Meta Materials (NASDAQ:MMAT) stock is climbing higher on Monday after the company signed a new battery agreement.
This has the company agreeing to supply a top-10 global original equipment manufacturer (OEM) with its NPORE battery separator materials. These are free-standing, flexible separators made with ceramic nanomaterial. They allow for separation with less of a chance of battery failure as compared to plastic separators.
George Palikaras, President and CEO of Meta Materials, said the following about the news:
“We are excited to see our battery team led by Dr. Steve Carlson, who has spent two decades pioneering technologies to make batteries safer, partnering with one of the top battery OEMs in the world to jointly develop and adapt NPORE® as a separator solution.”
What This Means for MMAT Stock
Meta Materials investors could benefit from this news, as it shows the company’s strength in the battery market. That’s important given that the company expects the battery materials market to grow from $16.7 billion in 2022 to $31.7 billion by 2026.
MMAT stock is seeing a good bit of movement on Monday following news of the deal. This has some 4.3 million shares on the move as of this writing. That’s closing in on its daily average trading volume of about 6.8 million shares.
MMAT stock is up 8.5% as of Monday morning.
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InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! That includes why shares of Starbucks (NASDAQ:SBUX), Bed Bath & Beyond (NASDAQ:BBBY) and Enphase Energy (NASDAQ:ENPH) stock are moving today. You can find all of that news at the following links!
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On the date of publication, William White did not hold (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.
