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