The Vulcan Energy Resources Ltd (ASX: VUL) share price is lifting today after the company announced it's joining a global industry association.
At the time of writing, shares in the lithium producer are trading for $8.45 – up 2.3%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.33% higher.
Let's take a closer look at today's news.
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Vulcan share price rising
In its statement to the ASX, Vulcan Energy advised it has been accepted as a member of the Global Battery Alliance (GBA). Other businesses within the group include Wesfarmers Ltd (ASX: WES), Volkswagen Group and Alphabet Inc (NASDAQ: GOOGL).
The GBA is a public-private partnership hosted by the World Economic Forum with a mission to create a "sustainable battery value chain".
According to the group, this includes "lowering emissions, eliminating human rights violations, ensuring safe working conditions across the value chain, and improving repurposing and recycling".
Vulcan says its role in the group will be to "advance projects and initiatives" on battery input materials and their "transparency and traceability".
While the Vulcan share price is higher, its rise today is a little muted compared to other trading days.
Management commentary
Vulcan Energy managing director Dr Francis Wedin said:
Vulcan is pleased to join the major industry, public institution and NGO members who form the Global Battery Alliance. Our goal is lithium production for the battery market with net zero greenhouse gas emissions, through our ZERO CARBON LITHIUM™ Project, but also by driving systemic change across the industry.
As a member of the GBA, we look forward to working with our fellow members to shape this agenda at this critical juncture in Earth's history as we aim to fundamentally change transportation and energy for the better.
Vulcan share price snapshot
During the past 12 months, the Vulcan share price has increased by an astonishing 1,770%. In January, shares in the company reached an all-time high of $14.20. Since then, however, the company's value has decreased 41.1%.
Given its current valuation, Vulcan Energy has a market capitalisation of around $910 million.
