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Summary
- Lithium battery producer QuantumScape reported that its technology successfully resolved fundamental issues of solid-state lithium batteries.
- In the wake of this report, the stocks climbed by 31 per cent on December 8.
- QuantumScape stocks have zoomed over 309 per cent in the last one month.
- Piedmont recently got an air quality clearance from the US Environment regulators to build and operate its lithium hydroxide chemical project based in North Carolina.
- Piedmont stocks have soared over 227 per cent year-to-date.
The demand for lithium and lithium batteries are on surge amid the ongoing rally of electric vehicles (EVs) stocks. With several auto makers trying to enter the fray, this rally is likely to continue.
QuantumScape Corporation (QS: US, or NYSE: QS), a lithium battery producer, announced that its technology resolves fundamental problems holding back the prevalent acceptance of solid-state batteries, a new performance data report. These issues comprise of enhanced charging time, battery life, safety, and functioning temperature. The stocks popped up 31 per cent on the back of this report.
Piedmont Lithium recently announced that it received the North Carolina Department of Environmental Quality and Division of Air Quality’s approval to build and operate a lithium hydroxide chemical project in Kings Mountain of North Carolina. Piedmont now owns the sole US greenfield lithium plant that holds all federally regulated licenses.
Let us delve into the performance of the lithium stocks:
QuantumScape Corporation (QS: US or NYSE: QS)
Current Stock Price: US$ 57.90
QuantumScape develops next-generation solid-state lithium-metal batteries for electric vehicles (EVs).
The lithium battery manufacturer entered a partnership with acquisition firm Kensington Capital Acquisition Corp. (NYSE:KCAC) to start a joint venture that also helped QuantumScape become a public firm.
QuantumScape debuted on the New York Stock Exchange (NYSE) on August 18 this year. Since then, its stocks have skyrocketed almost 488 per cent to date. In the last three months, the Lithium stock has returned nearly 213 per cent. The stock has zoomed over 309 per cent in the last one month.
Its 10-day average trading volume of 8.81 million unit shows its bullish run on the NYSE.
Its current market cap stands at approximately US$ 11.85 billion, as per TMX data.
QuantumScape’s 6-month chart (Source: EODHD/Others, Thomson Reuters)
Piedmont Lithium Limited (PLL: US or NASDAQ: PLL)
Current Stock Price: US$ 27.25
Australia-based Piedmont Lithium Ltd operates through its Lithium plant located at the Carolina Tin Spodumene Belt.
The lithium stock has added over 227 per cent growth year-to-date. The scrips have rallied by nearly 326 per cent in the last three months. Its present market cap is US$ 314.81 million.
It holds a current price-to-book (P/B) ratio of 2725 and the debt to equity (D/E) ratio of 0.11, as per the TMX portal.
The company signed a contract with Tesla, Inc. (TSLA: US) for the supply of spodumene concentrate from Piedmont’s North Carolina deposit for a five-year period on a fixed-price mandatory purchase pledge from the first delivery.
In its recent U.S. public offering, the company raised US$ 57.5 million and managed to get several U.S. cleantech and materials investors into its stockholder base.
