Connect with us

Stocks

Snow Lake (LITM) Stock Pops on Huge Lithium Deal

Source: tunasalmon / Shutterstock

Snow Lake (NASDAQ:LITM) stock is heading higher on Friday after the company revealed a collaboration agreement with LG Energy Solution.
The big news here is the two companies working together to create a d…

Source: tunasalmon / Shutterstock

Snow Lake (NASDAQ:LITM) stock is heading higher on Friday after the company revealed a collaboration agreement with LG Energy Solution.

Advertisement

The big news here is the two companies working together to create a domestic supply line for electric vehicles (EVs) in the U.S. That includes the creation of lithium hydroxide processing plants in Canada. These will be located in CentrePort, Winnipeg, Manitoba.

The agreement between Snow Lake and LG Energy Solution has it supplying the latter with lithium for 10 years. That goes into effect once production at the lithium hydroxide processing plants starts in 2025.

Advertisement

Philip Gross, CEO Snow Lake Lithium, said the following about the deal in a news release.

“Both Snow Lake Lithium and LG Energy Solution recognise the importance of local sourcing of critical raw materials, such as lithium, and that this is the logical step for battery and electric vehicle manufacturers. Our all-electric lithium mine in Snow Lake Manitoba will power 5 million electric vehicles over the next 10 years, helping to secure the future of the North American automobile market.”

Advertisement

With today’s announcement comes heavy trading of LITM stock. This has over 46 million shares of the stock changing hands as of this writing. That’s worth noting when its daily average trading volume is only about 311,000 shares.

LITM stock is up 37.8% as of Friday morning.

Advertisement

Investors looking for more of the latest stock market news will want to keep reading!

Advertisement

InvestorPlace is home to all of the hottest stock market coverage traders need for Friday! Among that is what has shares of Avenue Therapeutics (NASDAQ:ATXI), Velo3D (NYSE:VLD), and Sonendo (NYSE:SONX) stock on the move today. You can catch up on all of this news at the following links!

More Friday Stock Market News

  • What Is Going on With Avenue Therapeutics (ATXI) Stock Today?
  • Cathie Wood Is Doubling Down on Velo3D (VLD) Stock
  • Why Is Sonendo (SONX) Stock Up 15% Today?

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

  • Buy This $5 Stock BEFORE This Apple Project Goes Live
  • The Best $1 Investment You Can Make Today
  • Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”

The post Snow Lake (LITM) Stock Pops on Huge Lithium Deal appeared first on InvestorPlace.

Advertisement

InvestorPlace| InvestorPlace

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.