessee. The Tennessee Lithium project is anticipated to significantly boost McMinn County's economy and bring about 120 new direct jobs.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 20 October
Stock performance: Shares of Piedmont have fallen around 9% in the last month and over 14% in the last six months. However, they have jumped over 9% on a year-to-date (YTD) basis.
